Each NFT fragment of the Andy Warhol piece will come with a signed rights release from the original physical piece’s owners.
Andy Warhol was a popular American artist whose art was the center of gallery exhibitions in the 1960s. Now 961 pieces of his work are going on sale. The 961 original art pieces were created by Warhol in 1967 and will each be in a form of NFT fragments. According to reports, each art piece will sell for around $55, bringing the total price of the whole artwork to approximately $53,000 if all NFTs are sold.
Each NFT fragment of the Andy Warhol piece will come with a signed rights release from the original physical piece’s owners. The piece is made up of ten portraits printed in a recurring pattern on polyurethane cubes of various colors.
The sale of the piece will be held by CUBIC, a Mexican company backed by LS/Galería. Portraits of Artists 1.7 is the title of the piece, and there are only 200 copies in the world. CUBIC will sell the artist’s signed work number 172.
The founder of CUBIC, Luis Enriquez, told reporters that this is the first major NFT sale based on a physical work of art. According to Enriquez, the whole process will be simplistic. “You take a piece of art, you imagine we are making a grid and each piece is an NFT,” he added.
The NFT will be accompanied by a transfer of rights signed by the owners, according to CUBIC’s official Twitter page, so the buyers will be credited as the owners of that part of Andy Warhol’s work. “You become the owner of a fraction of the physical Andy Warhol and the vehicle by which we demonstrate it is an NFT. It is a real investment and a digital asset,” they stated.
Customers who buy a piece of NFT will not only be able to own the digital asset but just a small part of the real piece.
CUBIC’s official Twitter page again remarked:
“Collecting art is no longer a prerogative of the elite few. Blockchain has shaped the course of art history and its market. By joining Cubic, you become part of a community that will allow the decentralization of traditional art practices.”
Andrea Zapata, the director of LS/Galería after the announcement, stated that the buyers of each NFT will be sent a link that redirects to a platform where they can check where the piece comes from, what year it was bought, who the current owners are, and with the transfer of rights, you can verify that the piece is yours. “Although you are buying a piece worth $55, you will be receiving the same treatment as someone who buys a piece worth 600,000 dollars here in LS/Gallery,” he stated.
Andy Warhol was born on August 6, 1928, and passed away on February 22, 1987. He was a prominent figure in the visual art movement known as pop art as an artist, film director, and producer. His works covered a variety of mediums, including painting, silkscreening, photography, cinema, and sculpture.
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