According to the WSJ and Mr. Paley's Foundation, they have set out to offer works by Picasso, Renoir, and Rodin.
"On Tuesday, his namesake foundation confirmed it had enlisted Sotheby’s to auction off 29 of his 81 pieces at MoMA." -WSJ
In what has been a huge downturn for the world of digital art and NFTs, slowly but surely the traditional art world is starting to make sense of it all. It won't be much longer that museums, galleries, and collectors start to realize the talent that has emerged within the digital landscape. Of course, digital art has been presented in these forms dating back to the early 1900s but not to this extent with the advancement of technology.
It comes as no surprise to me that the MoMA is making this move. They set out to hire a Web3 specialist a few months back which was an early hint that they had begun to set out on this journey. I fully respect the patience that they took before diving in and it may take as long as a few years before we see any major acquisitions.
NFT volume has declined rapidly and there are far fewer collectors in the market than there were in 2021. It sets up perfectly for a museum to start adding to its collection at this moment in time. In such a young market with so much talent, $70M could go a very, very long way.
Of late, there is a lot of potential and opportunity in this market that has not been realized yet. Few understand but a lot will soon. NFTs will become the backbone of the internet and digital art will become culturally relevant as future generations will value digital goods just as much, if not more, as physical goods.
Here are a few works that will be available at Sotheby's.
Credit: WSJ, Sothebys, William S. Paley Collection