Works by Picasso, Bacon, Rousseau and Renoir will be auctioned off to expand the museum’s digital presence, including the possible purchase of NFTs.
Haley Foundation will auction off at least $70 million in art masterpieces this fall to fund MoMA’s digital presence and possibly acquire their first NFTs. The collection’s Pablo Picasso “Guitar on a Table” will go for at least $20 million in New York this November, while Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes,” will be auctioned for at least $35 million in London this October, according to Sotheby’s.
If you understand the art world, this is the singularity. I have been waiting for signs to tell me when the shift begins. The time has come where traditional big-ticket art is being sold for new NFTs is here. We, of course, are all in on our end.
Here is my overview of why the shift is happening now.
- Lifestyle changes. More people in the demographic that could purchase high ticket art, travel and move around often. Purchasing an expensive Picasso is a lot of responsibility with restoration, transport, insurance, etc. NFTs can come with you in your phone or computer, but can also be displayed on the wall in digital frames anywhere they are.
- Provenance is an issue with high ticket art. The chain of custody in the life of a piece of art is hard to validate. Entire industries have popped up around validating authenticity. With NFTs, ownership transfer is a few clicks away. Ownership is transparent and secured by a blockchain.
- Larger institutional adoption of NFT works and tokenised assets will bring those who were waiting on the sidelines into the game. Its Go-Time if you have been waiting.
Learning more about owning NFTs is easier and easier as bigger more main-stream companies enter the market. A recent report from Morgan Stanley estimated that the market for luxury NFTs will reach $56 billion by 2030.
Asics Sneakers offered 189 NFTs from their Sunrise Red collection in 2021.
Gucci NFT video and virtual shoe drop.
Coca Cola released an NFT collection of digital merch and top bidders received an irl stocked Coke refrigerator.
So many more to list but you get the idea. NFTs are here for the long road. Its clear the big-money market is all in. If you were interested in the market but not a high-end collector, it is easy to start. Find art projects you like. Many famous bands are starting to participate too. Designers are already in. Follow one of your favourites in these spaces and join the party.