Market Platform Service Ends on 28th
"Transaction and Exhibition Operation Fees Waived"
[Asia Economy Reporter Kim Heeyoon] Art tech platform TESSA announced on the 7th that it will terminate its 'Market' service on the 28th and provide customer compensation plans to minimize inconvenience to users.
Last November, the Financial Services Commission determined that fractional investment in artworks qualifies as 'investment contract securities,' prompting TESSA to accelerate efforts to strengthen investor protection measures and restructure its business model.
TESSA explained that it will end the 'Market' service, which provided distribution services for fractional ownership of artworks, starting on the 28th, and will implement various customer support measures to protect investors' rights.
TESSA will offer three benefits to all customers using the Market: ▲waiver of Market transaction fees ▲waiver of exhibition operation fees ▲50% reduction in sales commission fees.
For the entire month, the 1.1% transaction fee normally incurred during Market trades will be waived, allowing free transactions. Additionally, exhibition operation fees for artworks will also be waived to realistically support customers affected by the Market service termination. Sales commissions on artworks sold by December 31 of this year will be reduced by 50%.
Kim Hyungjun, CEO of TESSA, stated, "As the institutionalization of fractional investment in artworks becomes visible, we have decided to offer compensation plans to minimize customer inconvenience caused by business restructuring. Through this policy, we will protect investors' rights and do our best to contribute to enhancing the credibility of the fractional investment industry."
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