Zhu Weisha, January 10, 2026
I. The Triple Attributes of Antiques: Commodity, “Stock,” and “Bond”
Anything tradable can be broadly considered a commodity. Narrowly defined, a commodity refers to tangible, touchable physical assets, known as “Real World Assets” (RWA).
In contrast, stocks are virtual equity instruments that are “visible but intangible,” essentially digital “certificates” representing corporate ownership. Interestingly, the nature of antiques is closer to that of a company itself, possessing three dimensions simultaneously:
- Commodity Attribute: As tangible objects, they can be directly bought, sold, and collected.
- “Stock” Attribute: Representing their scarcity, cultural value, and long-term appreciation potential, similar to equity assets.
- “Bond” Attribute: High-quality antiques often exhibit relatively stable natural appreciation (annual rate typically above inflation), analogous to fixed-income instruments providing a “coupon.”
A company itself is also an RWA. It possesses physical assets and achieves financialization through equity (stocks) and debt (bonds). A company’s listing process represents the iteration of an institutional system—“mandatory disclosure + trust mechanism + efficient trading”—within an opaque environment.
Although antiques lack operational activities and cash flows and have a simpler structure, their triple attributes are highly analogous to those of a company. The mature corporate capital market (evolving since the Amsterdam Stock Exchange in 1602, over 400 years), provides a complete institutional template and actionable path for the financialization of antiques.
II. The Vast Difference in Financialization Maturity
Corporate financialization is highly developed, while antiques remain stuck in the “commodity trading” stage, far from forming an effective capital market.
Stark Contrast in Market Scale and Liquidity
| Asset Class | Estimated Market Cap | Annual Spot Trading Volume | Liquidity Characteristic |
| Gold | ~$14 trillion | $10–12 trillion | Extremely high liquidity |
| Global Stocks | ~$110 trillion | $80–100 trillion | Extremely high liquidity |
| Antiques/Art | Trillions of USD scale* | ~$65 billion | Extremely high market cap, extremely low liquidity |
*Note: According to estimates by Chinese antique expert Mr. Sun Xin, the stock of Chinese antiques alone reaches this scale.
Core Conclusion: Antique auctions remain essentially spot commodity transactions, not efficient mechanisms for price discovery and capital allocation. Massive value is “locked” in private collections, unable to achieve scaled circulation and financialization. Gold, as a relatively successful example of RWA financialization, has formed a global 24-hour trading market; the corporate capital market has achieved the miracle of “efficient funding from strangers with the ability to exit at any time.” For antiques to break through, it is imperative to draw lessons from corporate capitalization rules and construct a similar mechanism.
III. Borrowing Corporate Rules for Mergers & Acquisitions: Constructing an Antique “Tender Offer” Mechanism
As commodities, companies trade efficiently primarily within the capital market. The stringent rules established by capital markets for public companies (e.g., information disclosure, tender offers, minority shareholder protection) are extremely effective.
Antique transactions inherently involve physical delivery, similar to corporate mergers and acquisitions. However, lacking an operating entity, there is no traditional concept of “51% controlling stake.” The key challenges are control transfer and secure delivery.
Drawing on the mature capital market’s tender offer mechanism, a merger and acquisition path for the on-chain antique market can be designed:
1. Control Threshold Design
- The holder retains at least 15% of the shares as non-sellable (acting as “permanent lock-up” to ensure physical asset security).
- An acquirer needs to obtain 70% or more of the vote or token support to be deemed to have acquired “absolute control” (analogous to a two-thirds absolute control in a company).
2. Tender Offer Process (emulating the two-step merger under Delaware General Corporation Law §251(h))
- The acquirer proposes a price and signs an on-chain “merger agreement.”
- The acquirer deposits funds corresponding to 15% of the coins into Exchange Contract 1 (a smart contract), allowing retail holders (including non-supporters) to exchange their coin for cash at the offer price.
- Upon obtaining 70% support, the acquirer deposits funds for the coins not under their control into Exchange Contract 2. After the exchange, the acquirer holds 70% of the tokens.
- After verification by the antique holder, they transfer 15% of the tokens to the acquirer and complete the physical antique transfer.
- Exchange Contract 1 remains open long-term for token holders to exchange.
- 100% token acquisition is not required; only needing 70% of the vote can trigger the forced exchange/squeeze-out mechanism, similar to a Delaware short-form merger.
- The acquirer must publicly disclose their account for verification, ensuring on-chain transparency and traceability.
3. Higher Bid Protection
If a higher bid emerges, the 70% support may shift to the new acquirer, creating benign competition.
4. Re-issuance
After physical delivery is completed, re-issuance is possible. Holders of the originally issued coins can only exchange them via Exchange Contract 1.
This mechanism ensures both physical security and efficient control transfer, potentially greatly enhancing the liquidity and financial attributes of antiques. Specific details can further draw upon the mature experience of the U.S. capital market.
IV. The “Bond” Model: The Stable Income Attribute and Dividend Logic of Antiques
Corporate bond issuance requires credit ratings. High-quality antiques, with their stable materials and high appreciation certainty, do not require traditional ratings. If authenticated by authorities and insured, they can be regarded as “hard assets equivalent to a 3A rating.”
Referencing the related literature “From Treasury Phenomenon to Antique Dividends: The Value Logic of a New Asset Class” and “Redefining the Valuation Metrics for Antiques“, the dividend logic can be based on the following:
- High-quality antiques often have a natural annualized appreciation rate exceeding 10% (supported by historical data, far above inflation).
- Reference can be made to utility stocks (slow growth, payout ratio around 50% of profits) or MicroStrategy’s accounting treatment for Bitcoin (since 2025, unrealized gains/losses are directly included in net income).
Accordingly, antique equity (“antique tokens”) can pay dividends based on the price appreciation range of the previous year: if appreciation exceeds 10%, typically distribute half (around 5%) as dividends, preserving upside potential while providing a stable and competitive “coupon.”
Example: An antique token uses a three-stage valuation, with room for further appreciation after issuance. Issuing a small number of additional tokens as dividends can balance growth potential with cash-equivalent returns. Setting the dividend yield at around 5% (comparable to top-tier corporate bonds) would be extremely attractive—–because the long-term appreciation certainty of antiques is higher than that of most companies, and well-preserved antiques (e.g., bronze ware) carry almost no “issuer default” risk.
This model of “hard asset backing + stable dividends” has the potential to outpace inflation long-term, with lower risk and potentially higher returns, possibly forming a disruptive impact on the traditional bond market.
(The “stock” model involves more content and will be detailed in the next section.)
