Artfest International, Inc. Announces Agreement to Purchase Original 1949 Picasso Art
April 29 2010 - 7:00AM
Marketwired
Artfest International, Inc. (OTCBB: ARTS) is pleased to announce
that the Company has agreed to purchase an original Picasso
Sculpture art piece directly from the artist's personal collection.
The wooden sixty by twenty seven Picasso sculpture was completed in
1949 and is titled "Rendering Of Francoise Gilot." The Picasso
piece was appraised by Eritas Fine Art Appraising and Consulting,
LLC in February, 2010. The market value of this sculpture is
between fifty and seventy million dollars. This piece will
significantly increase Artfest International's assets and add value
to the Company's bottom line.
Picasso met Francoise Gilot, a young French student, who became
his favorite model while he was living in Paris. She appeared in
several of his works of art between the years of 1940-1950. Images
of Francoise Gilot are in high demand in the market and have
constantly proven to yield top dollar. According to
www.TimesOnline.com Picasso's pieces can range from $5 Million to
$150 Million.
"The purchase of this original Picasso art piece will increase
Artfest International's asset base as we continue to meet the
requirements of becoming listed on a higher exchange such as the
NASDAQ or the AMEX," stated Edward Vakser, CEO of Artfest
International, Inc.
Artfest International recently announced that the Company has
generated $2,470,878 in operating revenue in the twelve months
ending December 31, 2009 as compared to $141,626 in operating
revenue for twelve months ending December 31, 2008, which is an
increase of 1,645%. The increase in revenue is due to the increased
sales of art and sports memorabilia through the Company's wholly
owned subsidiary, Charity Sports Distributor (CSD), as well as
through events held at Artfest International's 52,000 square foot
facility in Dallas, Texas, and direct sales activity through its
ArtFest Direct, Inc. and Art Channel Galleries, Inc.
subsidiaries.
Artfest International will be hosting its "Brave Art" show and
an Artfest Direct Software Launch at its Expo Center on May 1st,
2010. "We are signing up a tremendous amount of members, and the
system will become "live" on May 1st, 2010. This membership is what
will propel our company to the revenue heights and product sales
that have not been seen in direct sales industry," stated Angie
Tassan, Artfest CMO.
Artfest is raising additional capital to finance the Picasso
acquisition, as well as several other investments for the company.
In order to fulfill these investments, Artfest Board of Directors
elected to increase its authorized shares.
About Pablo Picasso
Pablo Picasso was born in Malaga, Spain. By the age of 15 he was
already technically skilled in drawing and painting. Picasso's
highly original style continuously evolved throughout his long
career, expanding the definition of what art could be. In addition
to painting, he would explore sculpture, ceramics and other art
forms, and become one of the most influential artists. His
revolutionary artistic accomplishments brought him universal
renowned and immense fortunes throughout his life, making him the
best-known figure in twentieth century art.
About Artfest International, Inc.
Artfest International, Inc. brings together artists, investors,
decorators, designers, private collectors and art galleries.
Artfest International's corporate site is
www.artfestinternational.com. Artfest's subsidiaries are Art
Channel, Inc. (www.artchannel.tv), and Art Channel Galleries, Inc.
(www.ArtChannelGalleries.com), offering the most exciting product
and rewards program in the history of direct sales marketing.
Safe Harbor Statement -- This release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 27E of the Securities Act of 1934. Statements
contained in this release that are not historical facts may be
deemed to be forward-looking statements. Investors are cautioned
that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approvals for anticipated actions. Such
statements are based on management's current expectations and are
subject to certain factors, risks and uncertainties that may cause
actual results, events and performance to differ materially from
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actual or future results may differ materially from those
anticipated depending on a variety of factors, including continued
maintenance of favorable license arrangements, success of market
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ARTS does not intend to update any of the forward-looking
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Contact: Investor Relations Management Solutions International 1
407-389-5900