Artfest International, Inc (fka ARTS)

[FroMagic]

Here's my Picasso DD.

ARTS has the rights to buy the sculpture for "Payment terms include a cash payment of $2.5 million at closing and $50 millions in Company’s stock warrants ( 50 million shares at $ 1.00 per share warrant)".

http://www.sec.gov/Archives/edgar/data/1168738/000143209310000299/artfest8k102809.htm

This transaction was never completed as it has yet to appear on any 10-Q or 10K as an asset.

Several months later, ARTS states it is their intention to sell the Picasso.

http://www.artfestinternational.com/index.php/news-releases/2-news-releases/161-pr2010-0624?layout=default&date=2010-11-01

Obviously, they want to sell it for more than they are paying.

"We believe the proceeds from the sale of the Picasso Art Sculpture will give the Company the ability to aggressively pursue all of its objectives as outlined in its business plan," stated Edward Vakser, CEO of Artfest International, Inc.

Hence, my belief it's on consignment. And we never saw any Giclees of it either as they have no authority to make copies (as they are not the owner of the picasso).