One square foot of Sky by foreign investment
Welcome to One Square Foot of Sky. So far foreign investment has aimed for the skies in London and Berlin. Now, Hong Kong is on the horizon and sky shares are becoming available. This is a unique window of opportunity in terms of investing in the invaluable. They say that “the sky is the limit”. We say that the sky above our heads offering opportunities to realise the potential of a hitherto under developed asset.
foreign investment’s strategy is to respond to the strong global market signals of desire, and produce supply for a new demand – exclusive sky options. With Hong Kong now ranked number 2 in the 10 top cities for private property investment and the surging popularity in China for fine art investment as “investments of passion” , the time is ripe for sky investments. For Hong Kong residents this is a prime opportunity to get in on the sky ladder.
Just like the art market, the sky is here, but also elsewhere. Yet, based on their appetite for risk, we believe that private collectors will assess this opportunity favourably. For those seeking low-risk this is therefore a rare entry point to the market, particularly in view of Oi!’s prime location, as there is more access to the sky above here than in most other Hong Kong districts, this can be perceived as a safe place to invest.
As an investor, a sky share is a global as well as a private asset. Whilst sky shares have growth potential and may become plentiful, it is worth acknowledging that these sky shares remain exclusive in their origin and provenance. Investors also need to consider the value of shares bought above green areas, such as the sky above Oi!, given anticipated pollution forecasts around more high density areas. This, and climate change, make it all the more pressing to enjoy the beauty of an One Square Foot of Sky today! This highly desirable asset, as we know, offers undeniable aesthetic and spiritual value to us all.
foreign investment will produce a limited number of sky share certificates for the Hong Kong market. Purchasing one of these represents an “option” (the right to own or sell One Square Foot of Sky), and formalises the sale. The shares cannot be seen beforehand, but must be bought ”blind” and will only be obtainable at the closure of the exhibition, and only as far as availability goes.
About the work
foreign investment is an international artist collective based and founded in the UK (1996). They provide situations where together with the audience they question the value of things in unexpected ways. The group has established an international reputation for elaborate and uncompromising work, which is seductive, entertaining and bleakly critical.
foreign investment question the value of art through exploring the art object itself through various projects such as Gold Exchange and Breeding, and now with Sky Shares. With One Square Foot of Sky they follow their trademark of bringing things to the table by posing taxing questions with regards to the monetary, symbolic and copyright value of the sky above us.
One Square Foot of Sky forms part of a newly developed work that had its debut in London, 2012. The piece explores the speculative aspects of“value” and “valuation” and their capitalist trading strategy resonates with Yves Klein’s ideas about “the indefinable, incalculable value of art.” Indeed, the intrinsic value of art (and of nature) is hard to define.
This site-specific artwork has two interlocking components: a performance and an installation. In a “peinture vivant” the artists will produce a limited set of sky shares – hand painted watercolours representing the sky. Each share measures one square foot and contains relevant and unique information inserted on the front: Date, GPS location, coordinates, directions and scale. The valuation of the shares will be priced in accordance to:
• The property value (based on the exchange value of the location estimated at current market prices).
• The labour value (the amount of labour necessary to the production of a marketable commodity at the time)
• The use value – (the utility of consuming the commodity in terms of its status as art).
The shares will be available for acquiring at “Collector Club” website.
