The document discusses art investment vehicles and funds. It finds that the value of global assets under management in art funds is $2.25 billion. Art funds allow investors to pool resources to invest in art and provide diversification with relatively small capital commitments. However, they also lack transparency and track records. Early art funds from the 1900s and 1970s showed annual returns of 14.6% and 11.3% respectively. Due diligence of art funds is important to understand areas like governance, risk controls, and liquidation strategies. While some art funds have failed, interest continues to grow and more institutional investors may participate as the market matures.