Real assets
Direct co-ownership of selected real assets.
You hold a documented undivided share of a physical asset — not a unit of a fund and not an exposure to an index. Each asset is admitted individually, independently examined, held under professional custody and sold through a channel identified before acquisition.
From €10,000, always subject to the documentation of the specific opportunity and to onboarding checks. Rights arise from the co-ownership documentation, which digital records administer but do not replace.
The proposition
What direct co-ownership means.
Co-ownership is contractual and direct: there is no intermediate vehicle between you and the asset. Each co-owner holds a documented undivided share, and digital records are used to administer that share and its transfers.
It may suit investors and collectors who want a position in markets that have stored value for centuries — art, gemstones, horology, rare spirits, metals — sized so that it can sit within a considered portfolio rather than dominate it.
The threshold makes allocation practical. It is not a concession on quality: an asset admitted at €10,000 per share is examined, valued and insured exactly like any other, subject in each case to the documentation of that opportunity.
The classes
Asset classes considered by Altherum.
Each class is read on its own evidence. Nothing is admitted in bulk, and most candidates are declined.
Fine art
Blue-chip and rigorously selected emerging works, read through provenance, exhibition history, conservation requirements and the depth of comparable auction results.
Collectible watches
Rare and historically significant references, assessed on reference scarcity, original condition, dial originality, service history and the presence of box and papers.
Diamonds and coloured gemstones
Only stones with recognised laboratory certification, assessed on origin, treatment disclosure and cut against comparable certified transactions rather than retail pricing.
Fine wine and rare whisky
Single-cask bottlings and cellar-grade vintages, selected on pedigree and on uninterrupted bonded, climate-controlled storage consistent with the age and cask records.
Gold and rare metals
Admitted exclusively in LBMA-certified form, with assay documentation and independent verification of weight and purity on entry into vaulted custody.
Memorabilia and graded collectibles
Match-worn, race-worn and signed pieces with independent authentication and photo-matching; graded cards read together with population reports, where scarcity at grade defines the position.
The evidence
How assets are selected and safeguarded.
The same sequence applies to every asset, in every class. An asset is admitted because each step below has been completed and documented.
Independent authentication
Authenticity, provenance and condition are examined with independent experts. The seller's assessment is never the basis of admission.
Three-scenario valuation
Value is modeled on comparable transactions under conservative, central and favorable scenarios, so that a range rather than a single figure informs the decision.
Insured professional custody
Where applicable, assets are held by professional custodians under segregation and environmental conditions, insured at appraised value with periodic independent revaluation.
An exit channel identified before entry
Auction, private sale or specialist dealer: the intended channel and the distribution mechanics are documented before acquisition. This is a plan, not a guarantee.
How it works
How participation is structured and administered.
Four steps, from the documentation you sign to the reporting you receive.
- 01
Co-ownership documentation
Your undivided share, the holding period, transfer conditions and distribution mechanics are set out in the documentation of the specific asset.
- 02
Onboarding and subscription
Identification checks are completed once, before allocation. Subscription is then executed against the documentation you have reviewed.
- 03
Digital administration
The register of participations is administered digitally. Where a digital record and the authoritative documentation differ, the documentation prevails.
- 04
Custody, reporting and sale
The asset is held and insured, periodic reporting is provided, and net proceeds are distributed on sale as defined in the documentation.
Altherum Tokenization is a brand of CGPH Asset Management SAS.
What to consider
Value drivers, risks and exit conditions.
What supports value in these markets is specific and verifiable; so is what can go wrong.
- Value is driven by provenance, scarcity, certification, condition and documented storage — evidence that must exist before admission, not after.
- Capital is at risk. Valuations can fall, and an appraised value is an estimate, not a price obtainable on demand.
- There is no continuous market. Exit depends on the sale of the underlying asset and on the terms of the documentation; holding periods can extend beyond initial expectations.
- Transfers of a share are restricted to verified participants under the terms of the co-ownership documentation.
- Insurance and custody mitigate physical risk. They do not protect against a fall in market value.
FAQ
Questions we are asked most.
General information only. For any specific opportunity, the transaction documentation reviewed with each eligible investor prevails.
- A documented undivided share of the physical asset itself. There is no intermediate vehicle: co-ownership is contractual between co-owners, and digital records are used to administer that share.
- With professional custodians where applicable, under segregation and the storage conditions relevant to the class — bonded and climate-controlled for wine and whisky, vaulted for metals and gemstones. Cover is set at appraised value and revisited through periodic independent revaluation.
- Exit depends on the sale of the underlying asset, typically through auction, private sale or a specialist dealer, and on the terms of the relevant documentation. The channel is identified before acquisition; the timing and the price are not guaranteed.
- It is the indicative entry point for a share in an available asset. The actual minimum, the number of shares and all other terms are those of the documentation for that specific opportunity.
Further reading
Read further.
Background notes and guides from our editorial hub, written for context rather than promotion.
- Library guideGuide: tokenized real assetsWhat a token represents, and what it does not.
- Library guideGuide: custody of collectible assetsSegregation, environmental conditions and insurance at appraised value.
- JournalHow real assets are selected and valuedComparables, scenarios and the reasons most candidates are declined.
- JournalWhy tokenization does not automatically create liquidityA share can be recorded digitally and still require a buyer.
Next step
Review an available asset with our team.
Tell us what you collect or follow. We will share the documentation for the assets currently open — selection notes, appraisal, custody terms and the intended exit channel.