The Picasso controversy.
Artworks, especially by great artists, are a rare and expensive asset in the world of NFTs. Needless to say, just as in the real world, there are many frauds who are selling fakes and earning money by selling copies of original work in NFT marketplaces too.
Marina Picasso and her son, Florian Picasso, the granddaughter and great-grandson of the great artist Pablo Picasso recently commented on selling an art piece as a “non-fungible asset.”
This turned the heads of many collectors and investors, but it turned out to be a communication gap.
When Florian announced the sale of a pottery bowl and NFTs, she actually meant that the NFTs was a part of a 1,000 set collection that she made herself. The confusion arose because of a picture featuring Florian and Marina holding a ceramic pottery bowl that was actually made by Pablo Picasso.
The family further clarifies that there would not be any launch of “Picasso NFT” and that the heirs do not have the authority to sell it either.
Picasso Administration, which oversees the Spanish great’s artworks and the usage of Picasso’s name, has made it clear that the works in the market are not linked with Pablo Picasso in any way. Further, the creations are the work of Florian and her collaborators only.
Jean-Jacques Neuer, a lawyer for the administration, stated that only the administrator of the family could authorize an NFT project. Claude Ruiz Picasso, the administrator under the current structure, does not like the idea of NFTs.
So beware of any Picasso art you may see on the marketplace; you do not want to buy a counterfeit item.
Beatles memorabilia up for sale… virtually.
The iconic English rock band is considered as the most influential band in the history of Rock music. The individual members, John Lennon, Paul McCartney, George Harrison, and Ringo Starr, enjoyed immense popularity at their time, and their possessions are treasured by collectors.
Much to the pleasure of fans, Julian, the son of John Lennon, is auctioning a few items that once belonged to his father- but they will not be sold physically.
The items will be sold as NFTs so that the buyers will get full rights to digital images showcasing the physical object. But this is not all.
The items to be auctioned include three guitars of John Lennon, handwritten notes of the hit 1968 song “Hey Jude,” an Afghan coat that John Lennon wore on “Magical Mystery Tour,” a black cape that he wore in the movie “Help!” and an audio file (audio collectible). This audio file will contain a narration of “special, heartfelt memories” by Julian Lennon.
The buyer of “Hey Jude” notes will also have a part of Paul McCartney, as the notes contain various doodles by the artist.
The auction will be held in Beverly Hills, run by Julian’s Auctions and YellowHeart NFT, and bidding can take place offline and online. Payments can be made using various cryptocurrencies. The auction closes on 7th February.
Bids on “Hey Jude” NFT were as high as 50,000 US dollars (till Tuesday). The coat was at 8,000 US dollars, and the cape was at 6,000 US Dollars.
To offset the carbon emissions due to the auction and the whole process, a portion of the proceeds would be donated to White Feather Foundations. Founded by Julian Lennon, the White Feather Foundation works for environmental and humanitarian issues and would offset the emissions produced.