In the eye of the storm
BAFFLING to some, a stroke of genius to others, there’s no doubt that non-fungible tokens or NFTS (digital files with unique signatures) have taken the art world by storm in the past 18 months or so—indeed, Christie’s punched through the $100m ceiling for NFT sales worldwide within less than a year. Speaking of storms, the British Museum has 20 Turner paintings within its vaults that were bequeathed by Robert Wylie Lloyd in 1958 under the proviso that they should only be shown for two weeks a year in February or by special request, and would never be lent.
Little could the former Christie’s chairman have imagined the modern-day digital loophole that now allows the British Museum to create up to 484 NFTS from these precious works, to be auctioned with starter prices ranging from €799 to €4,999 (£666 to £4,168). Four will be ‘open editions’ with up to 99 NFTS created for each; seven ‘super rare’ with only 10 each and nine will be ‘ultra rare’, allowing only two NFTS per painting. Buyers will also receive books and be invited to talks and tours on Turner and the museum will retain one NFT per ‘ultra-rare’ and ‘super-rare’ edition.
The online auction will run from February 9 to March 4 via French start-up Lacollection, through which the British Museum is currently enjoying success selling NFTS of 200 Hokusai works, including Under the Wave off Kanagawa. ‘The first [Turner] Ultra Rare and Open Edition NFTS will be exclusively made available to existing community members who have previously purchased a Hokusai NFT’ on February 8–9, explains an Lacollection spokesperson; visit www.lacollection.io for details.