U.S. patent application number 16/893105 was filed with the patent office on 2020-09-24 for exchange for fractional interests and usage rights in a collection of assets.
The applicant listed for this patent is CFPH, LLC. Invention is credited to Dean P. Alderucci, Thomas D. Bradshaw, Howard W. Lutnick.
Application Number | 20200302492 16/893105 |
Document ID | / |
Family ID | 1000004870445 |
Filed Date | 2020-09-24 |
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United States Patent
Application |
20200302492 |
Kind Code |
A1 |
Lutnick; Howard W. ; et
al. |
September 24, 2020 |
EXCHANGE FOR FRACTIONAL INTERESTS AND USAGE RIGHTS IN A COLLECTION
OF ASSETS
Abstract
Methods and systems are provided herewith for exchanging and
rating works of art. A value for each of a plurality of portfolios
of art owned by a plurality of participants is determined.
Ownership interests in the plurality of portfolios of art are
pooled in a legal ownership entity. For each participant, an
initial participant value is determined based on the determined
value of each portfolio of art owned by the respective participant.
A respective quantity of shares of the legal ownership entity for
each respective participant is determined based on the participant
value determined for the participant. An indicia of the respective
quantity of shares is transmitted to each respective participant.
Participants may buy and sell usage and ownership interests in the
portfolios of art. Participants may also redeem their shares for
cash or other value.
Inventors: |
Lutnick; Howard W.; (New
York, NY) ; Alderucci; Dean P.; (Westport, CT)
; Bradshaw; Thomas D.; (New York, NY) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
CFPH, LLC |
New York |
NY |
US |
|
|
Family ID: |
1000004870445 |
Appl. No.: |
16/893105 |
Filed: |
June 4, 2020 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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13770087 |
Feb 19, 2013 |
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16893105 |
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12776230 |
May 7, 2010 |
8380602 |
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13770087 |
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12776237 |
May 7, 2010 |
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13770087 |
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61227120 |
Jul 21, 2009 |
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61227120 |
Jul 21, 2009 |
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Current U.S.
Class: |
1/1 |
Current CPC
Class: |
G06Q 30/0607 20130101;
G06Q 30/0278 20130101; G06Q 40/06 20130101 |
International
Class: |
G06Q 30/02 20060101
G06Q030/02; G06Q 40/06 20060101 G06Q040/06; G06Q 30/06 20060101
G06Q030/06 |
Claims
1. (canceled)
2. A method for facilitating electronic trading of works of art
over a communication network with interfaces of computing devices,
the method comprising: determining an art allotment value for a
first participant based at least in part on a first quantity of
ownership units associated with the first participant, the first
quantity of ownership units being ownership units in a pool
comprising a plurality of works of art, the plurality of works of
art comprising at least one first work of art and a second work of
art; receiving by at least one processor, from an interface of a
computing device, rating information about at least one category
for each of the plurality of works of art including the at least
one first work of art and the second work of art, the rating
information comprising at least one first rating in at least one
category for the at least one first work of art and a second rating
in the at least one category for the second work of art, each
category comprising at least one of a genre of art, historical time
period, style of art, an artist, a medium of art, a color scheme of
art, and a field of art; receiving by the at least one processor,
from an interface of a computing device, a value of the at least
one first work of art; determining by the at least one processor a
current value of the second work of art based on the at least one
first rating, the second rating, and the received value of the at
least one first work of art; receiving, by the at least one
processor, from an interface of a computing device of a first
participant a request to receive the second work of art at a first
geographic location designated by the first participant; responsive
to receiving from the first participant the request to receive the
second work of art, determining, by the at least one processor,
whether to fulfill the request based at least in part on the art
allotment value of the first participant and the determined current
value of the second work of art, in which the act of determining
whether to fulfill the request comprises determining to fulfill the
request; responsive to determination to fulfill the request,
causing, by the at least one processor, the second work of art to
be delivered to the first geographic location designated by the
first participant; responsive to determination to fulfill the
request, generating, by the at least one processor, an electronic
signal directed to a computer system of a delivery agent to convey
a command comprising data representing instructions to (a) request
that the delivery agent physically acquire the at least one second
work of art from a currently possessing party and (b) request that
the delivery agent deliver the at least second work of art to the
first geographic location designated by the first participant at a
time when the first participant and the second participant each own
shares of the legal ownership entity in which the plurality of
portfolios of art comprising the at least one second work of art
are pooled; processing validation, by the at least one processor of
the computing device, of the at least second work of art in
real-time against information provided by a source of rating
information about the at least second work of art; responsive to
the processing of validation of the at least second work of art,
determining, by the at least one processor of the computing device,
that there is a lack of validation, then (a) notifying an owner of
the at least second work of art about the lack of validation, and
(b) routing information related to the lack of validation to an art
asset intermediary for verification; and responsive to the
processing of validation of the at least second work of art,
determining, by the at least one processor of the computing device,
that there is a validation, then (a) requesting that the owner of
the at least second work of art provide payment to activate
membership with an art exchange, (b) wherein once the payment is
verified, forwarding asset information to an account associated
with the owner of the at least second work of art to a database for
storage, and (c) sending, by an asset converter, ownership and/or
membership confirmation information to the owner of the at least
second work of art over a communication link, and (d) enrolling the
owner the at least second work of art as a participant in an asset
exchange for exchange of the second work of art.
3. The method of claim 2, further comprising: determining by the at
least one processor a current value of each of a subset of the
plurality of works of art, the subset having a rating in at least
one second category; determining by the at least one processor a
current value of each of the subset of the plurality of works of
art; determining by the at least one processor an aggregate value
of the subset of the plurality of works of art; creating by the at
least one processor an exchange-tradable fund (ETF) comprising a
plurality of shares, the ETF having a value that tracks the
aggregate value of the subset of the plurality of works of art; and
causing by the at least one processor one or more shares of the ETF
to be traded on an electronic exchange in electronic communication
with the at least one processor.
4. The method of claim 2, further comprising: after determining the
current value of the second work of art, receiving by the at least
one processor subsequent rating information concerning the second
work of art, the subsequent rating information comprising at least
one third rating in at least one category for the second work of
art, the at least one category comprising at least one of a genre
of art, historical time period, style of art, an artist, a medium
of art, a color scheme of art, and a field of art; determining by
the at least one processor an updated value of the at least one
second work of art based at least in part on the determined current
value and the subsequent rating information, in which the
determined value is an appraisal value determined by an art
appraiser.
5. An apparatus for facilitating electronic trading of works of art
over a communication network with interfaces of computing devices,
the apparatus comprising: at least one processor; and a memory that
stores instructions which, when executed by the at least one
processor, direct the at least one processor to: determine an art
allotment value for a first participant based at least in part on a
first quantity of ownership units associated with the first
participant, the first quantity of ownership units being ownership
units in a pool comprising a plurality of works of art, the
plurality of works of art comprising at least one first work of art
and a second work of art; receive rating, from an interface of a
computing device, information about at least one category for each
of the plurality of works of art including the at least one first
work of art and the second work of art, the rating information
comprising at least one first rating in at least one category for
the at least one first work of art and a second rating in the at
least one category for the second work of art, each category
comprising at least one of a genre of art, historical time period,
style of art, an artist, a medium of art, a color scheme of art,
and a field of art; receive, from an interface of a computing
device, a value of the at least one first work of art; determine a
current value of the second work of art based on the first rating,
the second rating, and the received value; receive from, an
interface of a computing device, a first participant a request to
receive the second work of art at a first geographic location
designated by the first participant; responsive to receiving from
the first participant the request to receive the second work of
art, determine whether to fulfill the request based at least in
part on the art allotment value of the first participant and the
determined current value of the second work of art, in which the
act of determining whether to fulfill the request comprises
determining to fulfill the request; responsive to a determination
to fulfill the request, cause the second work of art to be
delivered to the first geographic location designated by the first
participant; responsive to determination to fulfill the request,
generate, an electronic signal directed to a computer system of a
delivery agent to convey a command comprising data representing
instructions to (a) request that the delivery agent physically
acquire the at least one second work of art from a currently
possessing party and (b) request that the delivery agent deliver
the at least second work of art to the first geographic location
designated by the first participant at a time when the first
participant and the second participant each own shares of the legal
ownership entity in which the plurality of portfolios of art
comprising the at least one second work of art are pooled; process
validation of the at least second work of art in real-time against
information provided by a source of rating information about the at
least second work of art; responsive to the processing of
validation of the at least second work of art, determine that there
is a lack of validation, then (a) notify an owner of the at least
second work of art about the lack of validation, and (b) route
information related to the lack of validation to an art asset
intermediary for verification; and responsive to the processing of
validation of the at least second work of art, determine that there
is a validation, then (a) request that the owner of the at least
second work of art provide payment to activate membership with an
art exchange, (b) wherein once the payment is verified, forward
asset information to an account associated with the owner of the at
least second work of art to a database for storage, and (c) send,
by an asset converter, ownership and/or membership confirmation
information to the owner of the at least second work of art over a
communication link, and (d) enroll the owner the at least second
work of art as a participant in an asset exchange for exchange of
the at least second work of art.
6. The apparatus of claim 5, in which the determined value is an
appraisal value determined by an art appraiser, and in which the
instructions, when executed by the at least one processor, direct
the at least one processor to: determine a current value of each of
a subset of the plurality of works of art, the subset having a
rating in at least one second category; determine a current value
of each of the subset of the plurality of works of art; determine
an aggregate value of the subset of the plurality of works of art;
create an exchange-tradable fund (ETF) comprising a plurality of
shares, the ETF having a value that tracks the aggregate value of
the subset of the plurality of works of art; and cause one or more
shares of the ETF to be traded on an electronic exchange in
electronic communication with the at least one processor.
7. The apparatus of claim 5, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: after determining the current value of the second
work of art, receive subsequent rating information concerning the
second work of art, the subsequent rating information comprising at
least one third rating in at least one category for the second work
of art, the at least one category comprising at least one of a
genre of art, historical time period, style of art, an artist, a
medium of art, a color scheme of art, and a field of art; determine
an updated value of the at least one second work of art based at
least in part on the determined current value and the subsequent
rating information.
8. The apparatus of claim 5, in which the instructions, when
executed by the at least one processor, further direct the at least
one processor to: determine a value for each of a plurality of
portfolios of art owned by a plurality of participants, the
plurality of portfolios of art comprise a first portfolio and a
second portfolio, in which each portfolio of art comprises one or
more works of art, the first portfolio comprising the at least one
first work of art, the second portfolio comprising the second work
of art, and in which each portfolio of art is owned by a respective
participant; pool ownership interests of the plurality of
portfolios of art in a legal ownership entity having an initial
total number of shares; for each participant, determine an initial
participant value based on the determined value of each portfolio
of art owned by the respective participant; determine a respective
quantity of shares of the legal ownership entity to each respective
participant based on the participant value determined for the
participant; and transmit an indicia of the respective quantity of
shares to each respective participant.
9. The apparatus of claim 8, in which the portfolio of art consists
of one or more works of art, in which the quantity of shares issued
to a respective participant divided by the total initial quantity
of shares is determined based on the participant value determined
for the respective participant divided by the sum of the initial
participant values for each of the plurality of participants, and
in which the instructions, when executed by the at least one
processor, further direct the at least one processor to: receive
from the first participant a request to receive the at least one
second work of art at a first geographic location designated by the
first participant; and responsive to the first participant's
request to receive the at least one second work of art, cause the
at least second work of art to be delivered to the first geographic
location designated by the first participant at a time when the
first participant and the second participant each own shares of the
legal ownership entity in which the plurality of portfolios of art
comprising the at least one second work of art are pooled.
10. The apparatus of claim 8, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: after issuing the quantity of shares, receive a
request from a user to contribute at least one work of art to the
legal ownership entity; determine a value for the at least one work
of art; pool an ownership interest of the work of art in the legal
ownership entity; determine an initial participant value for the
user based on the determined value of the at least one work of art;
and transmit an indicia of a quantity of shares of the legal
ownership entity to the user based on the initial participant value
determined for the user, in which, upon issuance of the quantity of
shares to the user, the quantity of shares issued to the user
divided by the total number of shares in the legal ownership entity
is determined based on the initial participant value divided by a
determined total value of the legal ownership entity.
11. The apparatus of claim 8, in which the act of pooling the
ownership interest of the work of art in the legal ownership entity
comprises causing the ownership interest to be pooled in the legal
ownership entity, and in which the instructions, when executed by
the at least one processor, direct the at least one processor to:
cause a specific one of the plurality of works of art to be offered
for sale; receive from a plurality of bidders a plurality of bids
for the specific work of art; cause the specific work of art to be
sold to a specific one of the plurality of bidders at a price of a
bid of the specific bidder.
12. The apparatus of claim 8, in which the act of determining a
value for each portfolio of art comprises estimating a current
market price of at least one of the works of art in the
portfolio.
13. The apparatus of claim 8, in which the plurality of
participants comprises a first participant and the plurality of
portfolios of art comprises at least one first work of art
possessed by the first participant and at least one second work of
art, in which the instructions, when executed by the at least one
processor, direct the at least one processor to: receive from the
first participant a request for the at least one second work of
art; determine a first art allotment value for the first
participant based on a quantity of shares in an account of the
first participant; determine a first present value for the at least
one first work of art and a second present value for the at least
one second work of art; determine that the first allotment value is
at least as large as the sum of the first present value and the
second present value; based on determining that the first allotment
value is at least as large as the sum of the first present value
and the second present value, transmit to the first participant a
confirmation that the at least one second work of art will be
transferred to the first participant.
14. The apparatus of claim 8, in which the plurality of
participants comprises a first participant and the plurality of
portfolios of art comprises at least one first work of art
possessed by the first participant and at least one second work of
art, in which the instructions, when executed by the at least one
processor, direct the at least one processor to: receive from the
first participant a request to exchange the at least first work of
art for the at least one second work of art; determine a first
present value for the at least one first work of art and a second
present value for the at least one second work of art; compare the
first present value to the second present value; and transmit to
the first participant a confirmation that the at least one first
work of art will be exchanged for the at least one second work of
art.
15. The apparatus of claim 8, in which the plurality of
participants comprises a first participant and the plurality of
portfolios of art comprises at least one first work of art
possessed by the first participant, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: determine a first art allotment value for the first
participant based on a quantity of shares in an account of the
first participant; determine a total value of any works of art in
the plurality of portfolios that is possessed by the first
participant; determine a first allotment credit value based on a
difference between the first art allotment value less the total
value;
16. The apparatus of claim 15, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: receive from the first participant a request to
transfer at least a portion of the first allotment credit value to
a user; and based on the request, transfer the portion of the first
allotment credit value from an account of the participant user to
an account of the user, the account being stored in a database
electronically coupled to the at least one processor.
17. The apparatus of claim 16, in which the user is one of the
plurality of participants.
18. The apparatus of claim 16, in which the user is not one of the
plurality of participants, and in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: create an account of the user in a database
electronically coupled to the at least one processor.
19. The apparatus of claim 8, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: receive a plurality of bids to purchase at least one
share of the legal ownership entity, each bid specifying a bid
price and a quantity of shares of the legal ownership entity;
receive a plurality of offers to sell at least one share of the
legal ownership entity, each offer specifying an offer price and a
quantity of shares of the legal ownership entity; match at least
one bid with at least one offer; execute a trade of a trade
quantity of shares at a trade price based on the matching.
20. The apparatus of claim 8, in which the instructions, when
executed by the at least one processor, direct the at least one
processor to: create an exchange-tradable fund (ETF) comprising a
plurality of shares, the ETF having a value that tracks a market
value of the legal ownership entity; receive an indication that a
user has paid an amount for at least one share of the ETF; and
transmit an indicia of ownership of the at least one share to the
user or an agent of the user based on the indication.
21. A non-transitory machine-readable medium having instructions
stored thereon for facilitating electronic trading of works of art
over a communication network with interfaces of computing devices,
the instructions which, when executed by at least one processor in
electronic communication with at least one database, direct the at
least one processor to: determine an art allotment value for a
first participant based at least in part on a first quantity of
ownership units associated with the first participant, the first
quantity of ownership units being ownership units in a pool
comprising a plurality of works of art, the plurality of works of
art comprising at least one first work of art and a second work of
art; receive, from an interface of a computing device, rating
information about at least one category for each of the plurality
of works of art including the at least one first work of art and
the second work of art, the rating information comprising at least
one first rating in at least one category for the at least one
first work of art and a second rating in the at least one category
for the second work of art, each category comprising at least one
of a genre of art, historical time period, style of art, an artist,
a medium of art, a color scheme of art, and a field of art;
receive, from an interface of a computing device, a value of the at
least one first work of art; determine a current value of the
second work of art based on the first rating, the second rating,
and the received value; receive from, an interface of a computing
device, a first participant a request to receive the second work of
art at a first geographic location designated by the first
participant; responsive to receiving from the first participant the
request to receive the second work of art, determine whether to
fulfill the request based at least in part on the art allotment
value of the first participant and the determined current value of
the second work of art, in which the act of determining whether to
fulfill the request comprises determining to fulfill the request;
responsive to a determination to fulfill the request, cause the
second work of art to be delivered to the first geographic location
designated by the first participant; responsive to determination to
fulfill the request, generate, an electronic signal directed to a
computer system of a delivery agent to convey a command comprising
data representing instructions to (a) request that the delivery
agent physically acquire the at least one second work of art from a
currently possessing party and (b) request that the delivery agent
deliver the at least second work of art to the first geographic
location designated by the first participant at a time when the
first participant and the second participant each own shares of the
legal ownership entity in which the plurality of portfolios of art
comprising the at least one second work of art are pooled; process
validation of the at least second work of art in real-time against
information provided by a source of rating information about the at
least second work of art; responsive to the processing of
validation of the at least second work of art, determine that there
is a lack of validation, then (a) notify an owner of the at least
second work of art about the lack of validation, and (b) route
information related to the lack of validation to an art asset
intermediary for verification; and responsive to the processing of
validation of the at least second work of art, determine that there
is a validation, then (a) request that the owner of the at least
second work of art provide payment to activate membership with an
art exchange, (b) wherein once the payment is verified, forward
asset information to an account associated with the owner of the at
least second work of art to a database for storage, and (c) send,
by an asset converter, ownership and/or membership confirmation
information to the owner of the at least second work of art over a
communication link, and (d) enroll the owner the at least second
work of art as a participant in an asset exchange for exchange of
the at least second work of art.
Description
RELATED APPLICATIONS
[0001] This application is a continuation of U.S. patent
application Ser. No. 13/770,087 filed Feb. 19, 2013 which is a
continuation of U.S. patent application Ser. No. 12/776,230, filed
May 7, 2010 (now U.S. Pat. No. 8,380,602 issued on Feb. 19, 2013)
and is a continuation of U.S. Ser. No. 12/776,237, filed May 7,
2010, both of which claim the benefit of U.S. Provisional
Application Ser. No. 61/227,120 filed Jul. 21, 2009. These
applications are incorporated by reference herein in their
entireties.
FIELD OF THE INVENTION
[0002] This application is generally related to systems and methods
for distributing and/or exchanging interests in one or more assets
among users.
BRIEF DESCRIPTION OF THE FIGURES
[0003] FIG. 1 depicts a system according to at least one embodiment
of the systems disclosed herein;
[0004] FIG. 2 depicts a flow diagram according to at least one
embodiment of the methods disclosed herein.
[0005] FIG. 3 depicts a flow diagram according to at least one
embodiment of the methods disclosed herein.
[0006] FIG. 4 depicts an exemplary interface for selecting a usage
of an asset according to at least one embodiment of the methods
disclosed herein.
[0007] FIG. 5 depicts an exemplary interface for determining rating
information according to at least one embodiment of the methods
disclosed herein.
DETAILED DESCRIPTION
[0008] The following sections I-XI provide a guide to interpreting
the present application.
I. TERMS
[0009] The term "product" means a machine, manufacture and/or
composition of matter, unless expressly specified otherwise.
[0010] The term "process" means a process, algorithm, method or the
like, unless expressly specified otherwise.
[0011] Each process (whether called a method, algorithm or
otherwise) inherently includes one or more steps, and therefore all
references to a "step" or "steps" of a process have an inherent
antecedent basis in the mere description of a process, or in the
mere recitation of the term `process` or a like term. Accordingly,
any reference in a claim to a `step` or `steps` of a process has
sufficient antecedent basis.
[0012] The term "invention" and the like mean "the one or more
inventions disclosed in this application", unless expressly
specified otherwise.
[0013] The terms "an embodiment", "embodiment", "embodiments", "the
embodiment", "the embodiments", "one or more embodiments", "some
embodiments", "certain embodiments", "one embodiment", "another
embodiment" and the like mean "one or more (but not all)
embodiments of the invention", unless expressly specified
otherwise.
[0014] The term "variation" of an invention means an embodiment of
the invention, unless expressly specified otherwise.
[0015] The term "indication" is used in an extremely broad sense.
An "indication" of a thing should be understood to include anything
that may be used to determine the thing.
[0016] An indication of a thing may include an electronic message
that identifies the thing (e.g., an identification of a widget by a
serial number affixed to the widget, an identification of a widget
by one or more characteristics of the widget). An indication of a
thing may include information that may be used to compute and/or
look-up a thing (e.g., information identifying a machine of which a
widget is a part that may be used to determine the widget). An
indication of a thing may specify things that are related to the
thing (e.g., characteristics of the thing, a name of the thing, a
name of a thing related to the thing). An indication of a thing may
not specify things that are related to the thing (e.g., a letter
"a" may be an indication of a widget of a computer system that is
configured to interpret the letter "a" to identify the widget). An
indication of a thing may include a sign, a symptom, and/or a token
of the thing. An indication, for example, may include a code, a
reference, an example, a link, a signal, and/or an identifier. An
indication of a thing may include information that represents,
describes, and/or otherwise is associated with the thing.
[0017] A transformation of an indication of a thing may be an
indication of the thing (e.g., an encrypted indication of a thing
may be an indication of the thing). An indication of a thing may
include the thing itself, a copy of the thing, and/or a portion of
the thing. An indication of a thing may be meaningless to a thing
that is not configured to understand the indication (e.g., a person
may not understand that a letter "a" indicates a widget but it may
nonetheless be an indication of the widget because the computer
system may determine the widget from the letter "a"). It should be
understood that the fact that an indication of a thing may be used
to determine the thing does not mean that the thing or anything
else is determined. An indication of a thing may include an
indication of any number of the thing unless specified otherwise.
An indication of a thing may include an indication of other things
(e.g., an electronic message that indicates may things).
(Indication can be used as a very broad term in claim language. For
example: receiving an indication of a financial instrument.)
[0018] The term "represent" means (1) to serve to express,
designate, stand for, or denote, as a word, symbol, or the like
does; (2) to express or designate by some term, character, symbol,
or the like; (3) to portray or depict or present the likeness of,
as a picture does; or (4) to serve as a sign or symbol of.
[0019] A reference to "another embodiment" in describing an
embodiment does not imply that the referenced embodiment is
mutually exclusive with another embodiment (e.g., an embodiment
described before the referenced embodiment), unless expressly
specified otherwise. Similarly, the mere fact that two (or more)
embodiments are referenced does not imply that those embodiments
are mutually exclusive.
[0020] One embodiment of the invention may include or cover or
embrace more than one other embodiment of the invention. For
example, a first embodiment comprising elements a, b, and c may
cover a second embodiment that comprises elements a, b, c, and d as
well as a third embodiment covering elements a, b, c, and e.
Similarly, each of the first, second, and third embodiments may
cover a fourth embodiment comprising elements a, b, c, d, and
e.
[0021] The terms "including", "comprising" and variations thereof
mean "including but not necessarily limited to", unless expressly
specified otherwise. Thus, for example, the sentence "the machine
includes a red widget and a blue widget" means the machine includes
the red widget and the blue widget, but may possibly include one or
more other items as well.
[0022] The term "consisting of" and variations thereof mean
"including and also limited to", unless expressly specified
otherwise. Thus, for example, the sentence "the machine consists of
a red widget and a blue widget" means the machine includes the red
widget and the blue widget, but does not include anything else.
[0023] The term "compose" and variations thereof mean "to make up
the constituent parts of, component of or member of", unless
expressly specified otherwise. Thus, for example, the sentence "the
red widget and the blue widget compose a machine" means the machine
includes the red widget and the blue widget.
[0024] The term "exclusively compose" and variations thereof mean
"to make up exclusively the constituent parts of, to be the only
components of, or to be the only members of", unless expressly
specified otherwise. Thus, for example, the sentence "the red
widget and the blue widget exclusively compose a machine" means the
machine consists of the red widget and the blue widget (i.e. and
nothing else).
[0025] The terms "a", "an" and "the" refer to "one or more", unless
expressly specified otherwise. Thus, for example, the phrase "a
widget" means one or more widgets, unless expressly specified
otherwise. Similarly, after reciting the phrase "a widget", a
subsequent recitation of the phrase "the widget" means "the one or
more widgets". Accordingly, it should be understood that the word
"the" may also refer to a specific term having antecedent basis.
For example, if a paragraph mentions "a specific single feature"
and then refers to "the feature," then the phrase "the feature"
should be understood to refer to the previously mentioned "a
specific single feature." (It should be understood that the term
"a" in "a specific single feature" refers to "one" specific single
feature and not "one or more" specific single features.)
[0026] The term "plurality" means "two or more", unless expressly
specified otherwise.
[0027] The term "herein" means "in the present application,
including anything which may be incorporated by reference", unless
expressly specified otherwise.
[0028] The phrase "at least one of", when such phrase modifies a
plurality of things (such as an enumerated list of things), means
any combination of one or more of those things, unless expressly
specified otherwise. For example, the phrase "at least one of a
widget, a car and a wheel" means either (i) a widget, (ii) a car,
(iii) a wheel, (iv) a widget and a car, (v) a widget and a wheel,
(vi) a car and a wheel, or (vii) a widget, a car and a wheel. The
phrase "at least one of", when such phrase modifies a plurality of
things does not mean "one of each of" the plurality of things. For
example, the phrase "at least one of a widget, a car and a wheel"
does not mean "one widget, one car and one wheel".
[0029] Numerical terms such as "one", "two", etc. when used as
cardinal numbers to indicate quantity of something (e.g., one
widget, two widgets), mean the quantity indicated by that numerical
term, but do not mean at least the quantity indicated by that
numerical term. For example, the phrase "one widget" does not mean
"at least one widget", and therefore the phrase "one widget" does
not cover, e.g., two widgets.
[0030] The phrase "based on" does not mean "based only on", unless
expressly specified otherwise. In other words, the phrase "based
on" covers both "based only on" and "based at least on". The phrase
"based at least on" is equivalent to the phrase "based at least in
part on". For example, the phrase "element A is calculated based on
element B and element C" covers embodiments where element A is
calculated as the product of B times C (in other words,
A=B.times.C), embodiments where A is calculated as the sum of B
plus C (in other words, A=B+C), embodiments where A is calculated
as a product of B times C times D, embodiments where A is
calculated as a sum of the square root of B plus C plus D times E,
and so on.
[0031] The term "represent" and like terms are not exclusive,
unless expressly specified otherwise. For example, the term
"represents" does not mean "represents only", unless expressly
specified otherwise. For example, the phrase "the data represents a
credit card number" covers both "the data represents only a credit
card number" and "the data represents a credit card number and the
data also represents something else".
[0032] The term "whereby" is used herein only to precede a clause
or other set of words that express only the intended result,
objective or consequence of something that is explicitly recited
before the term "whereby". Thus, when the term "whereby" is used in
a claim, the clause or other words that the term "whereby" modifies
do not establish specific further limitations of the claim or
otherwise restrict the meaning or scope of the claim.
[0033] The terms "e.g", "such as" and like terms mean "for
example", and thus do not limit the term or phrase they explain.
For example, in the sentence "the computer sends data (e.g.,
instructions, a data structure) over the Internet", the term "e.g."
explains that "instructions" are an example of "data" that the
computer may send over the Internet, and also explains that "a data
structure" is an example of "data" that the computer may send over
the Internet. However, both "instructions" and "a data structure"
are merely examples of "data", and other things besides
"instructions" and "a data structure" can be "data".
[0034] The term "respective" and like terms mean "taken
individually". Thus if two or more things have "respective"
characteristics, then each such thing has its own characteristic,
and these characteristics can be different from each other but need
not be. For example, the phrase "each of two machines has a
respective function" means that the first of the two machines has a
function and the second of the two machines has a function as well.
The function of the first machine may or may not be the same as the
function of the second machine.
[0035] The term "i.e." and like terms mean "that is", and thus
limits the term or phrase it explains. For example, in the sentence
"the computer sends data (i.e., instructions) over the Internet",
the term "i.e." explains that "instructions" are the "data" that
the computer sends over the Internet.
[0036] A numerical range includes integers and non-integers in the
range, unless expressly specified otherwise. For example, the range
"1 to 10" includes the integers from 1 to 10 (e.g., 1, 2, 3, 4, . .
. 9, 10) and non-integers (e.g., 1.0031415926, 1.1, 1.2, . . .
1.9).
[0037] Where two or more terms or phrases are synonymous (e.g.,
because of an explicit statement that the terms or phrases are
synonymous), instances of one such term or phrase does not mean
instances of another such term or phrase must have a different
meaning. For example, where a statement renders the meaning of
"including" to be synonymous with "including but not limited to",
the mere usage of the phrase "including but not limited to" does
not mean that the term "including" means something other than
"including but not limited to".
II. DETERMINING
[0038] The term "determining" and grammatical variants thereof
(e.g., to determine a price, determining a value, the determination
of an object which meets a certain criterion) is used in an
extremely broad sense. The term "determining" encompasses a wide
variety of actions and therefore "determining" can include
calculating, computing, processing, deriving, investigating,
looking up (e.g., looking up in a table, a database or another data
structure), rendering into electronic format or digital
representation, ascertaining and the like. Also, "determining" can
include receiving (e.g., receiving information), accessing (e.g.,
accessing data in a memory) and the like. Also, "determining" can
include resolving, selecting, choosing, establishing, and the
like.
[0039] The term "determining" does not imply certainty or absolute
precision, and therefore "determining" can include estimating,
extrapolating, predicting, guessing, averaging and the like.
[0040] The term "determining" does not imply that mathematical
processing must be performed, and does not imply that numerical
methods must be used, and does not imply that an algorithm is
used.
[0041] The term "determining" does not imply that any particular
device must be used. For example, a computer need not necessarily
perform the determining.
[0042] The term "determining" may include "calculating". The term
"calculating" should be understood to include performing one or
more calculations. Calculating may include computing, processing,
and/or deriving. Calculating may be performed by a computing
device. For example, calculating a thing may include applying an
algorithm to data by a computer processor and generating the thing
as an output of the processor.
[0043] The term "determining" may include "referencing". The term
"referencing" should be understood to include making one or more
reference, e.g., to a thing. Referencing may include querying,
accessing, selecting, choosing, reading, and/or looking-up. The act
of referencing may be performed by a computing device. For example,
referencing a thing may include reading a memory location in which
the thing is stored by a processor.
[0044] The term "determining" may include "receiving". For example,
receiving a thing may include taking in the thing. In some
embodiments, receiving may include acts performed to take in a
thing, such as operating a network interface through which the
thing is taken in. In some embodiments, receiving may be performed
without acts performed to take in the thing, such as in a direct
memory write or a hard wired circuit. Receiving a thing may include
receiving a thing from a remote source that may have calculated the
thing.
III. FORMS OF SENTENCES
[0045] Where a limitation of a first claim would cover one of a
feature as well as more than one of a feature (e.g., a limitation
such as "at least one widget" covers one widget as well as more
than one widget), and where in a second claim that depends on the
first claim, the second claim uses a definite article "the" to
refer to that limitation (e.g., "the widget"), this mere usage does
not imply that the first claim covers only one of the feature, and
this does not imply that the second claim covers only one of the
feature (e.g., "the widget" can cover both one widget and more than
one widget).
[0046] When an ordinal number (such as "first", "second", "third"
and so on) is used as an adjective before a term, that ordinal
number is used (unless expressly specified otherwise) merely to
indicate a particular feature, such as to distinguish that
particular feature from another feature that is described by the
same term or by a similar term, but that ordinal number does not
have any other meaning or limiting effect--it is merely a
convenient name. For example, a "first widget" may be so named
merely to distinguish it from, e.g., a "second widget". Thus, the
mere usage of the ordinal numbers "first" and "second" before the
term "widget" does not indicate any other relationship between the
two widgets, and likewise does not indicate any other
characteristics of either or both widgets. For example, the mere
usage of the ordinal numbers "first" and "second" before the term
"widget" (1) does not indicate that either widget comes before or
after any other in order or location; (2) does not indicate that
either widget occurs or acts before or after any other in time; and
(3) does not indicate that either widget ranks above or below any
other, as in importance or quality. The mere usage of ordinal
numbers does not define a numerical limit to the features
identified with the ordinal numbers. For example, the mere usage of
the ordinal numbers "first" and "second" before the term "widget"
does not indicate that there are exactly two widgets.
[0047] When a single device, article or other product is described
herein, in another embodiment more than one device or article
(whether or not they cooperate) may alternatively be used in place
of the single device or article that is described. Accordingly, the
functionality that is described as being possessed by a device may
alternatively be possessed by more than one device or article
(whether or not they cooperate) in another embodiment.
[0048] Similarly, where more than one device, article or other
product is described herein (whether or not they cooperate), in
another embodiment a single device or article may alternatively be
used in place of the more than one device or article that is
described. For example, a plurality of computer-based devices may
be substituted with a single computer-based device. In some
embodiments, such a plurality of computer-based devices may operate
together to perform one step of a process such as is common in grid
computing systems. In some embodiments, such a plurality of
computer-based devices may operate provide added functionality to
one another so that the plurality may operate to perform one step
of a process such as is common in cloud computing systems.
(Conversely, a single computer-based device may be substituted with
multiple computer-based devices operating in cooperation with one
another. For example, a single computing device may be substituted
with a server and a workstation in communication with one another
over the internet) Accordingly, the various functionality that is
described as being possessed by more than one device or article may
alternatively be possessed by a single device or article.
[0049] The functionality and/or the features of a single device
that is described may, in another embodiment, be alternatively
embodied by one or more other devices which are described but are
not explicitly described as having such functionality or features.
Thus, other embodiments need not include the described device
itself, but rather can include the one or more other devices which
would, in those other embodiments, have such functionality or
features.
IV. DISCLOSED EXAMPLES AND TERMINOLOGY ARE NOT LIMITING
[0050] Neither the Title (set forth at the beginning of the first
page of the present application) nor the Abstract (set forth at the
end of the present application) is to be taken as limiting in any
way the scope of the disclosed invention, is to be used in
interpreting the meaning of any claim or is to be used in limiting
the scope of any claim. An Abstract has been included in this
application merely because an Abstract is required under 37 C.F.R.
.sctn. 1.72(b).
[0051] The headings of sections provided in the present application
are for convenience only, and are not to be taken as limiting the
disclosure in any way.
[0052] Numerous embodiments are described in the present
application, and are presented for illustrative purposes only. The
described embodiments are not, and are not intended to be, limiting
in any sense. The disclosed invention is widely applicable to
numerous embodiments, as is readily apparent from the disclosure.
One of ordinary skill in the art will recognize that the disclosed
invention may be practiced with various modifications and
alterations, such as structural, logical, software, and electrical
modifications. Although particular features of the disclosed
invention may be described with reference to one or more particular
embodiments and/or drawings, it should be understood that such
features are not limited to usage in the one or more particular
embodiments or drawings with reference to which they are described,
unless expressly specified otherwise.
[0053] Though an embodiment may be disclosed as including several
features, other embodiments of the invention may include fewer than
all such features. Thus, for example, a claim may be directed to
less than the entire set of features in a disclosed embodiment, and
such claim would not be interpreted as requiring features beyond
those features that the claim expressly recites.
[0054] No embodiment of method steps or product elements described
in the present application constitutes the invention claimed
herein, or is essential to the invention claimed herein, or is
coextensive with the invention claimed herein, except where it is
either expressly stated to be so in this specification or (with
respect to a claim and the invention defined by that claim)
expressly recited in that claim.
[0055] Any preambles of the claims that recite anything other than
a statutory class shall be interpreted to recite purposes, benefits
and possible uses of the claimed invention, and such preambles
shall not be construed to limit the claimed invention.
[0056] The present disclosure is not a literal description of all
embodiments of the invention. Also, the present disclosure is not a
listing of features of the invention which must be present in all
embodiments.
[0057] All disclosed embodiments are not necessarily covered by the
claims (even including all pending, amended, issued and canceled
claims). In addition, a disclosed embodiment may be (but need not
necessarily be) covered by several claims. Accordingly, where a
claim (regardless of whether pending, amended, issued or canceled)
is directed to a particular embodiment, such is not evidence that
the scope of other claims do not also cover that embodiment.
[0058] Devices that are described as in communication with each
other need not be in continuous communication with each other,
unless expressly specified otherwise. On the contrary, such devices
need only transmit to each other as necessary or desirable, and may
actually refrain from exchanging data most of the time. For
example, a machine in communication with another machine via the
Internet may not transmit data to the other machine for long period
of time (e.g. weeks at a time). In addition, devices that are in
communication with each other may communicate directly or
indirectly through one or more intermediaries. Devices are in
communication with one another if they are capable of at least
one-way communication with one another. For example, a first device
is in communication with a second device if the first device is
capable of transmitting information to the second device.
Similarly, the second device is in communication with the first
device if the second device is capable of receiving information
from the first device.
[0059] A description of an embodiment with several components or
features does not imply that all or even any of such components or
features are required. On the contrary, a variety of optional
components are described to illustrate the wide variety of possible
embodiments of the present invention. Unless otherwise specified
explicitly, no component or feature is essential or required.
[0060] Although process steps, algorithms or the like may be
described or claimed in a particular sequential order, such
processes may be configured to work in different orders. In other
words, any sequence or order of steps that may be explicitly
described or claimed does not necessarily indicate a requirement
that the steps be performed in that order. The steps of processes
described herein may be performed in any order possible. Further,
some steps may be performed simultaneously despite being described
or implied as occurring non-simultaneously (e.g., because one step
is described after the other step). Moreover, the illustration of a
process by its depiction in a drawing does not imply that the
illustrated process is exclusive of other variations and
modifications thereto, does not imply that the illustrated process
or any of its steps are necessary to the invention, and does not
imply that the illustrated process is preferred.
[0061] Although a process may be described as including a plurality
of steps, that does not imply that all or any of the steps are
preferred, essential or required. Various other embodiments within
the scope of the described invention include other processes that
omit some or all of the described steps. Unless otherwise specified
explicitly, no step is essential or required.
[0062] Although a process may be described singly or without
reference to other products or methods, in an embodiment the
process may interact with other products or methods. For example,
such interaction may include linking one business model to another
business model. Such interaction may be provided to enhance the
flexibility or desirability of the process.
[0063] Although a product may be described as including a plurality
of components, aspects, qualities, characteristics and/or features,
that does not indicate that any or all of the plurality are
preferred, essential or required. Various other embodiments within
the scope of the described invention include other products that
omit some or all of the described plurality.
[0064] An enumerated list of items (which may or may not be
numbered) does not imply that any or all of the items are mutually
exclusive, unless expressly specified otherwise. Likewise, an
enumerated list of items (which may or may not be numbered) does
not imply that any or all of the items are comprehensive of any
category, unless expressly specified otherwise. For example, the
enumerated list "a computer, a laptop, and a PDA" does not imply
that any or all of the three items of that list are mutually
exclusive and does not imply that any or all of the three items of
that list are comprehensive of any category.
[0065] An enumerated list of items (which may or may not be
numbered) does not imply that any or all of the items are
equivalent to each other or readily substituted for each other.
[0066] All embodiments are illustrative, and do not imply that the
invention or any embodiments were made or performed, as the case
may be.
V. COMPUTING
[0067] It will be readily apparent to one of ordinary skill in the
art that the various processes described herein may be implemented
by, e.g., appropriately programmed general purpose computers,
special purpose computers and computing devices. Typically a
processor (e.g., one or more microprocessors, one or more
microcontrollers, one or more digital signal processors) will
receive instructions (e.g., from a memory or like device), and
execute those instructions, thereby performing one or more
processes defined by those instructions. Instructions may be
embodied in, e.g., one or more computer programs, one or more
scripts.
[0068] The term "compute" shall mean to determine using a processor
in accordance with a software algorithm.
[0069] A "processor" means one or more microprocessors, central
processing units (CPUs), computing devices, microcontrollers,
digital signal processors, graphics processing units (GPUs) or like
devices or any combination thereof, regardless of the architecture
(e.g., chip-level multiprocessing or multi-core, RISC, CISC,
Microprocessor without Interlocked Pipeline Stages, pipelining
configuration, simultaneous multithreading, microprocessor with
integrated graphics processing unit, GPGPU).
[0070] A "computing device" means one or more microprocessors,
central processing units (CPUs), computing devices,
microcontrollers, digital signal processors, graphics card, mobile
gaming device, or like devices or any combination thereof,
regardless of the architecture (e.g., chip-level multiprocessing or
multi-core, RISC, CISC, Microprocessor without Interlocked Pipeline
Stages, pipelining configuration, simultaneous multithreading).
[0071] Thus a description of a process is likewise a description of
an apparatus for performing the process. The apparatus that
performs the process can include, e.g., a processor and those input
devices and output devices that are appropriate to perform the
process. For example, a description of a process is a description
of an apparatus comprising a processor and memory that stores a
program comprising instructions that, when executed by the
processor, direct the processor to perform the method.
[0072] The apparatus that performs the process can include a
plurality of computing devices that work together to perform the
process. Some of the computing devices may work together to perform
each step of a process, may work on separate steps of a process,
may provide underlying services that other computing devices that
may facilitate the performance of the process. Such computing
devices may act under instruction of a centralized authority. In
another embodiment, such computing devices may act without
instruction of a centralized authority. Some examples of apparatus
that may operate in some or all of these ways may include grid
computer systems, cloud computer systems, peer-to-peer computer
systems, computer systems configured to provide software as a
service, and so on. For example, the apparatus may comprise a
computer system that executes the bulk of its processing load on a
remote server but outputs display information to and receives user
input information from a local user computer, such as a computer
system that executes VMware software.
[0073] Further, programs that implement such methods (as well as
other types of data) may be stored and transmitted using a variety
of media (e.g., computer readable media) in a number of manners. In
some embodiments, hard-wired circuitry or custom hardware may be
used in place of, or in combination with, some or all of the
software instructions that can implement the processes of various
embodiments. Thus, various combinations of hardware and software
may be used instead of software only.
[0074] The term "computer-readable medium" refers to any medium, a
plurality of the same, or a combination of different media, that
participate in providing data (e.g., instructions, data structures)
which may be read by a computer, a processor or a like device. Such
a medium may take many forms, including but not limited to,
non-volatile media, volatile media, and transmission media.
Non-volatile media include, for example, optical or magnetic disks
and other persistent memory. Volatile media include dynamic random
access memory (DRAM), which typically constitutes the main memory.
Transmission media include coaxial cables, copper wire and fiber
optics, including the wires that comprise a system bus coupled to
the processor. Transmission media may include or convey acoustic
waves, light waves and electromagnetic emissions, such as those
generated during radio frequency (RF) and infrared (IR) data
communications. Common forms of computer-readable media include,
for example, a floppy disk, a flexible disk, hard disk, magnetic
tape, any other magnetic medium, a CD-ROM, DVD, any other optical
medium, punch cards, paper tape, any other physical medium with
patterns of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any
other memory chip or cartridge, a carrier wave as described
hereinafter, or any other medium from which a computer can
read.
[0075] The term "tangible computer-readable medium" refers to a
"computer-readable medium" that comprises a hardware component,
such as optical or magnetic disks.
[0076] Various forms of computer readable media may be involved in
carrying data (e.g. sequences of instructions) to a processor. For
example, data may be (i) delivered from RAM to a processor; (ii)
carried over a wireless transmission medium; (iii) formatted and/or
transmitted according to numerous formats, standards or protocols,
such as Ethernet (or IEEE 802.3), wireless local area network
communication defined by the IEEE 802.11 specifications whether or
not they are approved by the WiFi Alliance, SAP, ATP,
Bluetooth.TM., and TCP/IP, TDMA, CDMA, and 3G; and/or (iv)
encrypted to ensure privacy or prevent fraud in any of a variety of
ways well known in the art.
[0077] The term "database" refers to any electronically-stored
collection of data that is stored in a retrievable format.
[0078] The term "data structure" refers to a database in a hardware
machine such as a computer.
[0079] The term "network" means a series of points or nodes
interconnected by communication paths. For example, a network can
include a plurality of computers or communication devices
interconnected by one or more wired and/or wireless communication
paths. Networks can interconnect with other networks and contain
subnetworks.
[0080] The term "predetermined" means determined beforehand, e.g.,
before a present time or a present action. For example, the phrase
"displaying a predetermined value" means displaying a value that
was determined before the act of displaying.
[0081] The term "condition" means (1) a premise upon which the
fulfillment of an agreement depends, or (2) something essential to
the appearance or occurrence of something else.
[0082] The term "transaction" means (1) an exchange or transfer of
goods, services, or funds, or (2) a communicative action or
activity involving two parties or things that reciprocally affect
or influence each other.
[0083] Thus a description of a process is likewise a description of
a computer-readable medium storing a program for performing the
process. The computer-readable medium can store (in any appropriate
format) those program elements which are appropriate to perform the
method. For example, a description of a process is a description of
a computer-readable storage medium that stores a program comprising
instructions that, when executed by a processor, direct the
processor to perform the method.
[0084] Just as the description of various steps in a process does
not indicate that all the described steps are required, embodiments
of an apparatus include a computer or computing device operable to
perform some (but not necessarily all) of the described
process.
[0085] Likewise, just as the description of various steps in a
process does not indicate that all the described steps are
required, embodiments of a computer-readable medium storing a
program or data structure include a computer-readable medium
storing a program that, when executed, can cause a processor to
perform some (but not necessarily all) of the described
process.
[0086] Where databases are described, it will be understood by one
of ordinary skill in the art that (i) alternative database
structures to those described may be readily employed, and (ii)
other memory structures besides databases may be readily employed.
Any illustrations or descriptions of any sample databases presented
herein are illustrative arrangements for stored representations of
information. Any number of other arrangements may be employed
besides those suggested by, e.g., tables illustrated in drawings or
elsewhere. Similarly, any illustrated entries of the databases
represent exemplary information only; one of ordinary skill in the
art will understand that the number and content of the entries can
be different from those described herein. Further, despite any
depiction of the databases as tables, other formats (including
relational databases, object-based models and/or distributed
databases) could be used to store and manipulate the data types
described herein. Likewise, object methods or behaviors of a
database can be used to implement various processes, such as the
described herein. In addition, the databases may, in a known
manner, be stored locally or remotely from a device which accesses
data in such a database.
[0087] Various embodiments can be configured to work in a network
environment including a computer that is in communication (e.g.,
via a communications network) with one or more devices. The
computer may communicate with the devices directly or indirectly,
via any wired or wireless medium (e.g. the Internet, LAN, WAN or
Ethernet, Token Ring, a telephone line, a cable line, a radio
channel, an optical communications line, commercial on-line service
providers, bulletin board systems, a satellite communications link,
a combination of any of the above). Each of the devices may
themselves comprise computers or other computing devices, such as
those based on the Intel.RTM., Pentium.RTM., or Centrino.TM.,
Atom.TM. or Core.TM. processor, that are adapted to communicate
with the computer. Any number and type of devices may be in
communication with the computer.
[0088] In an embodiment, a server computer or centralized authority
may not be necessary or desirable. For example, the present
invention may, in an embodiment, be practiced on one or more
devices without a central authority. In such an embodiment, any
functions described herein as performed by the server computer or
data described as stored on the server computer may instead be
performed by or stored on one or more such devices.
[0089] Where a process is described, in an embodiment the process
may operate without any user intervention. In another embodiment,
the process includes some human intervention (e.g., a step is
performed by or with the assistance of a human).
[0090] As used herein, the term "encryption" refers to a process
for obscuring or hiding information so that the information is not
readily understandable without special knowledge. The process of
encryption may transform raw information, called plaintext, into
encrypted information. The encrypted information may be called
ciphertext, and the algorithm for transforming the plaintext into
ciphertext may be referred to as a cipher. A cipher may also be
used for performing the reverse operation of converting the
ciphertext back into plaintext. Examples of ciphers include
substitution ciphers, transposition ciphers, and ciphers
implemented using rotor machines.
[0091] In various encryption methods, ciphers may require a
supplementary piece of information called a key. A key may consist,
for example, of a string of bits. A key may be used in conjunction
with a cipher to encrypt plaintext. A key may also be used in
conjunction with a cipher to decrypt ciphertext. In a category of
ciphers called symmetric key algorithms (e.g., private-key
cryptography), the same key is used for both encryption and
decryption. The sanctity of the encrypted information may thus
depend on the key being kept secret. Examples of symmetric key
algorithms are DES and AES. In a category of ciphers called
asymmetric key algorithms (e.g., public-key cryptography),
different keys are used for encryption and decryption. With an
asymmetric key algorithm, any member of the public may use a first
key (e.g., a public key) to encrypt plaintext into ciphertext.
However, only the holder of a second key (e.g., the private key)
will be able to decrypt the ciphertext back in to plaintext. An
example of an asymmetric key algorithm is the RSA algorithm.
VI. CONTINUING APPLICATIONS
[0092] The present disclosure provides, to one of ordinary skill in
the art, an enabling description of several embodiments and/or
inventions. Some of these embodiments and/or inventions may not be
claimed in the present application, but may nevertheless be claimed
in one or more continuing applications that claim the benefit of
priority of the present application.
[0093] Applicants intend to file additional applications to pursue
patents for subject matter that has been disclosed and enabled but
not claimed in the present application.
VII. 35 U.S.C. .sctn. 112, PARAGRAPH 6
[0094] In a claim, a limitation of the claim which includes the
phrase "means for" or the phrase "step for" means that 35 U.S.C.
.sctn. 112, paragraph 6, applies to that limitation.
[0095] In a claim, a limitation of the claim which does not include
the phrase "means for" or the phrase "step for" means that 35
U.S.C. .sctn. 112, paragraph 6 does not apply to that limitation,
regardless of whether that limitation recites a function without
recitation of structure, material or acts for performing that
function. For example, in a claim, the mere use of the phrase "step
of" or the phrase "steps of" in referring to one or more steps of
the claim or of another claim does not mean that 35 U.S.C. .sctn.
112, paragraph 6, applies to that step(s).
[0096] With respect to a means or a step for performing a specified
function in accordance with 35 U.S.C. .sctn. 112, paragraph 6, the
corresponding structure, material or acts described in the
specification, and equivalents thereof, may perform additional
functions as well as the specified function.
[0097] Computers, processors, computing devices and like products
are structures that can perform a wide variety of functions. Such
products can be operable to perform a specified function by
executing one or more programs, such as a program stored in a
memory device of that product or in a memory device which that
product accesses. Unless expressly specified otherwise, such a
program need not be based on any particular algorithm, such as any
particular algorithm that might be disclosed in the present
application. It is well known to one of ordinary skill in the art
that a specified function may be implemented via different
algorithms, and any of a number of different algorithms would be a
mere design choice for carrying out the specified function.
[0098] Therefore, with respect to a means or a step for performing
a specified function in accordance with 35 U.S.C. .sctn. 112,
paragraph 6, structure corresponding to a specified function
includes any product programmed to perform the specified function.
Such structure includes programmed products which perform the
function, regardless of whether such product is programmed with (i)
a disclosed algorithm for performing the function, (ii) an
algorithm that is similar to a disclosed algorithm, or (iii) a
different algorithm for performing the function.
[0099] Where there is recited a means for performing a function
that is a method, one structure for performing this method includes
a computing device (e.g., a general purpose computer) that is
programmed and/or configured with appropriate hardware to perform
that function.
[0100] Also included is a computing device (e.g., a general purpose
computer) that is programmed and/or configured with appropriate
hardware to perform that function via other algorithms as would be
understood by one of ordinary skill in the art.
VIII. DISCLAIMER
[0101] Numerous references to a particular embodiment do not
indicate a disclaimer or disavowal of additional, different
embodiments, and similarly references to the description of
embodiments which all include a particular feature do not indicate
a disclaimer or disavowal of embodiments which do not include that
particular feature. A clear disclaimer or disavowal in the present
application will be prefaced by the phrase "does not include" or by
the phrase "cannot perform".
IX. INCORPORATION BY REFERENCE
[0102] Any patent, patent application or other document referred to
herein is incorporated by reference into this patent application as
part of the present disclosure, but only for purposes of written
description and enablement in accordance with 35 U.S.C. .sctn. 112,
paragraph 1, and should in no way be used to limit, define, or
otherwise construe any term of the present application, unless
without such incorporation by reference, no ordinary meaning would
have been ascertainable by a person of ordinary skill in the art.
Such person of ordinary skill in the art need not have been in any
way limited by any embodiments provided in the reference.
Conversely, the definitions provided in this application should not
be used to limit, define, or otherwise construe any term of any
document incorporated herein by reference. The definitions set
forth explicitly in this application are controlling
notwithstanding the description of particular embodiments that may
be incompatible with the definition(s).
[0103] Any incorporation by reference does not, in and of itself,
imply any endorsement of, ratification of or acquiescence in any
statements, opinions, arguments or characterizations contained in
any incorporated patent, patent application or other document,
unless explicitly specified otherwise in this patent
application.
X. PROSECUTION HISTORY
[0104] In interpreting the present application (which includes the
claims), one of ordinary skill in the art refers to the prosecution
history of the present application, but not to the prosecution
history of any other patent or patent application, regardless of
whether there are other patent applications that are considered
related to the present application, and regardless of whether there
are other patent applications that share a claim of priority with
the present application.
XI. OTHER DEFINITIONS
[0105] A "work of art" means a physical painting, drawing,
photograph, or sculpture. The "work of art" is embodied in or on a
non-electronic physical medium or surface so that it is visible on
the medium without the use of electricity. A painting or drawing
may be a result of a practice of applying paint, pigment, color or
other medium to a surface such as a wall, paper, canvas, wood,
glass, lacquer, clay, or concrete. Other media applied to a
painting or drawing may include one or more of colored ink,
acrylic, dry pastel, enamel paint, encaustic (wax), fresco,
gouache, ink (e.g., colored ink), oil, oil pastel, spray paint
(e.g., graffiti), tempera, water miscible oil paints, and/or
watercolor.
[0106] A "piece of art" means any physical item in a graphic or
plastic medium that is a conscious production or arrangement of
colors, forms, movements, or other elements in a manner that
affects the sense of beauty. A "work of art" is a physical product
of deliberately arranging elements in a way that appeals to the
senses or emotions. A work of art may be in any physical medium,
including images, video, sounds, text, words, and patterns stored
or otherwise embodied in software. For instance, a "work of art"
may comprise an image stored on a hard drive.
[0107] A "digital piece of art" means a digital embodiment of a
piece of art or a work of art, in which the digital embodiment may
comprise a digital representation (e.g., a digital file stored on a
computer-readable medium, or digitally output via a computer output
device such as a speaker or monitor) of the piece of art or work of
art. For example, a digital piece of art may comprise one or more
video or sound files (in stored or executed electronic form) of
images (e.g., a digital image representation of a photograph taken
by Annie Liebowitz), moving images (e.g., movies, such as a digital
copy of a movie directed by James Cameron), and sound such as music
(e.g., a digital representation of a symphony composed by Beethoven
or a composition by Philip Glass).
[0108] One of ordinary skill in the art will appreciate that the
features and functions of the invention described herein may apply
equally to digital pieces of art as they do to works of art, pieces
of art, and other art assets. For example, digital pieces of art
may be delivered to users electronically, e.g., via FTP file
transfer, email, wifi, mobile device (e.g., cell phone)
transmission, or other electronic delivery means.
[0109] An "art asset" as used herein refers to any and all forms of
tangible assets which have value, such as, but not limited to, the
works by art masters, primary art work, secondary art work, fine
arts, contemporary works and modern works; of any historical
period, cultural and geographical style, design and type. Assets
may also include educational materials, scientific materials,
electronic books or libraries, music memorabilia, sheet music,
records, movies, films, motion pictures, compact discs, digital
video discs, musical instruments, entertainment devices or any type
of intellectual property. An asset may also include tangible
collectibles which have value, such as, but not limited to, ancient
historical artifacts, memorabilia, weapons, toys, stamps and coins
(both rare coins, bullion, precious metals, precious stones and
other and all types of like commodities), paper money, possessory
money, sports memorabilia, musical instruments, costumes,
entertainment memorabilia, scientific and engineering memorabilia,
maritime objects, wartime objects, transportation objects, arms and
armatures, antiquities, governmental collections and archives,
private historical properties, governmental real property and
monuments, school and institutional assets, auction and consignment
assets, private collections, library assets, and other valued
public and private collectibles. An "art asset" has a different
definition from "work of art." Although the systems and methods
described herein are generally described with reference to one or
more "works of art," it should be understood that the systems and
methods described herein may apply equally to one or more "art
assets." (Alternatively, in some instances, the systems and methods
described herein may be generally described with reference to one
or more "art assets," and it should be understood that the systems
and methods described herein may apply equally to one or more
"works of art.")
[0110] A "category" of one or more works of art may comprise one or
more of a genre, historical time period, style of art, color scheme
of art, a field of art (e.g., sculpture, painting, photography,
pottery, music, ballet, literature), or other category that can be
applied to art. In one example, a single category of art may apply
to a portfolio of works of art by the same artist or by a group of
related artists (e.g., artists of the same time period, country,
other geographical unit, philosophy, or other category).
[0111] A work of art, art asset, or piece of art that is
"possessed" by a participant or user is a work of art that located
on premises owned or controlled by the participant or otherwise
possessed (but not necessarily owned) by the participant. A work of
art may be both possessed and owned by an entity such as a
participant.
[0112] An "aggregate value" of a portfolio of works of art is a
total value, average value, or other metric that reflects a value,
such as a market value or estimated current or future market value
of a group of works of art.
[0113] As used herein, an "ownership entity" may comprise a
personal or individual ownership entity, e.g., when a human person
owns a shirt or a house, or a non-individual "legal ownership
entity." As used herein, a "legal ownership entity" means a
corporation, partnership, trust, business, company (e.g., limited
liability company), or other entity that exists separately from a
human person (even though it may be ultimately owned by one or more
human persons). For example, Joe Smith may be the legal owner of a
farm, while "Joe Smith LLC" (a farming company owned by Joe Smith)
may be the legal owner of a tractor that is used to do work on the
farm.
[0114] An "exchange-traded fund" ("ETF") is an investment vehicle
traded on stock exchanges, much like stocks. An ETF may hold assets
such as stocks, bonds, and/or one or more works of art or art
assets, and the ETF may trade at approximately the same price as
the net asset value of its underlying assets over the course of the
trading day. To investors, ETFs may be attractive as investments
because of their low costs, tax efficiency, and stock-like
features. ETFs may offer public investors an undivided interest in
a pool of securities and other assets and thus are similar in many
ways to traditional mutual funds, except that shares in an ETF can
be bought and sold throughout the day like stocks on a securities
exchange through a broker-dealer.
[0115] ETFs are typically structured for tax efficiency and can be
more attractive than mutual funds. In the U.S., whenever a mutual
fund realizes a capital gain that is not balanced by a realized
loss, the mutual fund must distribute the capital gains to its
shareholders. This can happen whenever the mutual fund sells
portfolio securities, whether to reallocate its investments or to
fund shareholder redemptions. These gains are taxable to all
shareholders, even those who reinvest the gains distributions in
more shares of the fund. In contrast, ETFs are not redeemed by
holders (instead, holders simply sell their ETF shares on the stock
market, as they would a stock, or effect a non-taxable redemption
of a creation unit for portfolio securities), so that investors
generally only realize capital gains when they sell their own
shares or when the ETF trades to reflect changes in the underlying
index. In most cases, ETFs are more tax-efficient than conventional
mutual funds in the same asset classes or categories.
[0116] ETFs may trade like stocks. Since ETFs typically trade on
the market, investors can carry out the same types of trades that
they can with a stock. For instance, investors can sell short, use
a limit order, use a stop-loss order, buy on margin, and invest as
much or as little money as they wish (there is typically no minimum
investment requirement). Also, many ETFs have the capability for
derivatives such as options (puts and calls) to be written against
them. Covered call strategies allow investors and traders to
potentially increase their returns on their ETF purchases by
collecting premiums (the proceeds of a call sale or write) on calls
written against them. An ETF is continually priced throughout the
day and therefore allows users to react to adverse or beneficial
market conditions on an intraday basis. This stock-like liquidity
allows an investor to trade the ETF for cash throughout regular
trading hours, and often after-hours on ECNs. ETF liquidity varies
according to trading volume and liquidity of the underlying
securities, but very liquid ETFs typically can be traded pre-market
and after-hours with reasonably tight spreads.
DETAILED DESCRIPTION OF EXEMPLARY EMBODIMENTS
[0117] Traditionally, works of art are appraised by appraisers and
sold in auctions and private party transactions.
[0118] In various embodiments of the present invention, an
apparatus comprising at least one processor and a memory is
provided. The memory stores a database. The database associates
each of a plurality of portfolios of art with a corresponding one
of a plurality of users. Each portfolio of art comprises one or
more works of art. The database also associates a respective value
for each of the plurality of portfolios of art with each of the
plurality of users. The database also associates a respective
quantity with each of the plurality of users, in which the
plurality of portfolios of art collectively compose a plurality of
works of art. The plurality of users comprises a first user, a
second user, a third user, and a fourth user. The memory also
stores instructions which, when executed by the at least one
processor, direct the at least one processor to perform the
following method according to an embodiment of the invention.
[0119] The respective value for each of a plurality of portfolios
of art is determined. The respective values are stored in the
database. A total value of the plurality of portfolios of art is
determined based on each determined respective value of each of the
plurality of portfolios of art. For each of the plurality of users,
a respective quantity is determined based on a ratio of (1) the
determined value of the respective portfolio of art associated with
the user to (2) the total value. The respective quantities
determined for each of the users are associated in the database at
an initial time with (1) the respective user associated with the
quantity and (2) the respective value determined for the respective
portfolio of art. An indicia of the respective quantity determined
for the user is transmitted to each of the users. A first request
to receive at least one of the plurality of works of art at a first
location that is designated by the first user is received from the
first user. After receiving the first request from the first user,
a determined value of the at least one of the plurality of works of
art is compared with the quantity determined for the first user.
After the step of comparing, it is determined that the first
request is approved. After determining that the first request is
approved, an instruction directing that the requested at least one
of the plurality of works of art be delivered to the first location
is transmitted. A second request to redeem for a payment at least a
portion of the quantity associated with the second user is received
from the second user. After the initial time and after receiving
the second request from the second user, a current value of the
quantity associated with the second user is determined. The current
value is different from the value associated with the second user
in action (e). A current value of the at least portion of the
quantity associated with the second user is determined based on (1)
the at least portion of the quantity associated with the second
user and (2) the current value of the quantity associated with the
second user. A payment amount is determined based on the determined
current value. An instruction directing that the payment amount be
transferred to an account of the second user is transmitted. The
stored quantity associated with the second user is decreased by the
at least portion of the quantity associated with the second user. A
third request to transfer at least a portion of the quantity
associated with the third user to the fourth user in exchange for a
quantity of funds from the fourth user is received from the third
user. Responsive to the third request, the stored quantity
associated with the third user is decreased by the at least portion
of the quantity associated with the third user. Responsive to the
third request, the stored quantity associated with the fourth user
is increased by the at least portion of the quantity associated
with the third user. Responsive to the third request, the quantity
of funds is transferred from an account of the fourth user to an
account of the third user. Responsive to the third request, the
quantity of funds is associated in the database with a quantity
equal to the at least portion of the quantity associated with the
third user.
[0120] In various embodiments of the present invention, an
apparatus comprising at least one processor and a memory is
provided. The memory stores instructions which, when executed by
the at least one processor, direct the at least one processor to
perform several actions, including the following. A value for each
of a plurality of portfolios of art owned by a plurality of
participants is determined. Each portfolio of art comprises one or
more works of art. Each portfolio of art is owned by a respective
participant. Ownership interests of the plurality of portfolios of
art are pooled in a legal ownership entity having an initial total
number of shares. For each participant, an initial participant
value is determined based on the determined value of each portfolio
of art owned by the respective participant. A respective quantity
of shares of the legal ownership entity to each respective
participant is determined based on the participant value determined
for the participant. An indicia of the respective quantity of
shares is transmitted to each respective participant. In some
embodiments, the portfolio of art consists of one or more works of
art. For example, the portfolio of art may be at least two works of
art.
[0121] In some embodiments, the quantity of shares issued to a
respective participant divided by the total initial quantity of
shares may be substantially equal to the participant value
determined for the respective participant divided by the sum of the
initial participant values for each of the plurality of
participants.
[0122] In some embodiments, after issuing the quantity of shares,
the instructions may further direct the at least one processor to
receive a request from a user to contribute at least one work of
art to the legal ownership entity.
[0123] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A value for the at least one work of art may be
determined. An ownership interest of the work of art may be pooled
in the legal ownership entity. An initial participant value for the
user may be determined based on the determined value of the at
least one work of art. An indicia of a quantity of shares of the
legal ownership entity may be transmitted to the user based on the
initial participant value determined for the user. Upon issuance of
the quantity of shares to the user, the quantity of shares issued
to the user divided by the total number of shares in the legal
ownership entity may be proportional or substantially proportional
to the initial participant value divided by a determined total
value of the legal ownership entity.
[0124] In some embodiments, the act of pooling the ownership
interest of the work of art in the legal ownership entity may
comprise causing by the at least one processor the ownership
interest to be pooled in the legal ownership entity.
[0125] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A specific one of the plurality of works of art
may be offered for sale. A plurality of bids for the specific work
of art may be received from a plurality of bidders. The specific
work of art may be sold to a specific one of the plurality of
bidders at a price of a bid of the specific bidder.
[0126] In some embodiments, it may be "cheaper" for a user to renew
a currently possessed work of art (e.g., to renew possession for
another six months) than it is to possess a work of art that is not
currently in the user's possession. For example, a current holder
may receive a bonus number of bidding points for bids on a
currently possessed work of art. Such "bonus" may reflect the cost
of shipping the art to another address.
[0127] In some embodiments, the act of determining a value for each
portfolio of art comprises estimating by the at least one processor
a current market price of at least one of the works of art in the
portfolio.
[0128] In some embodiments, the plurality of participants comprises
a first participant and the plurality of portfolios of art
comprises at least one first work of art possessed by the first
participant and at least one second work of art. The instructions
may further direct the at least one processor to perform some or
all of the following additional actions. A request for the at least
one second work of art may be received from the first participant.
A first art allotment value for the first participant may be
determined based on a quantity of shares in an account of the first
participant. A first present value may be determined for the at
least one first work of art and a second present value for the at
least one second work of art. It may be determined that the first
allotment value is at least as large as the sum of the first
present value and the second present value. Based on determining
that the first allotment value is at least as large as the sum of
the first present value and the second present value, the processor
may transmit to the first participant a confirmation that the at
least one second work of art will be transferred to the first
participant.
[0129] In some embodiments, the plurality of participants may
comprise a first participant and the plurality of portfolios of art
comprises at least one first work of art possessed by the first
participant and at least one second work of art. The instructions
may further direct the at least one processor to perform some or
all of the following additional actions. A request to exchange the
at least first work of art for the at least one second work of art
may be received from the first participant. A first present value
for the at least one first work of art and a second present value
for the at least one second work of art may be determined. The
first present value may be compared to the second present value. A
confirmation that the at least one first work of art will be
exchanged for the at least one second work of art may be
transmitted to the first participant.
[0130] In some embodiments, the plurality of participants comprises
a first participant and the plurality of portfolios of art
comprises at least one first work of art possessed by the first
participant. The instructions may further direct the at least one
processor to perform some or all of the following additional
actions. A first art allotment value for the first participant may
be determined based on a quantity of shares in an account of the
first participant. A total value of any works of art in the
plurality of portfolios that is possessed by the first participant
may be determined. A first allotment credit value may be determined
based on a difference between the first art allotment value less
the total value.
[0131] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A request to transfer at least a portion of the
first allotment credit value to a user may be received from the
first participant. Based on the request, the portion of the first
allotment credit value may be transferred from an account of the
participant user to an account of the user. The account may be
stored in a database electronically coupled to the at least one
processor.
[0132] In some embodiments, the user may be one of the plurality of
participants.
[0133] In other embodiments, the user may not be one of the
plurality of participants. In some embodiments, the instructions
may further direct the at least one processor to create by the at
least one processor an account of the user in a database
electronically coupled to the at least one processor.
[0134] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A plurality of bids to purchase at least one
share of the legal ownership entity may be received. Each bid may
specify a bid price and a quantity of shares of the legal ownership
entity. A plurality of offers to sell at least one share of the
legal ownership entity may be received. Each offer may specify an
offer price and a quantity of shares of the legal ownership entity.
At least one bid may be matched with at least one offer. A trade of
a trade quantity of shares may be executed at a trade price based
on the matching.
[0135] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. An exchange-tradable fund (ETF) comprising a
plurality of shares may be created. The ETF may have a value that
tracks a market value of the legal ownership entity. An indication
that a user has paid an amount for at least one share of the ETF
may be received. An indicia of ownership of the at least one share
may be transmitted to the user or an agent of the user based on the
indication.
[0136] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A current value of each of a subset of the
plurality of works of art may be determined. The subset may have a
rating in at least one second category. A current value of each of
the subset of the plurality of works of art may be determined. An
aggregate value of the subset of the plurality of works of art may
be determined. An exchange-tradable fund (ETF) comprising a
plurality of shares may be created. The ETF may have a value that
tracks the aggregate value of the subset of the plurality of works
of art. One or more shares of the ETF may be caused to be traded on
an electronic exchange in electronic communication with the at
least one processor.
[0137] In some embodiments, shares in the art exchange may comprise
shares in an ETF.
[0138] In some embodiments, the entity that owns works of art,
distributes shares to users, and performs other functions described
herein may comprise an ETF. The ETF may own assets comprising one
or more works of art (e.g., works of art received from users), and
the ETF may distribute shares in the ETF such that shareholders of
the ETF own fractional interests in the ETF, which owns the works
of art of users. In some embodiments, the shareholders may be users
who temporarily possess one or more of the works of art owned by
the ETF.
[0139] In some embodiments, the ETF may comprise an entity separate
from another entity that owns the works of art.
[0140] In various embodiments of the present invention, an
apparatus comprising at least one processor and a memory is
provided. The memory stores instructions which, when executed by
the at least one processor, may direct the at least one processor
to perform several actions, including the following. Rating
information about at least one category for each of a plurality of
works of art may be received. The plurality of works of art may
comprise at least one first work of art and a second work of art.
The rating information may comprise at least one first rating in at
least one category for the at least one first work of art and a
second rating in the at least one category for the second work of
art. Each category may comprise at least one of a genre of art,
historical time period, style of art, an artist, a medium of art, a
color scheme of art, and a field of art. A determined value of the
at least one first work of art may be received. A current value of
a second work of art may be determined based on the rating
information and the determined value.
[0141] In some embodiments, the determined value may be an
appraisal value determined by an art appraiser.
[0142] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. Subsequent rating information concerning the
second work of art may be received after determining the current
value of the second work of art. The subsequent rating information
may comprise at least one third rating in at least one category for
the second work of art. The at least one category may comprise at
least one of a genre of art, a historical time period, a style of
art, an artist, a medium of art, a color scheme of art, and a field
of art. An updated value of the at least one second work of art may
be determined based at least in part on the determined current
value and the subsequent rating information.
[0143] In some embodiments, an apparatus comprising at least one
processor and a memory is provided. The memory stores instructions
which, when executed by the at least one processor, may direct the
at least one processor to perform several actions, including the
following. Rating information about at least one category for each
of a plurality of works of art may be received. The plurality of
works of art may comprise at least one first work of art and a
second work of art. The rating information may comprise at least
one first rating in at least one category for the at least one
first work of art and a second rating in the at least one category
for the second work of art. Each category may comprise at least one
of a genre of art, historical time period, style of art, an artist,
a medium of art, a color scheme of art, and a field of art. A
determined value of the at least one first work of art may be
received. A current value of a second work of art may be determined
based on the rating information and the determined value. In some
embodiments, the determined value may be an appraisal value
determined by an art appraiser.
[0144] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. A current value of each of a subset of the
plurality of works of art may be determined. The subset may have a
rating in at least one second category. A current value of each of
the subset of the plurality of works of art may be determined. An
aggregate value of the subset of the plurality of works of art may
be determined. An exchange-tradable fund (ETF) may be created
comprising a plurality of shares. The ETF may have a value that
tracks (e.g., is equal to) the aggregate value of the subset of the
plurality of works of art. One or more shares of the ETF may be
caused to be traded on an electronic exchange in electronic
communication with the at least one processor. In some embodiments,
the determined value may be an appraisal value determined by an art
appraiser.
[0145] In some embodiments, the instructions may further direct the
at least one processor to perform some or all of the following
additional actions. After determining the current value of the
second work of art, subsequent rating information concerning the
second work of art may be received. The subsequent rating
information may comprise at least one third rating in at least one
category for the second work of art. The at least one category may
comprise at least one of a genre of art, historical time period,
style of art, an artist, a medium of art, a color scheme of art,
and a field of art. An updated value of the at least one second
work of art may be determined based at least in part on the
determined current value and the subsequent rating information.
[0146] In some embodiments, a centralized Art Exchange entity may
own or possess a centralized collection of art contributed by
users. Users may receive shares, "points," or other portion of an
interest (e.g., ownership interest) of the Art Exchange in exchange
for the art they contribute. (It should be appreciated by one of
ordinary skill in the art that while shares and points are used
herein as examples of an interest such as an ownership interest in
an entity, any other type of interest may be used.) Shares/points
may have a value based on the user's contribution. For example, ten
shares of the Art Exchange may be issued for 1000 of art. If the
user has 2000 shares (2 million), the user may be entitled to have
in the user's possession 2 million of art from the Art Exchange at
any one time. In this manner, users may effectively use their
shares to "rent" art from the Exchange. Shares may be pooled among
groups of people and loaned to others. In some embodiments, shares
may have an associated "point value" per year. Users may spend
points to "rent" art up to their effective share value.
Alternately, users may rent art more expensive than their
contributed value, but only for a short period of time (e.g., $1
million of art for one year is equivalent to $2 million of art for
six months). Similarly, in some embodiments, users may save up
their points to "rent" more expensive art. For example, a user
having 500 shares (and therefore is entitled to 500,000 of art at a
given time) may abstain from renting any art for two years and then
rent art worth $1.5 million in a third year.
[0147] In some embodiments, a process for "renting" one or more
works of art may operate in a manner similar to a vacation property
time share exchange, wherein users exchange their time share for
points which they can apply toward another time share in the
centralized exchange (e.g., wherein a user can exchange his
"2-bedroom in Hawaii for a week in July" for another user's
"3-bedroom in Milan for four days in August"). Accordingly,
shares/points in the Art Exchange may be used to "rent" up to the
user's share value of art from the Exchange. In this way, a wealthy
art collector can contribute his collection of Picasso paintings
for shares of the Exchange, and then use his points to "rent" (or
"time share") a collection of Rembrandts. Later, the art collector
can exchange the Rembrandts the following year for a collection of
Rodin sculptures. The art collector potentially could later
"re-rent" the collection of Picasso paintings he had contributed
previously.
[0148] In some embodiments, an Art Exchange (e.g., comprising at
least one processor and memory as described herein) may provide
ownership shares of a legal entity in exchange for one or more
works of art. (It should be appreciated that as used herein, an
"art exchange" may refer to one or more computer systems that
implement various features described herein for an art exchange,
and/or the term may refer to a legal entity that performs various
features related to an art exchange as described herein.)
[0149] In some embodiments, an art fund may be implemented
according to a system and method for selectively providing stock
shares that entitle rights to use one or more works of art (e.g.,
as described for rights to use a property in U.S. Ser. No.
10/190,442). A management entity may oversee and selectively
schedule use of the one or more works of art according to
individual stock shares in the art fund. In one embodiment, the use
may be the dividend provided to the stockholder. In another
embodiment the use schedule may be created by receiving use
requests from stockholders and scheduling use of the one or more
works of art according to which stockholder first requested the one
or more works of art for the scheduled use period. In another
embodiment, a lottery system may be used to assign use dates or
periods to the individual shareholders. In yet another embodiment,
preference to use dates/periods is made based on the number of
stock shares or the type of stock shares (e.g., shares of a
preferred stock) owned by the stockholder. Stock shares are
exchanged at a public or electronic exchange.
[0150] U.S. patent application Ser. No. 09/864,743 filed May 24,
2001:
[0151] In some embodiments, a system of the present invention may
register an art asset owner using any of a variety of systems and
methods (e.g., as described, with respect to timeshare intervals,
for registering an asset owner with an asset converter in U.S.
patent application Ser. No. 09/864,743 filed May 24, 2001).
[0152] For example, an asset owner (e.g., an owner of an asset such
as a work of art, other art asset, or other asset as described
herein) may buy or otherwise acquire, e.g., via traditional means,
from an asset holder an asset, such as an art asset. In some
embodiments, the asset may be an art asset that is determined by
the system to be an art asset eligible for participation in the art
exchange, e.g., as determined based on rating information such as
value information (e.g., sale price of the asset). In the context
of art assets, the asset owner may acquire a specific art asset
from an art seller (such as an art gallery). As part of an
exemplary standard usage procedure, the system may provide the
asset owner with an identity number ID and a password for accessing
the system, and/or the art asset owner may register online on his
or her own. After obtaining the ID and the password the asset owner
may enter personal information, and possibly change the password
given by the system. Next, the asset owner may submit art asset
information (e.g., more detailed information about the art asset,
such as title, date, artist, and other rating information) to the
system, e.g., online or via other networked communication. The
system may validate art asset information in real-time against
information provided by the art seller or other source of rating
information about the art asset. If the information does not match,
the art asset owner may be notified, and the information routed to
the asset intermediary for verification or correction. When the
asset information is verified to match or substantially match with
that stored in the database of the art seller or other
intermediary, the asset owner may be asked (e.g., online) to pay
for a usage fee for the system in order to activate his or her
membership with the art exchange. Once the asset owner's payment is
verified, his personal and asset information may be forwarded and
stored in an asset owner's database with the system. Thereafter,
the asset converter may send ownership and/or membership
confirmation information to the asset owner via a communication
link. The preceding may constitute an exemplary registration
procedure for enrolling the asset owner as a participant in an
asset exchange such as an art exchange according to an embodiment
of the invention.
[0153] In some embodiments, an asset such as an art asset may be
rated by a person or automatically by the system (e.g., as
described, with respect to timeshare intervals, for assigning
points or tokens to a particular asset in U.S. patent application
Ser. No. 09/864,743 filed May 24, 2001). For example, an asset may
be rated transparently in accordance to asset-based points
according to a plurality of composite inputs. Using an art asset as
a concrete example, the basic asset feature of a particular
characteristic of the asset (e.g., last purchase price, artist,
time period, medium, etc.) is given a certain number of points
(e.g., 100 points for paintings from the Romantic period, 1000
points if the artist is Monet or 1500 for Rembrandt, 500 points for
a painting of a certain size, 800 points for a sculpture of a
certain size, etc.). The art asset's features may also be rated and
given a certain number of points or tokens. Finally, the thematic
experience of the asset may be rated in accordance with a
points-based or token system. The points for each characteristic
may be aggregated to derive the number of points assigned to the
asset (e.g., as an initial default value). The initial asset base
points may be measured against members' feedback and multiplied
with a factor. The asset base point and the member feedback are
further adjusted for a weightage factor asset co-efficient. The
mechanics of deriving the asset co-efficient where country location
co-efficient and popularity factor of asset are two key components
of this factor.
[0154] Rating and value information (e.g., points) may be
determined for a particular asset based on market forces, e.g.,
based on bids from users of the system. For example, users may have
a number of "usage points" based on the value of art they have
contributed, and they may bid their usage points to "rent" a
particular asset (such as a particular painting). Rating
information may be determined from a winning bid. Pricing and
bidding may be conducted and/or determined in accordance with any
auction or market method, such as a stock exchange (NYSE or
Nasdaq), ebay, or other auction or pricing mechanism.
[0155] Various embodiments of the present invention relate to
providing stock shares having associated rights to a collection of
assets such as art assets. (E.g., various embodiments may have
features similar to those described for rights use cruise ships as
described in U.S. patent application Ser. No. 10/696,542 filed Oct.
29, 2003.) For example, various embodiments of the present
invention relate to systems and methods for providing stock shares
that represent ownership in at least a portion of one or more art
assets by an entity, wherein the dividend of the stock shares
entitles the stockholder rights to use one or more of the assets
(e.g., to possess a specific asset for a period of time). The stock
shares may be issued to users in exchange for money or assets
contributed to the asset exchange (which become eligible for use by
other users).
[0156] Implementation of the present invention may take place in
association with the creation of stock shares that represent
ownership in an entity that has ownership in one or more assets
such as art assets. The entity may issue use rights to possess the
art assets as an annual (or semiannual or other time period)
dividend which may be issued in the form of points, credits, money,
or some other representation of value that can be redeemed for the
right-to-use the asset, or the rights can be accrued through
another mechanism such as ownership in the asset exchange or
directly through purchase of the stock (e.g., shares of the asset
exchange sold directly to a shareholder, or purchase of such shares
on an open market, e.g., via a stock exchange).
[0157] In one embodiment, use rights are provided as a stock
dividend. The stock shares may be issued by an entity that has
ownership in one or more assets, and may be marketed through one or
more brokers (e.g., art brokers or other third parties) and sold
privately or publicly. Customers of the brokers purchase the stock
shares and receive dividends, which allow utilization of the
assets.
[0158] In a further embodiment, a management entity may oversee and
selectively schedule use of the assets (e.g., possession of the art
assets) according to benefits such as dividends declared. For
example, in one embodiment, the use schedule is created by
receiving use requests from stockholders and scheduling use of
specific assets owned by the asset exchange according to which
stockholder first requested the property for the scheduled date(s).
In another embodiment, a lottery system is used to assign use dates
or periods to the individual stockholders. In yet another
embodiment, preference to use dates/periods is made based on the
number of stock shares owned. Furthermore, in another embodiment, a
preferred stock is issued to provide a preference in using the
assets (or for using one or more specific high-value assets).
[0159] Implementation of various embodiments of the present
invention may embrace the use of fixed, floating, and/or rotating
techniques for providing use of assets.
[0160] Another embodiment of the present invention disseminates
"points" or "credits" for stock ownership. The points or credits
may be convertible into use rights for the assets. For example, an
owner could save points for several years and then redeem the
points for using a high-value painting for two years. The points
could alternatively be redeemed for using several lower-value works
of art for six months.
[0161] Implementation of various embodiments of the present
invention may embrace the exchange of stock shares by individuals.
In one embodiment, the exchange may take place through a public
exchange. In another embodiment, the exchange may occur over a
computer network, such as the Internet, as discussed herein.
[0162] In some embodiments, the Art Exchange may determine a value
of a work of art (e.g., a market price of the art) using any of
several methods as described herein (and/or as known in the
art).
[0163] In some embodiments, points/shares of the Art Exchange may
also be sold on the open market. The price paid for points/shares
determine a current market price for points/shares, which thus
indicates the market value of the entire Art Exchange (i.e., the
price of all shares may be extrapolated from the price of one
share).
[0164] In some embodiments, users may bid points on works of art. A
"price" of the work of art may be determined based on the winning
bid and the market price per point. (For example, if a user bids 1
million points on a Da Vinci painting, and each point is worth S10,
then the system may determine a current market value of the Da
Vinci painting to be 1 million points or $10 million dollars. In
other embodiments, prices and point values may be assigned (e.g.,
by expert art appraisers) to each work of art, and these prices may
be periodically updated.
[0165] In some embodiments, the art exchange may store a record of
all prices/points "paid" in exchange for works of art. The system
may track the prices over time. The database may also store rating
categories of each work of art, such as the artist, historical
significance, style, color scheme, art type (e.g., painting,
sculpture, photographs, etc.). Based on the data, the system may
determine trends--e.g., that one artist's paintings are rising in
value by 10% per year, or that pointalist paintings by French
artists in the 1880's are decreasing in price. Based on the data,
the system may estimate current and future values of one work of
art, e.g., based on prior information about the work of art, and/or
based on information about other works of art in a similar rating
category.
[0166] It should be appreciated that the present invention may be
used with any and/or all art assets which are tangible in nature.
Representative tangible assets as used in this invention, in one
embodiment, include paintings, drawings, sculptures and
photographs. In another embodiment, representative assets could
also include rare books and manuscripts, historical sites,
furniture (antiques) and decorative arts, rare stamps and coins
(both rare coins, bullion, precious metals, precious stones and
other and all types of like commodities), jewelry, ancient
artifacts, pottery and glass, ceramics and other tangible assets.
Assets, in still another embodiment, may include any type of coin,
gold coins, platinum coins, silver coins, gold dusts, silver dusts,
platinum bars, gold bars, genuine gold, karat gold, rubies,
emeralds, diamonds, simulated diamonds, genuine platinum, karat
platinum, paintings, precious metal, precious alloys, precious
metals, precious ores or concentrates, antique coins, and rare
coins, for example.
[0167] As those of skill in the art will appreciate, an art asset
may comprise a single asset (such as a sixteenth century gold
coin), or may be combined (or, pooled) with other art assets (such
as sixteenth, seventh and eighteenth century gold coins), whether
or not similar in nature (such as, for example, sixteenth, seventh
and eighteenth century gold coins combined with sixteenth, seventh
and eighteenth century paintings). Thus, the present invention
allows for inventive adaptability, so that depending upon user
input, each art asset pool will have a unique art asset
characteristic which may be desired by art asset investors.
[0168] In some embodiments, the systems and methods herein may be
applied equally to jewelry, and/or to jewelry in combination with
one or more categories of art such as paintings and sculptures.
(Conversely, the features described herein for jewelry may be
applied to other items described herein, such as paintings and
other works of art). For example, jewelry (and/or one or more art
assets) may be pooled in a jewelry exchange, rated, and priced
according to the systems and methods described herein. For example,
owners of various valuable jewels may pool their jewelry together
in a Jewelry Exchange, in which each contributor to the exchange
receives shares of the exchange in return for the contributed
jewelry. The Jewelry Exchange may become the legal owner of the
jewelry. The ownership shares of each contributor may entitle the
contributor to possession of a portion of the jewels. The time and
value of possession may be determined according to one or more
algorithms, as described herein. For example, a contributor may be
entitled to possess, at any given time, a value of jewels equal to
the value of the jewels contributed by that user (e.g., as valued
at the time of contribution, or using a current value of
contributed items).
[0169] In some embodiments, the Art Exchange may be used to sell a
work of art for an owner, e.g., in a manner similar to an art
gallery selling an owner's art on consignment. (When an art gallery
sells art on consignment, the gallery typically charges a fee or
takes a percentage of the sale proceeds.) In the Art Exchange, a
user may exchange a work of art for points/shares, and then sell
those points/shares on the open market. In another embodiment, the
Art Exchange may accept the work of art into the Exchange on a
consignment/temporary basis (without giving shares or points to the
owner), and enable users to bid cash or points/shares (or cash plus
some points/shares) for the work of art. The user can decide to
accept a highest bid, or continue to wait for a desired bid. During
this process, different users (e.g., interested buyers) may "rent"
the art on a trial basis. (For example, works of art may be shipped
from user to user, or from users to a central storage facility that
"rents" out the art as it is requested by users.) In some
embodiments, users of the Art Exchange may vote on whether the Art
Exchange should purchase the art from the seller (e.g., after
"renting" the art on a trial basis). To fund the purchase of the
work of art, the Art Exchange may issue more shares on the open
market in exchange for cash, sell some of its art assets, and/or
raise additional funds from users.
[0170] In some embodiments, an ETF may be created based on the art
exchange. For example, in a manner similar to how an ETF may be
created to mirror a particular index (such as the Dow Jones
Industrial Average), an ETF may be created to mirror the underlying
assets of an Art Exchange that owns a large portfolio of art (e.g.,
art contributed by various users who possess the art). In some
embodiments, the ETF may be created to mirror the Art Exchange as a
whole, i.e., the value of the Art Exhange as a private enterprise
(e.g., taking into account balance sheets, profit/loss statements,
etc.) In some embodiments, the Art Exchange may be a public
company, and public filings (such as 10Q's and 10K's) may be
examined. In some embodiments, the Art Exchange may be a privately
held company that may provide limited information to the
public.
[0171] In some embodiments, the Art Exchange may be traded as an
ETF (exchange traded fund), e.g., on an exchange, wherein shares
can be bought and sold on the stock market. For example, users of
an exchange may buy and sell ownership interests (such as shares)
of the ETF.
[0172] It should also be appreciated that users of an electronic
exchange (e.g., users of the Art Exchange) may buy and sell
ownership interests of the Art Exchange. For example, a user owning
100 shares (e.g., out of 1 million total shares) may sell all or a
portion of the shares to another person. The right to possess art
may be transmitted (e.g., in a pro rata fashion) to any new owners.
Entities may also buy shares of the art exchange directly from the
art exchange (e.g., the art exchange may issue shares to an entity
such as an individual in exchange for cash or other value (e.g.,
besides one or more works of art).)
[0173] In other embodiments, one or more systems comprising
hardware and software for accomplishing these methods is
provided.
[0174] FIG. 1. Exemplary System
[0175] Some embodiments of the present invention provide systems
and methods for providing an art exchange.
[0176] The system 100 may comprise one or more servers 2 coupled to
one or more databases 80, one or more data providers 8a-8n, one or
more end users 10a-10n, and one or more agents 12. The data
providers 8a-8n, users 10, agents 12, and server 2 may each
communicate with each other. Users 10 may also communicate with
other users 10, e.g., regarding art or an art rating.
[0177] Server 2 may comprise one or more processors, computers,
computer systems, computer networks, and or computer databases.
Server 2 may comprise modules 18-64. Server 2 may also comprise one
or more databases, such as databases 80. Server 2 may communicate
with users 10, data providers 8, and agents 12. For instance,
server 2 may communicate with a user 10 computer, such as a browser
of a user computer, e.g., over the internet.
[0178] Databases 80 may comprise one or more processors, computers,
computer systems, computer networks, and/or computer databases
configured to store information. Each of databases 80 may
communicate with server 2, e.g., via one or more modules of server
2. For instance, server 2 and modules may store information in
databases 80 and may also use information stored in databases
80.
[0179] Users 10a-10n may comprise one or more human persons. Users
may rate art, contribute art to the art exchange, purchase or rent
or lease art from the art exchange, buy or sell ETFs related to one
or more works of art owned by the art exchange, provide rating and
value information pertaining to one or more works of art, and/oror
otherwise interact with one or more other users, server, or data
providers, or other elements of system 100. Users 10 may provide or
receive information related to a work of art or a rating or ETF
associated therewith. Users 10 may interact with agents 12, server
2, and/or other users 10 to rate art, contribute art to the art
exchange, purchase or rent or lease art from the art exchange, buy
or sell ETFs related to one or more works of art owned by the art
exchange. As used in this application, users 10a-10n may also refer
to a user's interface to other system 100 components (like server
2), such as a user's PDA or computer or a program running on a
user's computer such as a computer web browser like Internet
Explorer.TM., which may communicate with data providers 8, agents
12, and/or server 2.
[0180] Data provider(s) 8 may comprise any person, processor,
information service, or other entity that publishes or otherwise
provides information concerning one or more works of art, such as a
value (e.g., a price of a work of art or an ETF or underlying asset
thereof) to server 2, users 10, and/or agents 12. For example, a
data provider 8 may comprise an art appraiser, data feed, ETF price
provider (e.g., entity that provides real-time price updates and
stock ticker information), data service, website, or other source
of information relevant to a work of art. The information may
comprise information about one or more works of art. The data may
also comprise historical information about one or more works of
art, such as historical price information concerning a specific
work of art or category of art. In some embodiments, the data may
include information that may be relevant to pricing or rating a
work of art. In some embodiments, the data may include information
that may be of interest to a user 10 or server.
[0181] Data provider 8 may provide art information in real time, as
information first becomes available to the general public, or at
another time. Data provider 8 may provide such information in any
one or more of a variety of forms and means such as video, audio
(e.g., radio broadcast), text (e.g., stock ticker-type
information), or other data that may convey information concerning
one or more works of art or an art exchange. Data may be provided
at a variety of different timings. In some embodiments, data may be
provided in periodically, continuously, or continually, e.g., via a
data feed (e.g., a stream of data that includes real time updates
of event information, such as a running commentary of a game in
text or audio format). In some embodiments, data may be provided
after an event, e.g., an independent art appraisal.
[0182] In some embodiments, data provider 8 may provide to server 2
(and/or agents 12 and/or users 10) information about a plurality of
different works of art (or jewelry, art asset, etc.). For example,
data providers 8 may provide information regarding a date of
creation, artist, historical style, color and style information,
and other information (such as category information) about the work
of art.
[0183] Agents 12 may be art appraisers or agents of users 10, e.g.,
purchasing agents for acquiring an interest in one or more works of
art or one or more shares of the art exchange. Agents 12 may
determine a rating or value of one or more works of art and provide
such rating and/or value information to one or more other entities
in the system such as server or users.
[0184] The server 2 may comprise a computer, server, hub, central
processor, or other entity in a network, or other processor. The
server 2 may comprise input and output devices for communicating
with other various system 100 elements. In some embodiments, the
server 2 may comprise an art exchange.
[0185] In some embodiments, the server 2 may be comprised in an end
user's computer 10, e.g., as a toolbar in a user's web browser or
another program running on the user's computer.
[0186] As shown in FIG. 1, the server 2 may comprise a plurality of
modules, such as modules 22-34. Each module may comprise a
processor as well as input and output devices for communicating
with other modules, databases, and other system elements.
[0187] User interface module 22 may communicate with users. User
interface module may communicate with users so that users can set
up an account, log in to an account; prompt a user to submit
preferences concerning one or more works of art; receive user
preferences and selections concerning one or more works of art;
communicate with users to provide information regarding one or more
works of art.
[0188] User interface module 22 may cause information to be output
to a user, e.g., at a user output device such as a display device
(e.g., a display device at a user terminal), a speaker. The
information outputted to a user may be related to a user account,
one or more works of art, preferences, and other information
described herein. User interface module may communicate the
information electronically, e.g., via networked communication such
as the internet (e.g., in an email or webpage), telecommunication
service, etc. In some embodiments, user interface module 22 may
comprise input devices for users to information about one or more
works of art, such as a request for one or more specific works of
art, rating information about one or more works of art, pricing
information (e.g., a bid or offer concerning one or more works of
art or one or more shares or other interests in an ETF or other art
ownership vehicle), and other information.
[0189] User preferences module 24 may receive, identify, or
determine user preferences concerning one or more works of art. For
instance, the module may receive the preferences from a user
interacting with a user interface. The module may also receive them
from an automated user terminal. The module may also determine them
based on a program that automatically determines user preferences
concerning one or more works of art and/or portfolios of art. User
preferences may include preferences and other information that are
related to, or that specify, any of the following with respect to
one or more works of art: value information (e.g., historical price
information such as an appraisal conducted five years ago and a
recent auction price of the work of art); artist; style; historical
period; color scheme; medium; time and location information (such
as a preference to receive works of art at a summer home during the
summer); shipping preferences (e.g., ship via FedEx with insurance
up to a specified amount).
[0190] Financial information module 26 may determine financial
information associated with one or more ETFs associated with one or
more works of art and/or an art exchange. For example, financial
information module may determine a value of the works of art in an
art exchange and determine a value of an ETF that is associated
with (e.g., that is intended to mirror or track a value of) an art
exchange.
[0191] Payment module 28 may determine a payment (e.g., to be paid
to or received by a user or server) for rights associated with one
or more works of art. For example, payment module may determine an
amount (e.g., in dollars and/or points) to be paid for the use of a
particular user's points in the art exchange (e.g., that entitles
the user to receive $1 million of art work at any given time based
on an earlier contribution by the user of 1 million of art to the
art exchange).
[0192] Parameters module 30 may determine rating information,
parameters, or other criteria associated with one or more works of
art. For instance, parameters module may determine search
parameters for finding one or more works of art that satisfy one or
more user preferences and/or other criteria. For example,
parameters module 30 may determine rating information for one or
more works of art (e.g., a historical time period of a specific
work of art, such as "Romantic period" or "Renaissance") based on
other rating information or other information associated with one
or more other works of art (e.g., a date a work of art was created,
name of artist, a time period ascribed to other works of art by the
same artist, etc.).
[0193] Art search module 32 may search for and identify one or more
works of art based on one or more parameters. For instance, art
search module may search one or more financial databases (e.g., a
database that stores information relating to a plurality of works
of art), e.g., via the internet, to determine one or more works of
art that satisfy one or more parameters, such as parameters based
on preferences from a user.
[0194] Price module 34 may determine and associate one or more
values or prices with one or more works of art. For instance, price
module may determine a price or value (such as a net present value)
for a portfolio of works of art. Prices may include a current
price, a historical price (e.g., a price such as a market price at
a prior time, such as a week earlier or an original date of
creation of a work of art), and an estimated future price (e.g.,
based on changing price information, such as a recent increase or
decrease in a value of works of art by a specific artist over a
recent period of time).
[0195] Databases
[0196] As shown in FIG. 1, a database 80 may be coupled to the
server 2. The database 80 may comprise a plurality of databases as
described below. Databases 80 may store information about users,
elements, and other information.
[0197] The modules may function separately or in various
combinations. While the modules are shown within a single server,
the modules may also operate among several servers. The modules may
communicate with a plurality of databases, which may also function
collectively or separately.
[0198] The modules of server 2 may store, access and otherwise
interact with various sources of data, including external data,
databases and other inputs.
[0199] An Exemplary Method
[0200] FIG. 2 depicts a flow diagram according to at least one
embodiment of the methods disclosed herein.
[0201] It should be understood that each function(s) described for
each block may be performed using a module capable of performing
that function, e.g., according to methods described for each module
above. It should also be appreciated that the acts described in
these blocks may be performed in any order (including but not
limited to the exemplary orderings shown on the diagram), and not
all blocks need be performed.
[0202] In block 205, the system 100 (e.g., one or more processors
of server) may transmit a request for one or more works of art to
one or more users.
[0203] In block 210, the system 100 (e.g., one or more processors
of server) may receive login information, e.g., from a user. For
example, the user may access the system to log in to an account of
the user managed by the system. The login information may be any
information for use in authenticating a user and providing thereto
one or more of the functions disclosed herein. The login
information may be, for example, a user ID, password, biometric
data, etc. The login information may be submitted by a user with a
user interface screen that includes therein at least one form
element, such as an input field or text box, a drop down list,
check box, radio buttons, action buttons, clickable images, etc.,
for entering login data. Following submission, the login
information may be compared with previously obtained information
and access to one or more of the functions may be provided based on
a positive match.
[0204] In block 215, one or more users may contribute one or more
works of art to the system (e.g., to an art exchange system
comprising server 2). Legal title of the works of art may be
transferred to the system, e.g., in exchange for an interest (such
as an ownership interest) in the art exchange (e.g., shares of the
art exchange).
[0205] In block 220, one or more works of art may be identified.
Each work of art may be selected or otherwise identified by one or
more users, by the server, or by an agent. Art may be identified
based on artist, title, historical period, color scheme, medium,
style, and other information.
[0206] In block 225, information about the one or more identified
works of art may be provided (e.g., by users, data providers, or
agents) and/or received (e.g., by server). The information for each
work of art may comprise one or more of a volume (quantity), price
(original price, current market price, bid or offer price, or other
price associated with a work of art), information about the artist
(e.g., biographical data such as place of birth, dates of birth and
death), associated school of art (of the artist or the work),
medium (e.g., canvas, brass sculpture), date of creation, and/or
any other parameter that can be associated with a work of art. For
instance, a user may provide information about the works of
art.
[0207] (It should be appreciated that information about a work of
art may be identified at any time, e.g., after block 220 or before
or after another block such as block 250.)
[0208] In block 230, information (e.g., rating and value
information) about the one or more works of art may be determined,
e.g., by a processor. For example, category information associated
with the one or more works of art may be determined, e.g., by a
processor (and/or one or more data providers), e.g., based on the
received information. For example, server may determine a rating
for all works of art by a particular artist based on information
received about one or more works of art from that same artist. It
should be appreciated that such information may be determined as
any new information is received regarding one or more works of art
(e.g., one or more works of art that are associated in a database
with a work of art for which information may be determined). For
example, one or more works of art may be re-rated each time a user
bids on a work of art (e.g., a bidding process for a rental or a
bidding process for purchase), a work of art is purchased (e.g.,
via the system or elsewhere in the world using a different purchase
system, e.g., an auction at Christie's), or rating or value
information is received (e.g., from a user, agent, or data
provider).
[0209] For example, an art rating may be determined, e.g., by the
processor, for one or more of the works of art. For instance, an
art rating may be determined for a set of works of art selected by
a user and/or the processor. The art rating may be determined based
on one or more criteria and/or parameters associated with the one
or more works of art, such as category information, historical
price information (a prior price paid), current market price of a
work of art (e.g., a work of art having similar category
information or rating information; projected change in category
information (e.g., based on an identified trend that works of art
by a particular artist of a work of art have been increasing by a
determined amount such as 5% each year for a determined time period
such as ten years), expected future market prices, financial
information associated with the work of art, and other information
that may be relevant to a determination of a rating and/or value of
one or more works of art.
[0210] Information such as value information, category information,
and rating information may be associated, e.g., in a database, with
one or more works of art (e.g., one, some or all of the works of
art in an art fund). For instance, a present value for each work of
art may be determined (e.g., based on historical values, art
category and rating information, and other information).
[0211] In block 235, interests such as ownership interests may be
provided to one or more users who contributed one or more works of
art to an art exchange. The interests may comprise shares, points,
or other indicia of an interest such as an ownership interest. The
interests may have a bundle of rights, e.g., that entitles the
contributors to one or more rights in the one or more of the
contributed works. The interest may be determined based on a
determined value of the art contributed by the contributor, e.g.,
based on value information (such as a private party appraisal of
art contributed by user, a recent auction price of the art, and/or
an average of prices estimated by users.)
[0212] For example, a contributor may be issued a share of the art
exchange for every 1,000 of art contributed by the user (in which
the value of the art is determined as described herein, e.g., by a
private appraisal). Each share may entitle the user to 10 points
per year. The points may be used to bid on the right to possess one
or more works of art for a period of time (such as a year, month,
week, etc.).
[0213] In block 240, one or more users may bid on one or more works
of art. The users may comprise those who contributed art to the art
exchange. In some embodiments, the users may also comprise
individuals who did not contribute art to the art exchange. For
example, non-contributing users may purchase bidding points with
cash (e.g., U.S. dollars), e.g., at an exchange rate determined
based on a valuation of the works of art in the art exchange. For
example, if it is determined that the art exchange has total art
assets of 100 million and there are 50 million points outstanding,
it may determine that one point is worth S2. In some embodiments,
contributing users may sell points to other contributors and
non-contributing users, e.g., at a rate determined by system or at
a private party agreed rate.
[0214] As described herein, contributors may bid using points based
on the contributor's interest in the art exchange (e.g., based on
the contributor's owned "points"). Contributors may bid on the
right to possess a specific work of art for a specific period of
time.
[0215] In block 245, points or shares may be bought and sold. In
some embodiments, an exchange (such as a trading platform such as
ESPEED.TM.) may be used to buy and sell points and/or shares. For
example, the trading platform may match bids and offers (and hits
and takes) to buy and sell a specific quantity of shares and
points. For example, a user may submit a bid to sell 1000 points
for 10,001 dollars, and another user may submit an offer to
purchase 500 shares for 5,001 dollars. The system may match the bid
and offer and execute an exchange of 500 shares at a price of 55000
dollars (e.g., less a S1 commission per party to the trading
platform).
[0216] In block 250, value information may be determined based on
bidding information (and other information), such as relative value
and absolute value information. For example, if one painting was
"rented" by a winning bid of 10,000 points and another was "rented"
by a winning bid of 20,000 points, then the system may determine
information indicating that the second painting is worth twice as
much as the first painting. For example, if 20,000 points
represents 20% of the total points in the system (representing all
works of art in the art exchange) and the system determines that
the total value of the art held by the art exchange is $500
million, then the system may further determine that the second
painting has a value of $1 million (20% of the total valuation of
the art exchange), and that the first painting has a value of
$500,000 (half the value of the second painting). The system may
update value information over time, e.g., based on new bid and
valuation information.
[0217] In some embodiments, the system may determine a fixed price
associated with one or more works of art. For example, the system
may determine that a specific sculpture by Rodin costs 20 points
per week of "rental," or 200,000 points (or $200,000 in cash) to
purchase permanently. The system may sell points for cash.
[0218] In block 255, information about a user may be determined,
e.g., based on a user's bids. For example, if one bidder bids on a
Picasso painting, then the system may determine information about a
user's preferences (e.g., concerning Picasso art, paintings,
Picasso paintings, art from a period or category associated
therewith, etc.).
[0219] In block 260, an exchange-traded fund (ETF) may be created
based on the art exchange and the works of art in the exchange. The
ETF may be created to track the value of the works of art in the
art exchange. The ETF may determine value information based on
"rental" values of art (e.g., as determined by bids on rentals) and
outright purchases and sales of art by the exchange (e.g., when the
exchange divests existing art assets and purchases additional art
assets).
[0220] Shares in the ETF may be traded on an exchange, such as the
ESPEED.TM. platform, NASDAQ, the New York Stock Exchange, or
another exchange.
[0221] In some embodiments, futures, options, and other derivatives
of points, shares in the art exchange or ETF, and/or specific works
of art in the art exchange may be exchanged on a trading platform.
For example, the right to receive 10 shares of the art exchange (or
the corresponding ETF) in five years may be bought and sold on a
platform such as ESPEED.TM..
[0222] In block 265, a change in value may be determined, e.g., by
the processor, for one or more of the works of art. For example,
the system may determine that one work of art that was rented for
10,000 points in a previous year has recently been rented for
20,000 points in a present year. The system may adjust the value
accordingly (e.g., by doubling the determined value of that work of
art).
[0223] In some embodiments, changes in value may be determined
based on a change in the value of the ETF. For example, the system
may use the ETF as a market valuation of the total art assets of
the art exchange. For example, if the art exchange has a total of 1
million shares (each yielding 10 million points per year) and is
determined to have a valuation of 5500 million in total art assets
based on the ETF, then the system may determine that each share is
worth 5500. The system may also determine a value of each point.
The system may value each work of art based on winning bid price,
bidding history information, and other information.
[0224] In some embodiments, the art exchange and/or users may
donate points, shares, and/or art assets to entities such as
museums, schools, and other government, non-profit, not-for-profit,
or other organizations. In some embodiments, users may take a tax
deduction based on the value of the contribution/donation.
[0225] The system may determine values for specific works of art
(e.g., for rental or purchase) based on valuation information for
each specific work of art and valuation information associated with
art from a similar category. For example, values may be determined
based on ETF valuation information and specific valuation
information of a work of art, e.g., based on a bidding history for
the work of art.
[0226] In block 270, art rating information may be determined for
one or more works of art. For example, users, data providers, and
agents may provide information about one or more works of art, such
as an estimate of a value of the art, information about the artist,
historical period of the art, and other category information.
[0227] In block 275, a determined art rating information may be
transmitted, e.g., by a processor to a user. For example, the
processor may transmit an art rating to a user's terminal that
outputs the art rating at a display device at the user's terminal.
The user's terminal may output valuation information (e.g.,
historical bidding information such as prior winning bids, a fixed
price (e.g., in points or dollars) for a specific work of art, a
picture of the art itself, art in similar categories (e.g., from
the same historical period or same artist), and other
information.
[0228] In some embodiments, art rating information may comprise
appraisal information. Art may be automatically appraised (e.g.,
valued) as described herein. For example, a specific work of art
may be appraised based on an original appraisal value (e.g., by
system or an agent in a prior time period), a bid history (e.g., in
points) for the work of art, and a current valuation of the
collective assets of the art exchange (e.g., based on a valuation
of a corresponding ETF).
[0229] In block 280, a user may provide preferences concerning an
art rating, e.g., by inputting preferences at an input device
coupled to a server. The preferences may include a target art
rating (e.g., a target minimum art rating). For instance, the
preferences may specify a target art rating for various subsets of
works of art. For example, for a given portfolio of works of art, a
user may specify a preference for a higher minimum art rating in
years 1-5 and a lower minimum art rating for years 6-7 and then a
medium minimum art rating for years 8 and 9.
[0230] In block 285, a portfolio including one or more works of art
may be determined and associated with a user. Information about the
portfolio may be output at the user's terminal. For example, the
processor may determine a portfolio of art that a user may be
interested in based on a user's preferences (e.g., preferences for
art of a particular historical period, art similar to that which
the user has bid on, art in a point or share price range associated
with the user by the system, art similar to that contributed by the
user to the exchange, and art determined based on other
information). The portfolio may comprise one or more works of art
that the user may be interested in using and/or possessing based on
the user's ownership interest in the art exchange. Images and
rating information associated with the work of art may be output at
the user's terminal.
[0231] In some embodiments, the system may automatically send such
"suggested" works of art to users on a trial period (such as two
weeks), e.g., free of charge.
[0232] FIG. 3 depicts a flow diagram according to at least one
embodiment of the methods disclosed herein.
[0233] In some embodiments, an apparatus comprising at least one
processor and a memory may accomplish the actions in the flow
diagram. The memory may store a database. The database may
associate each of a plurality of portfolios of art with a
corresponding one of a plurality of users. Each portfolio of art
may comprise one or more works of art. In some embodiments, each
portfolio of art may comprise at least two works of art. The
database may also associate a respective value for each of the
plurality of portfolios of art with each of the plurality of users.
The database may also associate a respective quantity with each of
the plurality of users. The plurality of portfolios of art may
collectively compose a plurality of works of art. The plurality of
users may comprise a first user, a second user, a third user, and a
fourth user. The memory may also store instructions which, when
executed by the at least one processor, direct the at least one
processor to perform the actions described for FIG. 3. (The memory
may also store instructions which, when executed by the at least
one processor, direct the at least one processor to perform any
other action described in this application that is capable of being
performed by one or more computers.)
[0234] In block 302, the respective value for each of a plurality
of portfolios of art may be determined. The value may be any value,
such as a monetary value (e.g., reflecting a monetary value of the
work of art) or rating information (e.g., a value equal to the year
the art work was created). Value information may be determined
based on information such as information received from one or more
users, one or more appraisers, and other methods, e.g., as
described herein.
[0235] In block 304, the respective values may be stored in a
database.
[0236] In block 306, a total value of the plurality of portfolios
of art may be determined based on each determined respective value
of each of the plurality of portfolios of art. For example, the
total value of the plurality of portfolios may be a sum of the
determined values of each portfolio in the plurality of
portfolios.
[0237] In block 308, for each of the plurality of users, a
respective quantity may be determined based on a ratio of (1) the
determined value of the respective portfolio of art associated with
the user to (2) the total value. Such quantity may reflect the
user's initial "share" of the total art pool. In some embodiments,
such quantity may comprise a user's "bid value", e.g., for a
particular time period. For example, the system may determine that
a particular user contributed 10% of the art assets in the pool,
and may assign the user 100 bid points (out of a total of 1000
total bid points among all users, for example). The bid points may
be issued periodically based on a user's contribution of art to the
Art Exchange.
[0238] In block 310, the respective quantities determined for each
of the users are associated in the database at an initial time with
(1) the respective user associated with the quantity and (2) the
respective value determined for the respective portfolio of art.
For example, a spreadsheet may be created that shows each user and
each user's initial share value.
[0239] In block 312, an indicia of the respective quantity
determined for the user is transmitted to each of the users (e.g.,
respectively). For example, an email may be sent to each user
indicating the quantity. For example, a share value may be
distributed to each user, e.g., in the form of share certificates.
For example, a user having a 20% share may be issued a certificate
(e.g., electronically or hard copy via mail) representing 20 shares
out of 100 total shares issued.
[0240] In block 314, a first request to receive at least one of the
plurality of works of art at a first location that is designated by
the first user is received from the first user. For example, a user
may request that a particular painting by Picasso be delivered to
his home address, e.g., so that he can possess it for a particular
requested period of time. In some embodiments, users may bid on the
right to use a particular piece of art for a particular time period
(e.g., a year, or six months). In some embodiments, a particular
time period may be a default time period for possessing a
particular piece of art (e.g., six months, which may be
renewable).
[0241] In block 316, after receiving the first request from the
first user, a determined value of the at least one of the plurality
of works of art is compared with the quantity determined for the
first user. For example, the system may determine whether the value
of the art contributed by the user's is equal to or greater than
(or within a predetermined range of) a value of the art requested
for use. The value determined for the requested art may be adjusted
based on time of use. For example, it may cost less bid points to
use a given work of art for six months as compared to using it for
one year (which may be twice the bid price).
[0242] In block 318, after the step of comparing, the system may
determine that the first request is approved. For example, the
system may approve or disapprove the request based on whether the
user's original art contribution (or some value ascribed thereto)
is greater than the current request.
[0243] In block 320, after determining that the first request is
approved, an instruction directing that the requested at least one
of the plurality of works of art be delivered to the first location
is transmitted. For example, the system may automatically send an
instruction to UPS or another shipping company to acquire the work
of art from a currently possessing party and deliver it to the
designated address of the newly possessing user.
[0244] In block 322, a second request to redeem for a payment at
least a portion of the quantity associated with the second user is
received from the second user. For example, the second user may
request to redeem one or more of his shares, e.g., for cash,
originally contributed art, other art held by the art exchange, or
other value.
[0245] In block 324, after the initial time and after receiving the
second request from the second user, a current value of the
quantity associated with the second user is determined. The current
value is different from the value associated with the second user
in action (e). For example, the system may estimate a current value
of the user's shares, e.g., based on a last trade value of other
shares in the art exchange.
[0246] In block 326, a current value of the at least portion of the
quantity associated with the second user is determined based on (1)
the at least portion of the quantity associated with the second
user and (2) the current value of the quantity associated with the
second user.
[0247] In block 328, a payment amount is determined based on the
determined current value. For example, if the redeemed portion is 2
shares out of 10 shares of the second user estimated to be worth
100,000, then the redeemed portion may be determined to be worth
20,000.
[0248] In block 330, an instruction directing that the payment
amount be transferred to an account of the second user is
transmitted. For example, the system may direct a bank to transmit
20,000 from an account of the art exchange to an account of the
second user.
[0249] In block 332, the stored quantity associated with the second
user is decreased by the at least portion of the quantity
associated with the second user. For example, the user's share
value may be reduced from 10 to 8 based on 2 shares being redeemed
for cash payment.
[0250] In block 334, a third request to transfer at least a portion
of the quantity associated with the third user to the fourth user
in exchange for a quantity of funds from the fourth user is
received from the third user. For example, a third user may request
to sell all or a portion of his ownership shares (or bid points) to
a fourth user. Parties may exchange their shares (e.g., for cash)
by any of a variety of methods described herein.
[0251] In block 336, responsive to the third request, the stored
quantity associated with the third user is decreased by the at
least portion of the quantity associated with the third user. E.g.,
the third user's stock or bid point value may be decreased by the
amount sold to the fourth user.
[0252] In block 338, responsive to the third request, the stored
quantity associated with the fourth user is increased by the at
least portion of the quantity associated with the third user. E.g.,
the fourth user's stock value or bid points may be increased by the
amount purchased from the third user.
[0253] In block 340, responsive to the third request, the quantity
of funds is transferred from an account of the fourth user to an
account of the third user, e.g., as payment for the third user's
shares or bid points.
[0254] In block 342, responsive to the third request, the quantity
of funds is associated in the database with a quantity equal to the
at least portion of the quantity associated with the third user.
For example, the system may determine that the current value of the
shares sold by the third user to the fourth user (e.g., 500 shares)
is equal to the amount paid by the fourth user (e.g.,
$500,000).
[0255] It should be appreciated that various embodiments of the
invention use some or all of the actions described in the blocks of
the flowcharts described herein, and/or in combination with any
other action described herein. Further, the actions described in
those blocks may be performed in the order listed, or in any other
order.
[0256] In some embodiments, assets must satisfy eligibility
criteria to be eligible for contribution to a centralized fund. For
example, an asset may be eligible for participation in the fund
only if it is determined to have a value above a particular
threshold, e.g., an appraisal value greater than 1 million.
[0257] FIG. 4 depicts an exemplary interface for selecting a usage
of an asset according to at least one embodiment of the methods
disclosed herein. Area 410 may indicate a particular user's login
details, account number, and address for which the user is bidding
for art. Area 420 may indicate a currently selected work of art
430, as opposed to a currently unselected work of art 440. The
interface may also show one or more images of the selected artwork,
such as a rotating 3-D image and/or various pictures at different
angles and resolutions. A user may be able to select a work of art
from among a plurality of other works of art 440. A user may also
search a database by entering information (e.g., artist, title,
style, or other rating information) to find a particular work of
art. A user may select one or more time periods 465 for possession
of the currently selected work of art in area 450. For example, the
selected period end dates may appear in bold. The user may move
sliders 480 to select the desired period. Prices (e.g., bid prices)
470 may reflect a current price (or price estimate or bid amount
entered by user) for each time period.
[0258] FIG. 5 depicts an exemplary interface for determining rating
information according to at least one embodiment of the methods
disclosed herein. For example, the interface 500 may comprise an
interface displayed at a computer to a party such as a user, third
party appraiser, owner, art collector, art expert, or other party.
A person may enter information about a particular asset (e.g., work
of art). In some embodiments, a person may enter rating information
at the interface in the various boxes. For example, a person may
enter rating information about the artist's name, title of the art,
medium (e.g., painting or sculpture or photograph, etc.),
historical time period of the art work (e.g., 1880's, Romantic
period, Expressionist period), related artists (e.g., artists from
the same historical period, from the same country, a spouse or
known acquaintance, etc.), date of creation, school of art (e.g.,
Cubist school, or a particular city or artistic institution
associated with the artist), city and/or country (e.g., a city
and/or country associated with the artist or work of art, such as
birthplace, city where artwork was created, city or country most
associated with artist's professional life, etc.), size and/or
dimensions of the artwork (e.g., height, width, depth, weight), the
dominant color (e.g., blue, or black and white if the artwork is a
black and white photo), other colors associated with the artwork,
last sale price, estimated current value, notes, and other
information. It should be appreciated that any rating information
described herein may be entered at the interface. In some
embodiments, a button may be clicked to upload images of the
asset.
[0259] In some embodiments, the interface may be displayed to a
user based on the user contributing a work of art. For instance,
the system may prompt such user to enter rating information before
or after the user submits a particular work of art into the
exchange. In some embodiments, the interface may prompt a user to
provide rating information after a user possesses the asset.
[0260] In some embodiments, the system may determine rating
information based on information submitted by one user or multiple
users concerning the same work of art. For instance, the system may
aggregate rating information, or determine rating information (such
as a name of artist) only after such name is confirmed by another
rater, or determine rating information as the most commonly
identified rating (e.g., city) by multiple raters.
[0261] It should be appreciated that in some embodiments, assets
other than art (or assets that include art and other categories of
assets) may be used. For example, instead of (or in addition to)
portfolios of art, one or more other assets or types of assets may
be pooled in a centralized fund for use, exchange, sale, auction,
etc., (as described herein) by users and others. For example,
assets for pooling, use, exchanging, and other functions described
herein may include interests (such as fractional interests) in
automobiles (e.g., exotic cars), boats (e.g., yachts, motor boats,
sail boats), jewelry, real estate, vacation property, time shares,
and other assets. For example, embodiments of the present invention
may be implemented for a fund comprising works of art, jewelry, and
yachts.
[0262] Accordingly, it should be appreciated by those of skill in
the art that the systems and methods described herein may apply
equally to assets other than art, such as jewelry, automobiles
(e.g., sports cars and exotic cars), boats, furniture (e.g.,
antiques), appliances, instruments (e.g., guitars and guitar
amplifiers, pianos, violins, violas, saxophones, and other
instruments), airplanes (e.g., private jets), time shares (e.g., in
real property such as a vacation home or personal property such as
an airplane), other fractional interests, financial instruments
such as stocks and bonds, and rights to services (such as massage
services, car washing services, decorating services, etc.). For
example, instead of owning art assets, an ETF of the present
invention may hold assets comprising one or more automobiles such
as antique cars or sports cars, wherein users may buy and sell
shares of the ETF and some users may own and exchange usage rights
to use one or more cars for specific periods of time. In some
embodiments, the systems and methods of the present invention may
apply to an exchange, fund, ETF, or other entity that holds a
combination of different asset types, such as art, cars, and
jewelry, or art and cars, or art and jewelry, or art and furniture,
etc.
XII. ALTERNATIVE TECHNOLOGIES
[0263] It will be understood that the technologies described herein
for making, using, or practicing various embodiments are but a
subset of the possible technologies that may be used for the same
or similar purposes. The particular technologies described herein
are not to be construed as limiting. Rather, various embodiments
contemplate alternate technologies for making, using, or practicing
various embodiments.
[0264] Modifications, additions, or omissions may be made to the
method without departing from the scope of the invention. The
method may include more, fewer, or other steps. Additionally, steps
may be performed in any suitable order without departing from the
scope of the invention.
[0265] While this disclosure has been described in terms of certain
embodiments and generally associated methods, alterations and
permutations of the embodiments and methods will be apparent to
those skilled in the art. Accordingly, the above description of
example embodiments does not constrain this disclosure. Other
changes, substitutions, and alterations are also possible without
departing from the spirit and scope of this disclosure, as defined
by the claims herein.
XIII. REFERENCES
[0266] The following patents and patent applications are hereby
incorporated by reference herein for all purposes: U.S. patent
application Ser. No. 11/986,190 filed Nov. 20, 2007; U.S. patent
application Ser. No. 11/040,332 filed Jan. 20, 2005; U.S. patent
application Ser. No. 10/753,131 filed Jan. 7, 2004; U.S. patent
application Ser. No. 10/190,442 filed Jul. 5, 2002; U.S. patent
application Ser. No. 10/696,542 filed Oct. 29, 2003; U.S. patent
application Ser. No. 09/864,743 filed May 24, 2001; U.S. patent
application Ser. No. 10/696,542 filed Oct. 29, 2003; U.S. patent
application Ser. No. 10/281,166 filed on Oct. 28, 2002.
[0267] The following articles or other non-patent literature are
hereby incorporated by reference herein for all purposes: the
article entitled "Art as an Investment and the Underperformance of
Masterpieces," by Mei and Moses, published in the December 2002
issue of the American Economic Review.
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