New York museum plans to buy NFTs from art auction | The Financial Express

New York museum plans to buy NFTs from art auction

It is anticipated that the transaction will bring in between $70 million and $100 million.

New York museum plans to buy NFTs from art auction
To sell these items, the foundation has been in touch with the Sotheby's auction house.

According to a Sept. 13 Wall Street Journal article, the William S. Paley Foundation intends to auction off artwork valued at roughly $70 million and use a portion of the earnings to purchase non-fungible tokens (NFTs) and digital art, as reported by Cryptoslate.

Glen Lowry, the director of the New York Museum of Modern Art (MoMA), revealed the concept.

The organisation overseeing William Paley’s estate since his passing reportedly plans to sell 29 of his 81 works currently housed at the museum and use the cash to increase MoMA’s digital footprints.

According to Cryptoslate, to sell these items, the foundation has been in touch with the Sotheby’s auction house. Pablo Picasso’s “Guitar on a Table” and Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” are two works of art that are expected to be auctioned and are each worth at least $55 million combined.

There would be sales of further artwork, such as Renoir and Rousseau. It is anticipated that the transaction will bring in between $70 million and $100 million.

The museum will receive the majority of the money, but the foundation also intends to utilise some of it for other charitable purposes.

According to Lowry, the museum might be able to purchase NFTs with some of the money. He also left open the prospect of using the money to start a streaming service, host online exhibitions, and work with universities to provide online courses.

(With insights from Cryptoslate)

Also Read: Hardware wallets aim to take same approach towards Ethereum Merge

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.