Journal
Editorial notes on real assets.
Sharpen your view of tokenization, private markets, professional custody and the structures behind alternative investments.
25 published articles. New pieces are added regularly.
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Altherum
Before the servers arrive: five tests for an AI-infrastructure club deal
The European data-centre pipeline is expanding faster than the infrastructure required to energise it—a tension Altherum examined in the first chapter of this series. For private-market investors, the next question is narrower: which specific projects control the resources, contracts and execution…
14 September 2026
Altherum
Record Auctions, Selective Demand: What the 2026 Watch Market Is Really Saying
The watch market has produced some extraordinary headlines in 2026. Phillips, in association with Bacs & Russo, reported more than US$235 million in watch-auction sales across Geneva, Hong Kong and New York during the first half of the year—the strongest season in its history. Its May Geneva…
9 September 2026
Altherum
Too big to pursue alone, too focused for a mega-fund: why club deals exist
Some of the most compelling private-market opportunities occupy an awkward space. They may be too large, specialized or operationally demanding for one investor to pursue alone, yet too focused to fit the deployment model of a global mega-fund. Club deals exist in that space: a defined group of…
8 September 2026
Altherum
AI has a physical address: how infrastructure can become a club-deal opportunity
Artificial intelligence is experienced through software, but delivered by physical systems. Every prompt travels through chips and servers housed in data centers, connected by fiber, cooled by engineered systems and supplied with electricity. Before a model can scale, someone must secure land, permits, grid…
7 September 2026
Altherum
Provenance: The Economic Biography of a Work of Art
A work of art has a physical life and a documentary life. Provenance connects the two—and can materially change how the market understands the object.
2 September 2026
Altherum
Fine Wine, Winery or Hospitality? Three Exposures That Should Not Be Confused
Wine can be a collectible object, an operating business or a hospitality platform. The label may look familiar; the economic exposure is not.
1 September 2026
Altherum
Collectible Wine: Provenance, Storage and the Market Behind the Bottle
Fine wine can carry cultural and collectible value, but selection depends on provenance, storage, condition, scarcity and genuine secondary-market demand.
31 August 2026
Altherum
Classic Cars: What Actually Creates Collectible Value?
A disciplined guide to the factors that shape collectible-car value: provenance, originality, condition, rarity, documentation, market depth and long-term stewardship.
31 August 2026
Altherum Insights
The €2–10 Million Gap: When Wealth Outgrows Standard Solutions
European wealth is growing, but access to private opportunities remains uneven. A practical framework for real assets, private debt and private equity.
28 August 2026
Altherum
Yayoi Kusama, 1929–2026: How a Private Visual Language Became a Global Legacy
From the Infinity Nets to immersive mirror rooms, Yayoi Kusama built one of contemporary art’s most recognisable languages. Her legacy shows why cultural value begins with authorship, continuity and institutional recognition—not price alone.
27 August 2026
Insight
Physical Gold in Wealth Preservation: Role, Limits and Tokenized Access
Fabiano De Marco (Excelior Gold) on the role and the limits of physical gold in wealth preservation: diversification, Swiss custody, volatility, the absence of intrinsic yield, and tokenized access to allocated bars.
26 August 2026
Real Assets
Why Ferrari Luce Chassis 0 Sold for $40 Million
A record auction result reveals how provenance, primacy and cultural relevance can concentrate demand around an unrepeatable object—and why the price is not a market comparable.
18 August 2026
Insight
Patek Philippe 5711: Collectible Value and Liquidity Limits
How collectible watches such as the Patek Philippe Nautilus 5711 are valued, why the market remains structurally illiquid, and what tokenized co-ownership does and does not change.
17 August 2026
Report
From Monte Carlo: What Our Launch Revealed About Real-Asset Investing
Notes from the invitation-only Altherum launch aboard the yacht Zaffiro at Port Hercule, Monaco, and three observations from the conversations of the evening.
13 June 2026
Real estate
European Real Estate After the Repricing: From Exposure to Structure
Why asset-level underwriting, governance, financing and documented exit conditions matter when reviewing a real-estate opportunity.
10 June 2026
Real-world assets
What Real-World Asset Tokenization Actually Means
Tokenization records rights — it does not create them. A grounded guide to what sits on-chain, what stays off-chain, and the questions that actually matter.
2 June 2026
Framework
The Asset Comes First: Why Blockchain Is Infrastructure, Not the Investment
A recurring confusion in the tokenization debate is treating the rail as the destination. Our position is simple: the investment thesis is always the asset.
26 May 2026
Legal structure
Fractional Ownership, Tokens and Legal Rights: Three Structures, Three Meanings
A token is a technical record — the rights behind it depend entirely on the structure. Direct co-ownership, SPV shares and securitisation notes compared.
18 May 2026
Custody
How Professional Custody Works for Collectible Assets
How custody, documentation, insurance terms and release procedures support the preservation and administration of collectible assets.
8 May 2026
Markets
Why Tokenization Does Not Automatically Create Liquidity
Technical transferability is not market liquidity. An honest look at what tokenized real assets can and cannot promise about exit.
28 April 2026
Selection
How Real Assets Are Selected and Valued: Inside the Matrix
A practical view of screening, specialist verification, asset-specific valuation, custody feasibility and exit planning for real assets.
20 April 2026
Passion assets
Passion Assets in a Diversified Wealth Strategy
Art, watches, gems and memorabilia follow drivers of their own. How tangible assets earn a place alongside — never instead of — a traditional allocation.
10 April 2026
Private markets
Club Deals and SPVs: How Digitally Recorded Participation Really Works
In a club deal the token does not represent the building or the company — it represents shares of the vehicle. Anatomy of a structure built for restricted circles.
30 March 2026
Compliance
Transfer Restrictions and Investor Eligibility, Explained
How eligibility, onboarding and transfer conditions shape access to private-market opportunities and digitally recorded participations.
20 March 2026
Due diligence
Due Diligence in Alternative Investments: What It Can and Cannot Do
Commercial, legal, technical, custodial: due diligence in alternatives is a set of reviews adapted to each asset — and its purpose is clarity, not certainty.
10 March 2026
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