New York’s Museum of Modern Art (MoMA) is planning to buy NFTs with the proceeds of the sale of William S Paley Foundation’s artworks worth $70 Million.
As per reports, the museum intends to sell $70 million worth of the collection which had been under the care of the founder of the CBS broadcasting network. Sotheby’s will sell off 29 of Paley’s 81 pieces at MoMA later this year.
The impressive collection includes Pablo Picasso’s 1919 “Guitar on a Table” and artworks by Renoir and Rodin.
It is worth mentioning that Pablo Picasso’s 1919 Cubist “Guitar on a Table”, which once adorned the space above the fireplace in Mr. Paley’s Manhattan bedroom, will be up for sale for at least $20 million on 14 November in New York.
Yet another historical piece, Francis Bacon’s 1963 triptych, “Three Studies for Portrait of Henrietta Moraes”, will be available for at least $35 million on 14 October in London, revealed Sotheby’s.
MoMA’s director, Glenn Lowry, said the museum wants to expand the digital reach of the museum after a pandemic-stricken slump in the number of attendees.
The museum’s team is keeping an eye on the digital art market and is also considering purchasing digital art connected to NFTs. The team might even possibly launch its own streaming channel to potentially buy more art, digital or physical.
Also read: Uffizi Gallery made €70,000 from Michelangelo NFT Sale
