A Swiss bank makes it possible for less than 5000 euros to become co-ownership of a work of Pablo Picasso worth millions. Blockchain technology helps track who owns what part of the painting. A first, the bank says.
Picasso painted the bright yellow-blue-red work in 1964 and was sold at auction in 2016 for about 2 million euros. Now it is sold in parts for a total of 3.7 million euros. The minimum deposit is 4600 euros.
By the way, the work will never hang on the wall by one of the owners: it disappears into a highly secure storage, guarantees the sofa. The owners are not even supposed to be able to come and see it there. However, it will be available for exhibitions in the future.
It‘s not the first time a Picasso has to deal with blockchain technology: in June art lovers or investors could buy a share of a burnt work of art by the Spanish painter.
For The Burned Picasso, an artist’s drawing was destroyed, after which NFTs were sold. These are digital ownership certificates for virtual works or ideas.
See how NFTs work exactly: