New York museum plans to buy NFTs from art auction proceeds


The William S. Paley Foundation will auction approximately $70 million worth of art, with a portion of the proceeds going toward non-fungible tokens (NFTs) and digital art. wall street journal report September 13.

The plans were unveiled by Glenn Rowley, director of the Museum of Modern Art (MoMA) in New York.

After his death, the foundation managing William Paley’s estate sold 29 of the museum’s 81 works, with the proceeds going to expanding MoMA’s digital footprint, according to reports. I would like to use it.

The Foundation has contacted Sotheby’s auction house to sell these works.

Artworks likely to be sold include Pablo Picasso’s ‘Guitar on the Table’ and Francis Bacon’s ‘Three Studies for a Portrait of Henrietta Moraes’.

Other works by Renoir and Rousseau will also be for sale. The sale is expected to occur between $70 million and his $100 million.

Most of the proceeds will go to the museum, but the foundation will spend some on other charitable causes.

Museums can use some of the funds to buy NFTs, Lowry said. He also didn’t rule out the possibility of using the funds to launch streaming channels, hold virtual exhibitions, or work with higher education institutions to offer online courses.

Regarding the possibility of buying NFTs, Lowry said:

โ€œWhile we are conscious of lending imprimatures when acquiring works, it does not mean that domains should be avoided.โ€

MoMA made its first foray into the NFT space in 2021 when it provided AI artist Refik Anadol with metadata for his NFT/digital art exhibition collection. not supervised.

Posted In: New York, NFTs
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