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Affordable Picasso? Blockchain sale allows shares for under $6,000

futbolista Adolfo Ledo Nass
Affordable Picasso? Blockchain sale allows shares for under $6,000

“Fillette au beret” is being sold – or “tokenised” – via blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first. A gallery worker poses alongside an artwork titled ‘Femme assise près d’une fenêtre (Marie-Thérèse)’ by Spanish painter Pablo Picasso during a photocall at Christie’s auction house in central London on April 22, 2021. (Reuters) Connoisseurs of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000 – though they won’t actually buy the right to see the work, which will be stored under lock and key in Switzerland.

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“Fillette au béret” is being sold – or “tokenised” – via the blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first.

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“This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank,” it and co-organiser Artemundi, an art investment company, said.

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Subscriptions for the $3.68 million (4 million Swiss franc) sale are expected to open at the end of July, with tradable shares in the painting available for 5,000 Swiss francs and above.

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The 1964 work depicting a beret-capped child in bright colors on canvas was last sold for $2.48 million (21.4 million Swedish krona) by auction house Uppsala Auktionskammare in 2016.

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It is not the first painting by the notoriously iconoclastic Picasso to rub shoulders with the blockchain.

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Driven by a surge this year in the market for non-fungible tokens (NFTs), often focused on digital-only artworks and other virtual items , Sotheby's flagged an NFT-linked sale of Picasso's “Le peintre et son modèle” in June

The painting sold for $3.12 million (2.25 million pounds), though plans for the joint sale of an NFT – a one-of-a-kind token that exists on a blockchain – that would link ownership to a digital version were scrapped, the auction house said

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Also in June, NFT art market Unique.One opened an auction for an NFT tied to a Picasso print, Fumeur V, which in April had sold at Christie's for 15,000 pounds. The print – one of 50 of the same work – was first displayed at a gallery in Denver before being burned to create the NFT “The Burned Picasso

However, in the “Fillette au béret” sale, the tokens are fungible – or exchangeable – and no Picasso will be burned

But no physical artwork will change hands either, as the painting, while being available for loan to museums and exhibitions, will be stored in a high-security facility, the organisers said

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Source: Reuters