A UK artist has introduced that he has offered a group of 19 paints for a complete of 490 Bitcoin. The worth fetched for the gathering on the time of writing is simply lower than $4.9 million.
Lincoln Townley, the creator of the gathering, has a historical past of promoting his artworks for Bitcoin. The truth is, the celebrated London-based artist made what’s broadly believed to be the primary instance of piece of art work auctioned by which Bitcoin was used because the cost methodology.
One other Artwork Assortment Sells For Bitcoin
In response to a report in UK information publication Evening Standard, the favored UK artist Lincoln Townley has simply offered extra of his art work for Bitcoin. An unnamed Singaporean enterprise man purchased the gathering, titled “Greed”. He reportedly paid 490 BTC, or virtually $4.9 million for the 19 work.
— tweetonlondon (@tweetonlondon) September 11, 2019
The works had been as a consequence of go on show at The Saatchi Gallery in London, subsequent month. Nonetheless, following the sale, which passed off with the assistance of an Swiss agent, the gallery will solely show the works for a a single day this month.
Townley is not any stranger to receiving Bitcoin as a method a cost for his work. The artist is broadly credited as the primary artist to make an official sale of their work utilizing the cryptocurrency. In 2017, he offered the piece “Homage to Francis Bolton” for 40 Bitcoin. On the time of the sale, this was round $640,000.
The artist isn’t solely well-known for his acceptance of Bitcoin, he has a listing of excessive profile, A-list followers together with Michael Caine, Al Pacino, Sting, and Ronaldinho. In the meantime, different huge names have been the topic of the artist’s work. For instance, Kate Moss and the late David Bowie have been painted by Townley. He additionally famously offered a diamond-encrusted portrait of Princess Diana for a cool $1.23 million in 2017.
Along with the artist’s embrace of different cost strategies, he has additionally made a reputation promoting his work by way of social media. In 2018, NewsBTC coated an public sale that passed off on-line and completely in cryptocurrency. The occasion was held over the course of a weekend final yr.
Townley believes his unorthodox gross sales are about greater than novelty, nonetheless. He claims that such experimentation might effectively remodel the artwork trade. He acknowledged on the time of the 2018 sale:
“One of the best factor is it fuels my perception that galleries are secondary to an artist’s success – they only want to have a look at galleries as one other string to their bow. There are such a lot of different methods to get gross sales with know-how.”
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