art finance

Pro arte is the only Czech investment fund which connects the world of finance with the world of fine arts.

Carefully selected alternative investments offer higher returns than traditional means of depositing assets. Since 2012, the Pro arte Investment Fund has been dedicated to combining advanced economic analysis methods with a profound understanding of art and the expert appraisal of individual works.

“I established the Fund with a firm conviction: I wished to do more than just collect art, I had a desire to share it. In order to achieve this aim, I assembled a team of experts and investors who currently constitute the Fund. Together we enjoy art of the highest quality as well as the fact that its value is constantly growing.”

Libor Winkler
Supervisory board member and Pro arte Investment Fund founder

Expert team

Navigating the art market is a complicated and time-consuming task for any one individual. The Pro arte Investment Fund thus employs experts with many years of experience, capable of analyzing the market and anticipating future developments.

Pavel Chalupa

Board Member

Robert Mečkovský

Board Member

Alexandra Bízková (Špoková)

Finance Director

Adam Hnojil


Barbora Hrušková

Back Office

Petr Hlůže

Financial Analyst

Kateřina Hochmuth

Office Manager

Pro arte on the art market

The strength of combined capital enables us to compete on both the domestic and international art market. Not only is Pro arte a reliable trading partner in the market environment, it is also a significant institutional presence.

Works from private collections Art institutions Auctions Art Fairs Collectors Arts expertise Depository supervision Technological expertise Financial strategy Czech National Bank supervision Risk management Works from the art market Works from artists

Investment objective

We aim to maximize long-term return on investment by purchasing, appreciating and selling works of art.

WE DISCOVER works of art WE SEEK opportunities WE PURCHASE high quality works WE ANALYZE and develop investment strategies for individual works WE VERIFY the current value of each work WE SUPPORT the financial appreciation of works of art through public presentation WE SELL works of art and enjoy the pleasure they bring their new owners WE APPRECIATE investments


High-quality works of art, selected by the Pro arte expert team, have historically exhibited a continuous increase in value. Portfolio diversification constitutes a key element of the Fund's strategy in this respect. Classic modern and post-war works are complemented by the old masters as well as by the works of contemporary artists with dynamic investment potential.

10—30 %
old masters
and 19th
century art
50—70 %
classic modern
and post-war art
(20th century)
5—10 %
contemporary art
and young artists

Return on investment

Pro arte is a growth fund which utilizes the snowball effect. Its return potential increases thanks to the reinvestment of all returns. Investors realize their returns through the purchase of investment shares.

TVPI (Net Multiple) 49,4 %
Net IRR 5,5 %
95.41 CZK
113.33 CZK
121.75 CZK
123.94 CZK
130.37 CZK
133.67 CZK
140.60 CZK
136.72 CZK
142.5 CZK

Information for investors

June 2012 Pro Arte Investment Fund established 10 years minimum investment horizon 125,000 EUR 272 million CZK minimum investment current equity amount

Fund name

Pro arte, investiční fond s proměnným základním kapitálem, a.s.

Sub-fund name

Podfond Pro arte

Fund type

Qualified investors' investment fund with variable capital (SICAV)

Fund focus

Investing in a diversified portfolio of works of art:
—old masters
—20th century art
—contemporary art

Investment strategy

Investing in works of art, i.e. long-term assets with excellent value retention. Returns are primarily achieved through the sale of works of art.

Target fund value

500 million CZK within three years


Class A and B investment shares. Quarterly issuance of shares. Quarterly redemption of shares. Share value set four times per year.

Revenue source

Purchase of investment shares – growth investment fund 

Minimum investment

3.5 million CZK
125,000 EUR for investors in accordance with section 272, subsection 1, letters h) and i) of the Act on Investment Companies and Investment Funds

Investment horizon

Minimum of 10 years

Management fee

2.5 %

Entry fee

0 %

Exit fee

0 % for redemption after 5 years
5 % for redemption after 3 to 5 years
10 % for redemption in the first 3 years

Fund administrator

AVANT investiční společnost, a.s.


Česká spořitelna, a.s.



Regulations and applicable legislation

Czech National Bank, Czech Republic

Would you like to schedule a personal appointment?