Alternative Investments

Rare Leonardo da Vinci painting sells for $450 million at auction

Salvator Mundi, the long-lost Leonardo da Vinci painting of Jesus Christ commissioned by King Louis XII of France more than 500 years ago, has sold at Christie’s in New York for $450.3m, including auction house premium, shattering the world record for any work of art sold at auction.

The work had carried a guarantee understood to be around $100 million, so it was a certainty to sell, but the bidding blew past that number quickly and kept going over the course of 19 minutes.

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The AIFMD and Fund Distribution in the EU

The Alternative Investment Fund Managers Directive (AIFMD) was introduced in 2013. The aim of the Directive is to regulate the provision of fund management services by fund managers to alternative investment funds. As such, it also introduces rules on the marketing of AIFs in the European Union. Malta, being a member of the EU, has fully transposed and implemented the AIFMD which has formed part of Maltese law for over three years.

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