Swiss bank issuing NFT shares in Pablo Picasso painting for $6K
Digital asset-focused Swiss Bank, Sygnum, has partnered with art investment firm Artemundi to offer fractionalized ownership shares in a Pablo Picasso painting for $6,000 each.
According to the announcement, shares representing ownership over $3.68 million Picasso painting, ‘Fillette au béret,’ will be tokenized and issued using blockchain technology, allowing a wide variety of investors to gain exposure to the artwork.
Shares as the nonfungible tokens (NFTs) can be exclusively purchased by sophisticated and institutional investors from Sygnum Bank, with secondary trade set to take place on SygnEx, the bank’s own digital asset trading platform.
Trades will be settled in Swiss Francs (CHF) using Sygnum’s native CHF stablecoin, DCHF. As part of the project, fractionalized ownership over the painting will be recognized by Swiss law.
The 1964 painting depicts a beret-capped child in brightly colored clothes and was last sold for $2.48 million in 2016. The physical painting will not be sold, with the artwork slated to remain at a high-security facility when it is not being loaned to museums for exhibition.
Sygnum is not the first company looking to tokenize the work of Picasso. Back in June, Sotheby’s auction house announced it had collaborated with Mira Imaging with plans to auction Picasso’s work “Le peintre et son modèle” as an NFT.