Not so long ago, the idea of us mere mortals owning such a thing as a genuine Picasso was just a dream. Now however, thanks to the magic of the blockchain that dream is possible (fractionally).
As a result of the machinations of Swiss digital asset bank, Sygnum, and the wonders of the blockchain, art aficionados can now own a share in Picasso artwork, “Fillette au beret”. The painting was completed by the famous Spanish cubist back in 1964 and depicts a confused looking, technicolour child. Moreover, it last changed hands in a Swedish auction for a cool $2.48 million.
Owners won’t be able to view the work as such, as it is kept under lock and key deep within the vaults of a high security Swiss bank account. It’s more the easily tradable asset that is the major draw here. Fine art, for a long time has been a valuable commodity obtainable only to the elite few. Now, with the power of the blockchain, via smart contracts and immutable code, it is becoming more accessible to the wider world.
The artwork is currently valued at $3.68 million, and will be fractionalized into tokens costing approximately $6000 each. The sale is expected to begin towards the end of July, hosted on Sygnum’s own platform.
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