Pablo Picasso’s heirs are riding a fad for “crypto” assets that have taken the art and financial worlds by storm by selling unseen ceramic works of the great master. The number of artworks is said to be 1,010 and will be a total surprise for everyone — riding a fad for “crypto” assets that have taken the art and financial worlds by storm.
The heirs’ big move
Marina Picasso and her son Florian Picasso, Picasso’s granddaughter, opened up their upscale Geneva flat — which is brimming with pieces by their illustrious grandpa — for an exclusive interview before the official premiere this week. They gave a glimpse of the work behind what they’re billing as an unparalleled marriage of old-school fine art with digital media, albeit a tantalizingly little one.
They’re hoping to profit from and ride a wave of interest in non-fungible tokens, or NFTs, which have made millions for lesser-known musicians while also being slammed as environmentally costly get-rich schemes by some.
Picasso enters the NFT world
According to his family’s advocates, a Picasso would usher in a Grand Master into the game.
A fungible token is an asset that may be swapped one for one in economic terms. Consider dollars or bitcoins: they both have the same value and may be freely traded. A non-fungible object, such as an ancient house or a classic car, has its own distinct worth.
NFTs are created by combining this concept with cryptocurrency technology known as the blockchain. They’re essentially digital certificates of authenticity that can be attached to digital art or, well, anything else that’s digital — audio files, video clips, animated stickers, even an online news article.
The family’s comments on the move
“We’re trying to develop a bridge between the NFT world and the fine art world,” Picasso’s great-grandson Florian Picasso remarked.
The artist’s descendants are keeping their cards close to their chests in order to generate interest and protect a family heirloom for the time being. Only a slice of the underside of the sculpture associated with the NFTs, a ceramic item the size of a large salad bowl, is being seen. Forms such as a thick yellow line, a dripping green blotch, and a brushed-on number “58” at the base can be seen on the exposed areas.
Marina Picasso claims the prized pottery piece was made while she was a toddler in October 1958.
“It’s a work that depicts a face and is quite expressive,” she explained. “It’s joyful, joyful.” It is a representation of life… It’s one of those things that’s been a part of our lives, our private lives – my life with my kids.”
The Associated Press reported that Sotheby’s will hold an auction in March that will contain a unique NFT as well as the actual porcelain bowl, according to Cyril Noterman, a longtime manager for Florian Picasso, and Kathryn Frazier, a publicist for the project.
From doodling on napkins to NFTs
How charming it must have seemed back in the day when Picasso would just draw on a napkin as payment for a restaurant supper, his work apparently worth considerably more than the cost of the food and drinks he had consumed.
Some of the proceeds will be donated, with one portion going to a charity working to alleviate a nurse shortage and the other to a nongovernmental organization working to reduce carbon emissions in the atmosphere. The NFTs will also include music composed by DJ and music producer Florian Picasso, as well as composer John Legend and rapper Nas.