Swiss Bank, Sygnum is a digital asset-focused bank. It has recently partnered with Artemundi , an art investment firm. They took this step to offer several fractionalized ownership shares in Pablo Picasso’s painting for $6,000 each. Pablo Picasso’s painting, “Fillette au béret,” represents the ownership of shares worth $3.68 million. The painting will be tokenized and then issued through the famous blockchain technology. This will allow a lot of investors to gain exposure to this unique artwork. Sophisticated and institutional investors can easily purchase these NFTs through the Sygnum bank. On the other hand, secondary trade will take place on SygnEx which is the bank’s digital asset trading platform.
All the trades will be precisely settled Swiss Francs (CHF) with the help of DCHF, Sygnum’s native CHF stablecoin. This painting was created in 1964 and it shows a beret-capped child in extremely bright colored clothes. “Fillette au béret” was last sold for $2.48 million in the year 2016. There are no plans for selling the actual physical artwork. However, this artwork will remain at a high-security facility as currently, it is not available for museums to loan for their exhibition. Javier Lumbreras, Artemundi’s co-owner focused on the revolutionary utility that is offered by fractionalized ownership through NFTs.
He stated, “Artistic, cultural objects of universal appeal, once reserved for an elite group of collectors or the museums, can now be safely and directly owned without the burden of high entry barriers.” Further, he added, “The art market is absurdly opaque and inefficient, but these traits will soon be relics of a bygone age.”
Picasso And Blockchain
There are a lot of companies who are also looking to tokenize the work of Picasso. In June this year, Sotheby’s auction house also revealed that it has partnered with Mira Imaging as they had great plans of auctioning Picasso’s work “Le peintre et son modèle” along with an Ethereum based NFT. This NFT was created by scanning “every micron” on the surface of the painting for creating a “unique encrypted signature” that represents the amazing work by Picasso. A looking glass scanner can be used to scan the NFT and then confirm whether the work is authentic or not. But, this unique NFT offering was removed by the auction house, and then the painting was sold for $3.12 million without any of its non-fungible counterparts. The artist collective is Unique.One Community whose project, “The Burned Picasso” was launched last month itself.
A Picasso sketch was displayed at a gallery in Denver. After seeing that, an NFT was minted representing the same artwork at the end of June. There, the picture’s physical form was being cremated. The NFT auction for Picasso’s painting will be live for the next coming 2 weeks. The starting price of the auction is set at 0.25 ETH which is roughly $500. Also, the winner will receive the framed burnt remnants of the original artwork. Moreover, John McAfee in 2018 also partnered with DLT platform Maecenas and crypto exchange Ethershift for auctioning an ERC-721 token that represents ownership over artwork by Picasso.