New City breaks Artshare story

September 14, 1999

NEW YORK, NY -- Investor and patron interest in the MacNeill Art Projects' Artshare.com drove the price of a single Share to an unforeseen high following the opening of the Trading Board three weeks ago. The first auction closed with a price of $43.00 for one Share, which is 860% of the IPO price of $5.00 as well as $33.00 above the 2004 exercise value of $10.00.

The first Share up for sale was Share #641, posted by Artshare creator Ben MacNeill in order to kick off the Trading Board opening. The auction started at $2.50 and closed 14 days and 12 bids later at $43.00. The winning bidder, a new Shareholder, is a New Jersey resident.

Since the opening on August 24, 1999, over 25 people have registered to use the Board. While there is not currently much liquidity in the market (only 30 or so Shares have been offered for sale), the response to the Shares offered has been strong.

MacNeill comments that he is glad people are using the site. "I received many requests to create a secondary market for the Shares, and I am excited that the project continues to develop with participation from the viewers."

 

-- MediaNews

About Artshare: This release may contain forward-looking statements that involve uncertainties or that may differ materially from actual future events or results. The price that this one Share sold for during the opening of the Trading Board does not neccessarily reflect an average price for the Shares.