Shares in Picasso painting go up for grabs in blockchain sale
Fans of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000 (CHF5,500) – although that won’t actually buy them the right to see the work, which will be stored under lock and key in Switzerland.
Fillette au béret (Young girl with a beret) is being sold – or “tokenised” – via the blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first.
“This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank,” Sygnum and co-organiser Artemundi, an art investment company, said.
Subscriptions for the CHF4 million ($4.35 million) sale are expected to open at the end of July, with tradable shares in the painting available for CHF5,000 and above.
The 1964 work depicting a beret-capped child in bright colours on canvas was last sold for 21.4 million Swedish krona (CHF2.27 million) by auction house Uppsala Auktionskammare in 2016.
Non-fungible tokens
It is not the first painting by Picasso (1881-1973) to rub shoulders with the blockchain. Driven by a surge this year in the market for non-fungible tokens (NFTs), often focused on digital-only artworks and other virtual items, Sotheby’s flagged an NFT-linked sale of Picasso’s Le peintre et son modèle in June.
The painting sold for £2.25 million (CHF2.86 million), though plans for the joint sale of an NFT – a one-of-a-kind token that exists on a blockchain – that would link ownership to a digital version were scrapped, the auction house said.
Also in June, NFT art market Unique.One opened an auction for an NFT tied to a Picasso print, Fumeur V, which in April had sold at Christie’s for £15,000. The print – one of 50 of the same work – was first displayed at a gallery in Denver before being burnt to create the NFT The Burned Picasso.
However, in the Fillette au béret sale, the tokens are fungible – or exchangeable – and no Picasso will be burnt. But no physical artwork will change hands either, as the painting, while being available for loan to museums and exhibitions, will be stored in a high-security facility, the organisers said.
More
More
Swiss digital asset trading network expands
This content was published on
Swiss fintech firm Taurus wins securities firm licence to operate digital assets marketplace.
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
The miracle of Picasso in Basel
This content was published on
Fifty years ago, Basel voters said "yes" to purchasing two Picassos, setting off an epic story leading to southern France and to the painter himself.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.