Buying a Picasso painting may not be a realistic option for most people. However, with the help of blockchain technology, more people should be given the option of at least a little Picasso money for. That’s the argument for at least one Swiss bank in one of its new proposals.
The institute enables investors to buy shares in Picasso paintings through blockchain technology. From CHF 5,000, professional investors can buy a piece of a work of art “Fillet au Beret”, announced Sygnum Bank, which specializes in digital assets, and art investment company Artemundi.
This is the first time that ownership of Picasso or other works of art has been transferred from a regulated bank to a public blockchain so that investors can trade shares.
The picture painted in 1964 with a value of four million francs shows a bust of a girl and is being kept in a special warehouse. The image is secured as a form of security through so-called tokens. After subscribing to the shares, investors can trade them on the Sygnum platform.
business without banks
This will eliminate middlemen. The denomination gives a wider group of customers access to an expensive work of art. One of the most influential artists of the 20th century, Picasso’s paintings have consistently gained value until now.
Through blockchain, a decentralized database in which all transactions are encrypted and stored in a forgery-proof manner, transactions can be carried out without banks or other intermediaries and property rights can be protected.
Proponents of the technology believe that at some point everything – from concert tickets to homes – will be stored on a blockchain.
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