Being auctioned by the International Art Centre in Auckland, Rita Angus’ Cass painting has been turned into an NFT digital asset.
It comes after Auckland’s Webb’s sold two NFTs in February based on portraits of Charles Goldie for $51,250 and $76,250. Both of those were valued between $5000 and $8000. A third major auction house, Art+Object, has confirmed it will sell an NFT of the artwork Maho by Gordon Walters.
NFTs, or non-fungible tokens, are digital assets. Brands from fast-food chains to fashion outlets have jumped on the NFT bandwagon. NFT art has even been sold from vending machines in New York City.
James Blackie, director of art at creative NFT studio and marketplace Glorious explained that leading auction houses selling NFTs represented a “tipping point” in their being taken seriously.
While NFTs would never replace tangible art, they could genuinely complement the art world, including by being an extension of a person’s art collection, Blackie said.
