A Swiss bank makes it possible to become co-owner of a work by Pablo Picasso that is worth millions for less than 5000 euros. Blockchain technology makes it possible to keep track of who owns which part of the painting. A first, says the bank.
Picasso painted the bright yellow-blue-red work in 1964. It was sold at auction in 2016 for around 2 million euros. Now it is being sold again in parts for a total of 3.7 million euros. The minimum investment is 4600 euros.
The work will never be hung on the wall of one of the owners: it will disappear in a highly secured storage, the bank guarantees. It is not even the intention that the owners can come and see it there. However, it will be made available for exhibitions in the future.
burnt
It is not the first time that a Picasso has encountered blockchain technology: in June, art lovers or investors could buy a share in a burned artwork by the Spanish painter.
In front of The Burned Picasso an artist’s drawing was destroyed, after which NFTs were sold. These are digital title deeds for virtual works or ideas.
Here’s how exactly NFTs work:
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