Coming soon
Philip Tsiaras, “Love in the Time of War” – “Topologies” series, 2023
Asset value
131.100 €
Issue price per Splint
50 €
Total number of Splints
2.622
Investment horizon in years
2 to 4
Return-to-Risk Assessment
7/10
Since launch June ‘25
+0.0%
Main reasons to invest
Return Potential📈: An investment of 500 EUR could reach an estimated value of 1,202 EUR in 4 years.
Cost-to-Return Ratio⚖️: With just 3.6% annual total costs (including exit fees), your net profit could be 24.5% per year.
Invest in a seasoned artist with growing market momentum 🌟: Philip Tsiaras's market presence and price trajectory are expanding rapidly, supported by prestigious gallery representation (soon to be announced) and recent high private and auction sales results.
Description
Investment Thesis 📝
1. Deep Entry Discount Against Verified Market Benchmarks
The offered painting, “Love in the Time of War” from Philip Tsiaras’s iconic Topologies series, is priced at €120,200—representing a 43% discount to the current gallery retail price of similarly sized works (€210,300) and 21% below the only known auction price from this series. This pricing anomaly offers an immediate margin of safety, anchoring the investment well below both primary and secondary market valuations, and providing a compelling entry point for a mid-career artist with rapidly ascending market traction.
2. Institutional Recognition Driving Future Value
Tsiaras’s Topologies series has received mounting institutional validation: a nearly sold-out private exhibition at Sotheby’s London in 2024 re-established market pricing, and the Tate Modern’s upcoming 2025 acquisition of a large work from the same series marks a major endorsement of long-term cultural significance. Coupled with potential representation by a leading international gallery, these catalysts position the work for further appreciation—particularly as institutional interest typically precedes retail price recalibration and increased secondary market activity.
3. Robust Return Potential and Quantified Risk Scenarios
With a 4-year historical CAGR of 22.4% and future retail projections ranging from €267,520 to €338,249, the work demonstrates strong forward-looking upside. Value-at-Risk (VaR) modeling further substantiates this potential: even under a conservative 90% confidence level, the asset is expected to generate €88.8k–€122.9k over five years. Balanced and ambitious scenarios forecast annualized returns of 24.5% and 32.0% respectively. This combination of high upside, discounted entry, and defined downside risk makes it a strategically asymmetric investment within the contemporary art segment.
1. Deep Entry Discount Against Verified Market Benchmarks
The offered painting, “Love in the Time of War” from Philip Tsiaras’s iconic Topologies series, is priced at €120,200—representing a 43% discount to the current gallery retail price of similarly sized works (€210,300) and 21% below the only known auction price from this series. This pricing anomaly offers an immediate margin of safety, anchoring the investment well below both primary and secondary market valuations, and providing a compelling entry point for a mid-career artist with rapidly ascending market traction.
2. Institutional Recognition Driving Future Value
Tsiaras’s Topologies series has received mounting institutional validation: a nearly sold-out private exhibition at Sotheby’s London in 2024 re-established market pricing, and the Tate Modern’s upcoming 2025 acquisition of a large work from the same series marks a major endorsement of long-term cultural significance. Coupled with potential representation by a leading international gallery, these catalysts position the work for further appreciation—particularly as institutional interest typically precedes retail price recalibration and increased secondary market activity.
3. Robust Return Potential and Quantified Risk Scenarios
With a 4-year historical CAGR of 22.4% and future retail projections ranging from €267,520 to €338,249, the work demonstrates strong forward-looking upside. Value-at-Risk (VaR) modeling further substantiates this potential: even under a conservative 90% confidence level, the asset is expected to generate €88.8k–€122.9k over five years. Balanced and ambitious scenarios forecast annualized returns of 24.5% and 32.0% respectively. This combination of high upside, discounted entry, and defined downside risk makes it a strategically asymmetric investment within the contemporary art segment.
Exit Options at Maturity 🚪
We will manage the exit strategy in collaboration with our expert M&A Arts on behalf of our investors, ensuring the best possible outcome based on market conditions at the time. Depending on the prevailing market situation, the painting will be sold to a private collector or offered as single lots at an auction for contemporary art. An auction is considered if the price has developed to the point where the minimum bid matches the market value and there is high demand for works by the artist. Both options are carefully considered, and we will choose the one that maximizes the return for our investors.
We will manage the exit strategy in collaboration with our expert M&A Arts on behalf of our investors, ensuring the best possible outcome based on market conditions at the time. Depending on the prevailing market situation, the painting will be sold to a private collector or offered as single lots at an auction for contemporary art. An auction is considered if the price has developed to the point where the minimum bid matches the market value and there is high demand for works by the artist. Both options are carefully considered, and we will choose the one that maximizes the return for our investors.
Why Invest in This Category? 🎨
For centuries, art was collected for its cultural, emotional, intellectual, political, and economic value. Investing in a mid-career artist offers a mix of financial potential and personal satisfaction, making it an appealing option for both new and seasoned collectors.
For centuries, art was collected for its cultural, emotional, intellectual, political, and economic value. Investing in a mid-career artist offers a mix of financial potential and personal satisfaction, making it an appealing option for both new and seasoned collectors.
Why Invest in This Asset? 💎
Philip Tsiaras is an accomplished Greek-American artist known for his dynamic and diverse body of work across painting, sculpture, photography, and glass art. Born in 1952 in New Hampshire to Greek immigrant parents, Tsiaras grew up in an environment that celebrated both Greek heritage and American identity, a blend that later influenced his artistic themes and aesthetics. His family immigrated to the United States from Greece shortly after World War II. Tsiaras graduated from Amherst College, where he studied music and comparative literature. He studied alongside Lucas Samaras, the acclaimed American photographer and sculptor, who deeply influenced him and whom he considers a great mentor.
In 1976, he traveled to Greece on a poetry fellowship to translate modern Greek poetry into English. When he returned to the United States in 1978, he began to work with photography, exploring the intersection between verbal and visual representation, a theme that evolved into his well-known “Family Album” series. Since then, Tsiaras has lived and worked in New York City. His work is often characterized by its bold colors, expressive brushwork, and an exploration of human form and identity. His glass sculptures are also notable for their vibrant colors and organic forms, merging ancient techniques with a modern sensibility.
Tsiaras held his first exhibition, “Limbo”, at MoMA PS1 in New York City in 1984. Since then, he has had numerous solo and group shows over the past 40 years, including three exhibitions at the prestigious Venice Biennale. Notably in 2001, his bronze sculpture, “Social Climber”, a 3-meter-high work, was displayed for six months in front of the Grand Canal, where approximately twenty million visitors viewed it. One of Tsiaras’s paintings from the “Topologies” series has been chosen by the prestigious Tate Modern, and the acquisition will be completed by June 2025.
Tsiaras’s works are held in prominent museum collections worldwide, including the Metropolitan Museum of Art (NY), the Guggenheim Museum (NY), the Seattle Art Museum (WA), the Newport Museum of Art (RI), the San Diego Museum of Art (CA), the Moscow Museum of Modern Art (Russia), the Vorres Museum (Athens, Greece), and the Mannheimer Kunstverein (Germany).
His work is also included in significant private collections, such as the DESTE Foundation for Contemporary Art, founded by Greek collector Dakis Joannou; the collection of Mexican collector David Martinez; and the private art collection of the Niarchos family, among others.
He has received several awards and honors, including the New York Foundation for the Arts Fellowship.
Tsiaras’s contributions to contemporary art extend beyond his works; he has significantly influenced emerging artists and continues to push the boundaries of medium and technique.
Selected Solo Exhibitions:
The offered painting is from the “Topologies” series — a complex body of Tsiaras’s historic works that encompass over 30 years of artistic development. The paintings are a synthesis of the bold figuration and visceral abstraction in a single painting. During the Gulf War in the early '90s, Tsiaras, who believed the artist is also a chronicler of his time, began painting airplanes inspired by the thousands of flying sorties seen daily.
"I wanted to balance the media chaos on canvas and challenge my own perception of war," he said. What evolved was a painterly language filled with layered information, and mixed with a personal fascination with theoretical mathematics, specifically topology. Loosely put, topology explores continuous deformations of stretching and bending of lines. When connected to art, it intertwines abstract concepts of space, connectivity, and form. They are what Tsiaras calls "my smart paintings."
The Tsiaras's “Topologies” begin with a geometric substructure, an underpainting of diamonds, squares, intersecting lines, and orbs. Tsiaras appears to purposely obscure the mythological, exalted subjects—whether an airplane, a head, a vase, or a horse—with rich layers of abstract painting while secretly revealing unexpected objects that emerge to ground the viewer in reality—a hammer, a French curve, a gun, a knife, or a bottle of Coca-Cola. Embedded throughout all the “Topologies” is Tsiaras's gestural handwriting, an intimate illegibility that art critic Donald Kuspit describes as "mysterious calligraphy, not unlike the Kufic writing in Medieval art." Kuspit adds, "In fact, Tsiaras succeeds in giving the objects a specific emotional tone—usually aggressive, but always with a libidinous dimension."
The “Topologies” of Tsiaras are a “Gesamtkunstwerk” spanning more than three decades of continuously evolving, evocative paintings.
Philip Tsiaras is an accomplished Greek-American artist known for his dynamic and diverse body of work across painting, sculpture, photography, and glass art. Born in 1952 in New Hampshire to Greek immigrant parents, Tsiaras grew up in an environment that celebrated both Greek heritage and American identity, a blend that later influenced his artistic themes and aesthetics. His family immigrated to the United States from Greece shortly after World War II. Tsiaras graduated from Amherst College, where he studied music and comparative literature. He studied alongside Lucas Samaras, the acclaimed American photographer and sculptor, who deeply influenced him and whom he considers a great mentor.
In 1976, he traveled to Greece on a poetry fellowship to translate modern Greek poetry into English. When he returned to the United States in 1978, he began to work with photography, exploring the intersection between verbal and visual representation, a theme that evolved into his well-known “Family Album” series. Since then, Tsiaras has lived and worked in New York City. His work is often characterized by its bold colors, expressive brushwork, and an exploration of human form and identity. His glass sculptures are also notable for their vibrant colors and organic forms, merging ancient techniques with a modern sensibility.
Tsiaras held his first exhibition, “Limbo”, at MoMA PS1 in New York City in 1984. Since then, he has had numerous solo and group shows over the past 40 years, including three exhibitions at the prestigious Venice Biennale. Notably in 2001, his bronze sculpture, “Social Climber”, a 3-meter-high work, was displayed for six months in front of the Grand Canal, where approximately twenty million visitors viewed it. One of Tsiaras’s paintings from the “Topologies” series has been chosen by the prestigious Tate Modern, and the acquisition will be completed by June 2025.
Tsiaras’s works are held in prominent museum collections worldwide, including the Metropolitan Museum of Art (NY), the Guggenheim Museum (NY), the Seattle Art Museum (WA), the Newport Museum of Art (RI), the San Diego Museum of Art (CA), the Moscow Museum of Modern Art (Russia), the Vorres Museum (Athens, Greece), and the Mannheimer Kunstverein (Germany).
His work is also included in significant private collections, such as the DESTE Foundation for Contemporary Art, founded by Greek collector Dakis Joannou; the collection of Mexican collector David Martinez; and the private art collection of the Niarchos family, among others.
He has received several awards and honors, including the New York Foundation for the Arts Fellowship.
Tsiaras’s contributions to contemporary art extend beyond his works; he has significantly influenced emerging artists and continues to push the boundaries of medium and technique.
Selected Solo Exhibitions:
- 2026 - A museum show, sponsored by the DESTE Foundation for Contemporary Art, will be held at a leading institution either in London or Athens
- 2025 - A solo show at this soon-to-be announced prominent gallery is planned for November or December
- 2024 - "Philip Tsiaras: A Private Selling Exhibition", Sotheby’s, London, UK - All the featured works were from the “Topologies” series, which began in the 1990s.
- 2024 - “Tsiaras, Poseidon & The Hyperbolic Horse”, The Blender Gallery in collaboration with Varvara Roza Galleries, Glyfada, Greece
- 2024 - “Philip Tsiaras: Topologies 1990-2023”, Gallery 8 - presented by Varvara Roza Galleries and The Blender Gallery, London, UK
- 2023 - “Philip Tsiaras: Acqua Antica”, 47 Circles, Athens, Greece
- 2023 - “The Superdot”, Donopoulos International Fine Arts (DIFA), Thessaloniki, Greece
- 2022 - "The Return of the Superdot: A Retrospective by Philip Tsiaras", Gallery 8, London, UK
- 2022 - “Divas”, The Blender Gallery in collaboration with Varvara Roza Galleries, Athens, Greece
- 2021 - “Alexander the Great: Dot Portraits”, The Blender Gallery in collaboration with Varvara Roza Galleries, Athens, Greece
- 2021 - “Philip Tsiaras: Superdot”, Gallery 8 - presented by Varvara Roza Galleries and The Blender Gallery, London, UK
- 2019 - “Philip Tsiaras Artworks”, Desani Studio (Inaugural Gallery Opening), Vouliagmeni, Greece
- 2019 - “Dot Pop”, HG Contemporary, New York, USA
- 2018 - “Philip Tsiaras: Crystal Guns”, Gallery Skoufa, Mykonos, Greece
- 2017 - “Explore the Artworks of Philip Tsiaras”, Amanzoe Resort, Greece
- 2022 - "Art on Paper 2022", Donopoulos International Fine Arts, New York, USA
- 2020 - "Abstract Comparisons: Philip Tsiaras and Dimitri Dallas", The Blender Gallery, Athens, Greece
- 2019 - "Summer Highlights", HG Contemporary, New York, USA
- 2018 - “Mark Me: Group Drawing Show”, Cross Contemporary Art, Saugerties, USA
- 2017 - “Philips Tsiaras meets Picasso, Rauschenberg and Warhol”, HG Contemporary, New York, USA
- 2017 - “On Paper”, Paris Koh Fine Arts, New York, USA
- 2017 - “Freeze for Frieze by Moncler”, Featured Participation, London, UK
The offered painting is from the “Topologies” series — a complex body of Tsiaras’s historic works that encompass over 30 years of artistic development. The paintings are a synthesis of the bold figuration and visceral abstraction in a single painting. During the Gulf War in the early '90s, Tsiaras, who believed the artist is also a chronicler of his time, began painting airplanes inspired by the thousands of flying sorties seen daily.
"I wanted to balance the media chaos on canvas and challenge my own perception of war," he said. What evolved was a painterly language filled with layered information, and mixed with a personal fascination with theoretical mathematics, specifically topology. Loosely put, topology explores continuous deformations of stretching and bending of lines. When connected to art, it intertwines abstract concepts of space, connectivity, and form. They are what Tsiaras calls "my smart paintings."
The Tsiaras's “Topologies” begin with a geometric substructure, an underpainting of diamonds, squares, intersecting lines, and orbs. Tsiaras appears to purposely obscure the mythological, exalted subjects—whether an airplane, a head, a vase, or a horse—with rich layers of abstract painting while secretly revealing unexpected objects that emerge to ground the viewer in reality—a hammer, a French curve, a gun, a knife, or a bottle of Coca-Cola. Embedded throughout all the “Topologies” is Tsiaras's gestural handwriting, an intimate illegibility that art critic Donald Kuspit describes as "mysterious calligraphy, not unlike the Kufic writing in Medieval art." Kuspit adds, "In fact, Tsiaras succeeds in giving the objects a specific emotional tone—usually aggressive, but always with a libidinous dimension."
The “Topologies” of Tsiaras are a “Gesamtkunstwerk” spanning more than three decades of continuously evolving, evocative paintings.
Conclusion 🎯
With strong historical performance, a significant market discount, and an artist with institutional recognition and collector demand, this offering presents a rare opportunity.
With strong historical performance, a significant market discount, and an artist with institutional recognition and collector demand, this offering presents a rare opportunity.
Expert
M&A Arts Sàrl
M&A Arts represents the leading edge in art and finance, spearheaded by Asher Edelman, the renowned investor and art collector. With an unparalleled experience and extensive relationships in the art world, M&A Arts offers deep knowledge and expertise in the financial aspects of the art market.
Additional details
Asset ID
0f80bb3b-b8a3-4fb3-8b7e-0898c6d32f06
Name
“Love in the Time of War” – (“Topologies” series)
Artist
Philip Tsiaras
Publication year
2023
Size
193 x 193 cm
Number of editions
Unique
Signature
Yes, the painting is signed.
Material
Mixed media on canvas
