- Each piece of the painting was sold at $1,500
- No one will be able to claim possession of the physical painting
Loic Gouzer, the founder of the Particle (which will be conducting the Auction), Noticed that only big Mongols and wealthy people participate in the auction of any artwork. Gouzser thinks all the ordinary people who are not billionaires are, by definition, excluded from these. He believed that everyone, rich or poor, should have the right to own artwork. Hence to bring this into reality, he launched this collection.
This fact can be verified by his statement, which he gave to the newspaper mentioning, “When I was a kid, and I was looking at auctions and catalogs, I always felt it was impossible to participate financially and that I was by definition excluded. Fractionalizing the work in 10,000 NFTs allows a much wider audience to be part of a collecting experience.”
About the Painting
The painting is called “Love is in the Air.” It depicts a man dressed as a militant. He is in the throwing position, like he might be throwing a petrol bomb or stone, but surprisingly, he is throwing a beautiful bouquet. The painting symbolizes that protests should be peaceful. It was sold at a whopping sum of $12.9 million. It rose to fame in 2005 when Banksy used it as the cover image of the book Wall and Piece.
Banksy is a pseudonymous England-based street artist, political activist, and director. Each slice of the painting costs $1,500. The particle announced that the picture was divided into 10,000 separate pieces, each sold for $1,500. After the initial selling, the pieces could be sold in the market.
About Particle
Particle is an art collector that converts physical art into digital format and sells it as NFTs.Particle has an in-house curatorial team. It finds the best and in-demand artists who may provide long-lasting value. Then the artwork is divided into several parts so that multiple people can co-own it. Then several particles of art are sold through Presale and Open sales. The community has 2,500 co-owners that bring traditional Art to Web3.
NFTs are Making Fractionalization Easier
This sale of the painting has now set a trend in the market for selling physical art in the form of NFTs. Through this process, not only can small investors take part, but they can also further sell the art piece to earn profits. It creates a sense of belonging among investors who own a piece of art.
Such events are taking place more often now. For example, thousands of crypto fans pooled their money to bid on an original print of the constitution at Sotheby’s and raised a considerable sum of $40 million. But the buyer became the mogul Kenneth C. Griffin, who paid $43.2 million.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in cryptocurrencies and NFTs comes with a risk of financial loss.
