The Swiss bank will sell Pablo Picasso’s Fillette au béret as digital tokens using blockchain technology, revolutionizing the art market.
It is now possible to own shares in a work without physically owning it. Sygnum, a Swiss digital asset bank, and Artemundi, an art investment pioneer, have teamed up to “tokenize,” or divide this table into shares. This is the first time that ownership of a Picasso, or any work of art, has been extended in this way by a regulated bank, allowing investors to buy and trade “shares” of the art, the Swiss bank pointed out in a press release published last Thursday.
Oil painting “Fillette au béret” by Pablo. #Picasso Now on #blockchain! For the first time in the world, Sygnum Bank and @ArtemundiGroup partnered to transform Picasso’s masterpiece into a bank-grade blockchain-based trading security system. https://t.co/0QXWioRFWF
– Sygnum Bank (@sygnumofficial) Jul 15, 2021
A new attitude towards art
Tokenization allows you to split the goods and works on the same principle as stocks on the stock market. Thus, these shares are sold and resold using blockchain – a technology for storing and transmitting information. Thus, this technology allows users connected to the network to exchange data (here – pieces of Picasso’s work) without intermediaries.
Painted in 1964 by Pablo Picasso, one of the most influential artists of the 20th century, this oil on canvas is valued at 4 million Swiss francs, or approximately 3.6 million euros. The painting has been exhibited in museums around the world, such as the Galerie Beyeler in Switzerland, the Moderna Museet Museum in Sweden, the Kunsthalle Nurnberg in Germany, LACMA or the Phoenix Art Museum in the USA. The painting itself, certified by Artemundi, will be kept in a specialized warehouse and thus will not be physically purchased by any of the token buyers. The bank assures us that token holders will see their share of ownership in the table, fully recognized by Swiss law.
desire to open the art market
The Swiss bank, which has a $ 60 billion a year art market, explains that tokenization lowers barriers to art investment and opens up the art market for new investors. This technology allows direct sales between buyers and resellers of stock to be organized in a secure location, thereby reducing transaction costs.