Andy Warhol is still relevant, so it seems. 961 fragments of an original piece by the renowned artist, created in 1967, will go on sale. But this time, 961 people will be able to acquire an NFT fragment of the art piece.
Each of the fragments has a value of around $55. If all the NFTs are sold, the artwork will be worth around $53,000 in total. The buyers of the NFTs will own that small part of the actual piece.
Each NFT of the Andy Warhol piece is accompanied by a signed release of rights from the owners of the original physical piece.
The piece is made up of 10 portraits printed in a repeated pattern, on polyurethane cubes of different colors.
Holding the sale is Mexican company CUBIC, backed by LS/Galería. The piece is called Portraits of the Artists 1.7.
There are only 200 copies in the world. CUBIC will sell work number 172, signed by the artist.
Luis Enriquez, founder of CUBIC, said that this is his first big sale of NFTs based on a piece of physical art.
“What we do is very simple: you take a piece of art, imagine that we make a grid, and each piece is an NFT.”
CUBIC said on its official Twitter profile that the NFT is accompanied by a transfer of rights signed by the owners, so the buyers will be credited as the owner of that part of Andy Warhol’s work. “You become the owner of a fraction of the physical Andy Warhol and the vehicle by which we demonstrate it is an NFT. It is a real investment and a digital asset.”
Everyone who buys a piece of NFT will not only be able to own the digital asset, but a small part of the real piece.
Cubic said, “Collecting art is no longer a privilege of the select few. Blockchain has shaped the course of art history and its market. By joining Cubic, you become part of a community that will allow the decentralization of traditional practices of art.”
Andy Warhol and high-tech art sales
Andrea Zapata is the director of LS/Galería. “The buyers of each NFT will receive a link so that they can check where the piece comes from, what year it was bought, who the current owners are, and with the transfer of rights, you can verify that the piece is yours. Although you are buying a piece worth $55, you will be receiving the treatment of someone who buys a piece of 600,000 dollars here in LS / Gallery.”