New Delhi, Nov 14 Collecting art has historically been the privilege of a select few. The elite collector community has traditionally shaped the course of the art market and art history. Now, blockchain has created an opportunity for a game-changing paradigm shift. This shift will allow the decentralisation of traditional practices of art collecting, ownership, and enjoyment.
One of the top-five highest-selling living artists ever, Sacha Jafri, will team with Artfi to democratise fine art collecting through fractionalised ownership. Aspiring art collectors can soon own a stake in one of Jafri's highly sought multimillion-dollar artworks, thanks to Artfi's groundbreaking art investment platform.
Jafri's artwork routinely sells for millions of dollars. "Journey of Humanity," recognised by Guinness as the world's largest art canvas at 1,800 square meters, fetched $62 million at a 2021 auction in Dubai - the third-highest auction price of a living artist's work ever.
Commenting on the association, Sacha Jafri, said, "This collaboration with Artfi allows for a new way forward, combining technology with fine art. The democratisation of art is something I'm really excited about. This can connect my collectors all over the world to the ownership of one of my pieces. And as an artist, that's a beautiful thing."
Asif Kamal, Founder, Artfi, added, "This is the first time top-tier art will be accessible to everyone - the first-time art won't differentiate between those who can spend a lot and those who can spend a little, For the first time, everyday people will explore, learn, appreciate, and possess incredible, priceless creations firsthand. We're not selling you the image of the painting, we're selling you this concept of ownership of a piece of the painting. We're facilitating buying unique pieces of artwork.
Artfi acquires works of art and creates 10,000 NFTs representing ownership of the physical piece. These NFTs include special royalty rights for the original minter. After the initial mint, these NFTs will trade on secondary markets, bringing greater liquidity to the fine art market. This will be the first time that retail investors can own a financial interest in Sacha Jafri's most valuable paintings and earn royalties for their participation.
Royalties and Partial sale Opportunities in the fine art world are something never existed in the history of fine art, Artfi brings a unique proposition for artists, sellers, and collectors to give them opportunities to earn Royalties on each NFT transaction and the opportunity to sell 90 per cent of their art and keep 10 per cent lock in their wallet for future upside if they consign their artwork with Artfi.
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