$70 Million USD MoMa Art Collection Expected To Be Sold in Order to Fund NFT Purchases

Including classic works from Picasso, Bacon, Rousseau and Renoir.

6 Comments

The Museum of Modern Art is looking to expand its digital footprint in the world, possibly looking to acquire the museum’s first NFTs.

With the help of the William S. Paley Foundation, MoMa is slated to auction off at least $70 million USD worth of art masterpieces to fund its purchase of NFTs. Since the CBS co-founder died in 1990, MoMA has been caring for William S. Paley’s personal collection of art. Paley’s foundation currently holds endowment funds used for MoMa and its educational and cultural programs. The foundation has currently listed 29 of the 81 pieces of the MoMa collection with Sotheby’s to raise money to fund the purchase of NFTs.

In a recent interview with Wall Street Journal, MoMa’s director Glenn Lowry has outlined a rough idea of where the funds will be allocated post-sale. MoMa has considered launching its own streaming channel as well as hosting a series of virtual exhibits and video conversations with creators or collaborators with universities to offer online courses. However, for crypto fans, MoMa is also planning on purchasing the museum’s first NFTs.

Some of the pieces hitting the auction block include some of art history’s most well-known pieces including Pablo Picasso‘s 1905-06 “Boy Leading a Horse” as well as Matisse’s “Woan with a Veil.” Other paintings from Rousseau and Renoir are set to be auctioned off as well. Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” is slated to fetch $35 million USD while Picasso’s “Guitar on a Table” is said to sell for at least $20 million USD. In total, the collection is expected to fetch between $70 to $100 million USD. It is uncertain which NFT pieces MoMa is looking to acquire with the funds.

In other art news, Pieter Ceizer’s latest wood sculpture encourages you to “dream.”

Read Full Article

What to Read Next

Julie Curtiss Intertwines Reality and Dreams in Latest Exhibition at Anton Kern Gallery

Julie Curtiss Intertwines Reality and Dreams in Latest Exhibition at Anton Kern Gallery

Entitled “Somnambules (Sleepwalkers).”

Inges Idee and AllRightsReserved's Art Installations Tower Over New Landmark in Shanghai

Inges Idee and AllRightsReserved's Art Installations Tower Over New Landmark in Shanghai

The joint effort looks to harmonize a community through an up close and personal experience of art.

Futura Softly Details Limited Edition Akari Series Together With the Noguchi Museum

Futura Softly Details Limited Edition Akari Series Together With the Noguchi Museum

Each lamp and print is graced with his signature take over Noguchi’s designs created back in 1954.

Pieter Ceizer's Latest Wood Sculpture Encourages You to 'Dream'

Pieter Ceizer's Latest Wood Sculpture Encourages You to 'Dream'

Limited to a hand-signed edition of 30, ‘Dream’ is a blissfully light-hearted work.

A Painting by Skepta Just Sold for £81,900

A Painting by Skepta Just Sold for £81,900

Almost £22,000 over its estimate.


Parra, Patta and Avant Arte Join Forces for 'When the Smoke Clears' Charitable Print

Parra, Patta and Avant Arte Join Forces for 'When the Smoke Clears' Charitable Print

Three Amsterdam titans, one ultra-special print release.

Frieze Seoul 2022 in Pictures

Frieze Seoul 2022 in Pictures

A closer look at the fair’s inaugural Korean edition.

Emma Webster Releases 'La Nouvelle Epoque' Prints via Stems Gallery

Emma Webster Releases 'La Nouvelle Epoque' Prints via Stems Gallery

50 hand-painted lithograph prints from the rising British-American painter.

New York Authorities Have Seized 27 Looted Artifacts From The Met

New York Authorities Have Seized 27 Looted Artifacts From The Met

Worth up to $13m USD.

teamLab Plays With Perception in 'Massless Suns'

teamLab Plays With Perception in 'Massless Suns'

A new solo exhibition on view at Pace Seoul.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.