After being approached by ad mogul and contemporary art collector Charles Saatchi to become corporate patrons, founders of the Art Trading Fund Chris Carlson and Justin Williams (being self-described “cheeky boys”) wanted something back. Here’s what they got.

The Art Trading Fund, which describes itself as the world's first "regulated fine art hedge fund," says Charles Saatchi will advise it on contemporary-art purchases.

Chris Carlson and Justin Williams, founders of the Guernsey- registered fund, said in a telephone interview that Saatchi, an advertising mogul and art collector, would help them select works by Western artists as well as from the emerging markets of China, India and the Middle East.

"We were approached by the Saatchi Gallery to become corporate patrons," said Williams. "Being cheeky boys, we wanted something in return. The Saatchi team will bring global expertise to our plans to enter new markets."

The fund will pay the Saatchi Gallery a percentage of the profits it makes from works acquired through the gallery, according to the agreement, signed in April, Carlson said. Saatchi, who in 2005 sold his Damien Hirst shark to hedge-fund manager Steven A. Cohen of SAC Capital Advisors LLC for $8 million, is also known for his Saatchi Your Gallery Web site.

Managers of art investment funds, which buy and sell a pool of works for a set fee and a share of any profit made, have been promoting art as an alternative asset class over the last five years. So far, the London-based Fine Art Fund, which has attracted $110 million of assets under management since it started in 2004, is the only one of these vehicles to remain conspicuously active in the West.

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