Roundup: The art market is back, Collectors raises $100m, Pudgy Penguins gains a new owner
Moriah Costa

đź“° In the Headlines

‍

‍

‍The art market is back and better than ever, according to Art Basel and UBS  

‍

• Art Basel and UBS released their annual Global Art Market Report this week. It paints a portrait of a strong art market that has rebounded above pre-pandemic levels and continues to grow at a rapid pace.  

‍

• Last year, the art market turned over $65.1b in sales, a 29% increase from the year before and a $700m increase from pre-pandemic levels. The US continues to lead the pack in terms of sales, followed by China and the UK.  

‍

• Fun Fact: The NFT market had a banner year, growing from $4.6m in 2019 to $11.1b last year. Most of those sales didn’t happen at major auction houses — Sotheby’s and Christie’s only account for $230 million of that total.

‍

‍

‍Collectors, freshly rebranded, secures $100M in funding and launches a vault service  

‍

• Collectors Universe, the parent company of PSA, announced it would now be known as just plain old Collectors. The company also said it planned to launch Collectors Vault, a new storage and sales service, this summer.  

‍

• The company’s vault product will be similar to those offered by Goldin and PWCC. Collectors can send their cards to be graded by PSA and then immediately transfer them to the company’s vault, where it will be stored until it is sold.  

‍

• Fun Fact: The announcements came after Collectors closed a $100m financing round that put its valuation at more than $4b. The cash will help the company launch the vault project, as well as hire new staff to clear PSA’s massive grading backlog.

‍

‍

Pudgy Penguins waddles to a new owner  

‍

• Control of the collection of 8,888 NFTs was sold to LA-based entrepreneur Luca Netz, who paid 750 ETH ($2.5m) to become the leader of “The Huddle.” Netz will have commercial rights to the tokens, as well as the ability to launch new products.

‍

• Under Netz’s control, Pudgy Penguins is finally expected to release its much-anticipated $PENGU token. After the deal was announced, the floor price for a token rose to 2.5 ETH, up from a low of 0.7 ETH a few weeks ago.  

‍

• Fun Fact: In January, Pudgy Penguins owners voted to give the boot to their original leadership team. The move came after the team failed to make good on a host of promises for penguin-related projects, including a children’s book, a token, and a metaverse game.  

‍

 🔥 From the Otis Collection

• Virgil Abloh’s Nike x Off-White sneaker collection, “The Ten” sold for $35,280 on Wednesday at Sotheby’s Modern Collectibles auction. A complete collection of "The Ten" is also trading on Otis at market cap of $24k as of trading close 4/7.  

‍

• A Michael Jordan asset-backed NFT sold out on RareMint on March 31. The signed 1989-1990 Game Worn MJ Jersey NFT sold for 23 ETH ($78,000) to a private collector. Otis has a number of MJ assets, including a pair of game-worn “Shattered Backboard” Jordan 1’s.  

‍

• Logan Paul acquired a rare Pikachu Illustrator card worth $6m then wore it around his neck during his WrestleMania 38 appearance. Otis has a number of Pokémon cards, including a 1st edition Charizard Pokémon card (1999 Holo PSA 10).

‍

• HBO’s latest show Winning Timepays tribute to the late Kobe Bryant. A Kobe Bryant Last Game ticket is trading on Otis.  

‍

• Kanye West and Jay-Z won best rap song at the 2022 Grammy’s for their song Jail.  Otis has a pair of Jay-Z Air Force 1s All Black Everything while Kanye West’s most iconic sneakers are trading on Otis in Yeezy Collections I and II.  

‍

• Marvel is relaunching the Shang-Chi comic series and renaming it Shang-Chi and the Ten Rings, to create more synchrony with the film. A copy of Special Marvel #15, Shang-Chi’s first appearance, is trading on Otis.

OTIS WEALTH, INC. (“OTIS”) OPERATES THE WITHOTIS.COM WEBSITE (THE “SITE”) AND A MOBILE APP-BASED PLATFORM (THE “APP”), AND IS NOT A BROKER-DEALER OR INVESTMENT ADVISER. Dalmore Group LLC, member FINRA and SIPC, is the broker-dealer of record for Otis Wealth, Inc., an issuer direct offering. YOU CAN REVIEW THE BROKERCHECK FOR DALMORE HERE. AN UP-TO-DATE DALMORE FORM CRS IS AVAILABLE HERE.
‍
YOU SHOULD SPEAK WITH YOUR FINANCIAL ADVISOR, ACCOUNTANT AND/OR ATTORNEY WHEN EVALUATING ANY OFFERING. NEITHER OTIS, ITS AFFILIATED ISSUERS NOR DALMORE MAKES ANY RECOMMENDATIONS OR PROVIDES ADVICE ABOUT INVESTMENTS. THE SITE AND THE APP MAY MAKE FORWARD-LOOKING STATEMENTS. YOU SHOULD NOT RELY ON THESE STATEMENTS BUT SHOULD CAREFULLY EVALUATE THE OFFERING MATERIALS IN ASSESSING ANY INVESTMENT OPPORTUNITY, INCLUDING THE COMPLETE SET OF RISK FACTORS THAT ARE PROVIDED FOR YOUR CONSIDERATION.

OTIS GALLERY LLC (“GALLERY”) AND OTIS COLLECTION LLC (“COLLECTION”) ARE CONDUCTING PUBLIC OFFERINGS PURSUANT TO REGULATION A AND PRIVATE OFFERINGS PURSUANT TO REGULATION D UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THROUGH THE APP. THE OFFERING CIRCULAR FOR GALLERY CAN BE FOUND HERE, AND THE OFFERING CIRCULAR FOR COLLECTION CAN BE FOUND HERE. THE PRIVATE PLACEMENT MEMORANDUM FOR ANY OFFERING CONDUCTED PURSUANT TO REGULATION D HAS BEEN OR WILL BE, AS APPLICABLE, DISTRIBUTED DIRECTLY TO INVESTORS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENTS SUCH AS THOSE ON THE OTIS PLATFORM ARE SPECULATIVE AND INVOLVE SUBSTANTIAL RISKS TO CONSIDER BEFORE INVESTING, OUTLINED IN THE RESPECTIVE OFFERING MATERIALS AND INCLUDING, BUT NOT LIMITED TO, ILLIQUIDITY, LACK OF DIVERSIFICATION AND COMPLETE LOSS OF CAPITAL. KEY RISKS INCLUDE, BUT ARE NOT LIMITED TO, LIMITED OPERATING HISTORY, LIMITED DIVERSIFICATION, RISK OF ASSET DAMAGE OR THEFT AND LACK OF VOTING RIGHTS. ALSO, THE ADVERSE ECONOMIC EFFECTS OF THE COVID-19 PANDEMIC ARE UNKNOWN AND COULD MATERIALLY IMPACT THIS INVESTMENT. AN INVESTMENT IN AN OFFERING CONSTITUTES ONLY AN INVESTMENT IN A PARTICULAR SERIES AND NOT IN OTIS, GALLERY, COLLECTION OR THE UNDERLYING ASSET(S). INVESTORS SHOULD CAREFULLY REVIEW THE RISKS LOCATED IN THE RESPECTIVE OFFERING MATERIALS FOR A MORE COMPREHENSIVE DISCUSSION OF RISK.

INVESTMENT OVERVIEWS CONTAINED HEREIN CONTAIN SUMMARIES OF THE PURPOSE AND THE PRINCIPAL BUSINESS TERMS OF THE INVESTMENT OPPORTUNITIES. SUCH SUMMARIES ARE INTENDED FOR INFORMATIONAL PURPOSES ONLY AND DO NOT PURPORT TO BE COMPLETE, AND EACH IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE MORE-DETAILED DISCUSSIONS CONTAINED IN THE RESPECTIVE OFFERING CIRCULAR FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) OR OTHER OFFERING MATERIALS RELATING TO SUCH INVESTMENT OPPORTUNITY.
‍
FROM TIME TO TIME, AFFILIATES OF OTIS WILL SEEK TO QUALIFY ADDITIONAL SECURITIES UNDER REGULATION A. FOR OFFERINGS THAT HAVE NOT YET BEEN QUALIFIED, NO MONEY OR OTHER CONSIDERATION IS BEING SOLICITED AND, IF SENT IN RESPONSE, WILL NOT BE ACCEPTED. NO OFFER TO BUY SECURITIES CAN BE ACCEPTED, AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED, UNTIL AN OFFERING STATEMENT FILED WITH THE SEC HAS BEEN QUALIFIED BY THE SEC OR UNLESS AS STATED IN THE OFFERING MATERIALS RELATING TO AN INVESTMENT OPPORTUNITY, AS APPLICABLE. ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ACCEPTANCE GIVEN AFTER THE DATE OF QUALIFICATION BY THE SEC OR AS STATED IN THE OFFERING MATERIALS RELATING TO AN INVESTMENT OPPORTUNITY, AS APPLICABLE. AN INDICATION OF INTEREST INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND.
‍
OTIS DOES NOT OFFER REFUNDS AFTER AN INVESTMENT HAS BEEN MADE. PLEASE REVIEW THE RELEVANT OFFERING MATERIALS AND SUBSCRIPTION DOCUMENTATION FOR MORE INFORMATION.
‍
AN ACTIVE TRADING MARKET FOR ANY SERIES OF GALLERY OR COLLECTION INTERESTS MAY NOT DEVELOP OR BE SUSTAINED. IF AN ACTIVE PUBLIC TRADING MARKET FOR GALLERY OR COLLECTION INTERESTS DOES NOT DEVELOP OR IS NOT SUSTAINED, IT MAY BE DIFFICULT OR IMPOSSIBLE FOR YOU TO RESELL YOUR INTERESTS AT ANY PRICE. EVEN IF AN ACTIVE MARKET DOES DEVELOP, THE MARKET PRICE COULD DECLINE BELOW THE AMOUNT YOU PAID FOR YOUR INTERESTS. THERE IS NO ASSURANCE THAT THE OTIS PLATFORM WILL PROVIDE AN ACTIVE MARKET FOR RESALES OF GALLERY OR COLLECTION INTERESTS. FURTHER, WITHOUT THE OTIS PLATFORM, IT MAY BE DIFFICULT OR IMPOSSIBLE FOR YOU TO DISPOSE OF YOUR INTERESTS. IF THE MARKET DEVELOPS FOR ANY SERIES OF GALLERY AND/OR OTIS COLLECTION INTERESTS, THE MARKET PRICE OF SUCH INTERESTS COULD FLUCTUATE SIGNIFICANTLY FOR MANY REASONS, INCLUDING REASONS UNRELATED TO PERFORMANCE, THE UNDERLYING ASSETS OR ANY SERIES, SUCH AS REPORTS BY INDUSTRY ANALYSTS, INVESTOR PERCEPTIONS OR ANNOUNCEMENTS BY COMPETITORS REGARDING THEIR OWN PERFORMANCE, AS WELL AS GENERAL ECONOMIC AND INDUSTRY CONDITIONS.