Art investment fund buys masterpieces

Castlestone Management, the asset manager which launched a retail art investment fund in May, bought works by Pablo Picasso and Andy Warhol for the lower than estimated price of £476,000 at Sotheby's and Phillips de Pury's auctions this month.

Castlestone says its fund, which has a low entry investment of £10,000, is world's first retail art fund.

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