$70 million art collection at MoMA to be sold, proceeds could fund NFT purchases

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The William S. Paley Foundation will auction at least $70 million worth of masterpieces this fall to expand the digital footprint of New York’s Museum of Modern Art (MoMA) and eventually acquire the museum’s first museum. NFT.

MoMA has cared for the William S. Paley collection since the CBS co-founder’s death in 1990. Paley’s eponymous foundation, which holds endowments for museums and educational and cultural programs, appealed at Sotheby’s to auction 29 of the 81 pieces in the MoMA collection.

Proceeds from the sale will be used to expand the museum’s digital presence. According to MoMA director Glenn Lowry in the the wall street journalthe museum described several possibilities for the silver.

MoMA can launch its own streaming channel, host virtual exhibits and video chats with creators, or collaborate with universities and course providers to offer online courses. More importantly, for crypto fans, MoMA can also buy its first NFTs.

Lowry said the museum has a dedicated team that monitors the digital art landscape to seek out potential artist collaborators or purchases.

“We are aware that we lend an imprimatur when we acquire coins,” he said of NFTs in the interview, “but that doesn’t mean we should avoid the field.”

What’s for sale?

The arrangement between the William S. Paley Foundation and MoMA gives MoMA the final say on how the collection will be used. A small portion of the sales from the fall auction will go to other philanthropic causes pursued by the late Paley.

Many of the collection’s best-known pieces, including Picasso’s ‘Boy Driving a Horse’ (1905-06) and Matisse’s ‘Woman with a Veil’, are not for sale. However, Lowry has confirmed that a Rousseau and a Renoir will be auctioned.

Pablo Picasso’s ‘Guitar on a Table’ will go for at least $20 million in New York in November, while Francis Bacon’s ‘Three Studies for a Portrait of Henrietta Moraes’ will go for at least $35 million at auction. dollars in London in October, according to Sotheby’s.

The collection should bring in between 70 and 100 million dollars.

While MoMA has yet to own any tokenized artwork on the blockchain, the museum has helped create NFTs in the past. In November of last year, MoMA provided metadata for its entire collection to Refik Anadol, AI artist NFT exhibition/project Not monitored.

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