On 23 March, Europe’s first NFT advisory service and physical gallery – Quantus Gallery – will open its doors to the public. The gallery, which will display its collection for sale on Samsung TV screens, aims to guide collectors through the tricky process of identifying good investments in the NFT art world.
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The last few weeks have witnessed a series of mixed messages emanating from the family of Pablo Picasso, following the initial announcement by his granddaughter Marina and great-grandson Florian that 1,010 NFTs of a never-before-seen ceramic bowl would be released.
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Fred Clark, Associate in the Art Law & More team and Satjivan Aujla, Associate in the Private Wealth team at Boodle Hatfield LLP were joined by Emily Gould, Senior Researcher at the Institute of Art and Law, to set out the main legal considerations concerning NFTs. The article looks at copyright, SMART contracts, money laundering, estate and succession planning and taxation.
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Christie’s first ever purely digital auction has set a new world record for digital art, selling an NFT (Non-Fungible Token) by Beeple for a staggering US$69 million (£50 million). Afterwards the auction house declared Beeple, real name Mike Winkelmann, “among the top three most valuable living artists.”
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An original Banksy art print has gone up in smoke, only to be replaced with a digital facsimile that was sold for an impressive $380,000 (£274,000). This is thought to be the first time a physical artwork has been replaced by a unique digital asset.
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The craze for NFTs has reached fever pitch with the sale of a collection of digital artworks by Canadian musician and artist Grimes.
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Christie’s is to become the first major auction house to sell a standalone NFT (Non-Fungible Token) work of art.
‘Everydays: The First 5000 Days’ (2021), a digital artwork by Beeple, will be auctioned online between 25 February and 11 March 2021. In a sign that Christie’s is charting new territory in the digital art market, it is offering Beeple’s work with an “unknown” estimate and bidding will start at US$100 (£72).
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Art Law & More 