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Philip Tsiaras, Aqua Equus, 2023
Asset value
137.900,00 €
Earning potential
24%
Splints left
2.758/2.758
Investment horizon in years
2-4
Return-to-Risk Assessment
8/10
Performance since release
+0.0%
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Main reasons to invest
Return potential📈: An investment of €500 could reach an estimated value of €1,181 in 4 years.
Cost-to-return ratio⚖️: After deducting 3.2% in annual total costs, your net return could reach 24.0%% per year.
Global Gallery Breakthrough 🌍: Philip Tsiaras, a seasoned artist with 40+ years of exhibitions, is entering a new growth phase. In 2023, his Topologies painting Astrologer sold at Christie’s London for €142,000—740% above estimate. His upcoming 2026 representation by a world-leading gallery is expected to elevate his market and price trajectory significantly.
Description
Investment Thesis 📝
| Metric | Value |
|---|---|
| Investment Horizon | 2–4 years (target exit 2028–2030) |
| Potential Net ROI p.a. (Balanced) | 24.0% p.a. |
| Potential Net ROI p.a. (Ambitious) | 28.4% p.a. |
| Price Verification (Pre-Fees) | -45.3% vs. current gallery pricing |
| Sharpe Ratio | 0.81 (risk-adjusted return) |
| Value at Risk (VaR) | 90.9% probability to exceed initial investment after 4 years |
| Standard Deviation | 31.0% |
| Overall Risk Rating | B (7.2 / 10 – Moderate Risk) |
- 2–4 Year Horizon: Exit targeted between 2028 and 2030, aligned with upcoming institutional exhibitions and gallery representation changes.
- 24.0% Net ROI p.a. (Balanced): Based on a 50% probability of repeating the historic 19.7% CAGR, supported by a 45% discount to gallery prices.
- 28.4% Net ROI p.a. (Ambitious): Reflects the upside potential of new institutional validation and strengthening collector demand.
- -45.3% Entry Discount (Pre-Fees): Acquisition far below current gallery pricing, creating a built-in margin of safety and upside potential.
- Sharpe Ratio of 0.81: Demonstrates a fair excess return relative to volatility, within a balanced risk-return framework.
- 90.9% VaR Protection: Strong downside protection with over 90% probability of exceeding initial capital after four years.
- Standard Deviation (31.0%): Represents moderate volatility typical of established contemporary artists with growing institutional presence.
- Risk Rating “B” (7.2 / 10): Balanced profile supported by discounted entry, proven market traction, and museum-level validation.
Why Invest in This Category? 🎨
Contemporary art has shown consistent long‑term appreciation driven by cultural relevance, growing global collector bases, and strong institutional demand. When an artist gains museum recognition and gallery representation at the upper tier, early works often experience accelerated value growth. High‑quality unique paintings by rising contemporary artists offer a blend of scarcity, narrative depth, and market momentum – especially when pricing sits below current gallery benchmarks.
Contemporary art has shown consistent long‑term appreciation driven by cultural relevance, growing global collector bases, and strong institutional demand. When an artist gains museum recognition and gallery representation at the upper tier, early works often experience accelerated value growth. High‑quality unique paintings by rising contemporary artists offer a blend of scarcity, narrative depth, and market momentum – especially when pricing sits below current gallery benchmarks.
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:
"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 is planned at the DESTE Foundation for Contemporary Art in Athens in May
- 2026 - A solo exhibition is scheduled at the new blue-chip gallery in April (not yet announced)
- 2025 - “Portraits”, 47 Circles, Athens, Greece – Current (November 11, 2025 - January 31, 2026)
- 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
"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
e10407fe-2c72-4490-a6df-a2fe786219ab
Name
Aqua Equus
Artist
Philip Tsiaras
Publication year
2023
Size
193 x 152,4 cm
Number of editions
Unique
Signature
Yes, the painting is signed.
Material
Mixed media on canvas
