This week, the Museum of Modern Art (MoMA) in New York announced that it will sell up to $70 million worth of traditional art to support its efforts in the digital art market, and that market includes NFTs. The announcement is a nod to the popularity of NFTs and their role in the future of art. Some of the artworks sold as a result of this art sale include works by Pablo Picasso and Pierre Auguste Renoir.
MoMA sells Picasso and Renoir to support NFT collection
The news confirms that MoMa is looking forward and expanding its art collection beyond physical and into NFT art. In addition, early estimates show that the collection of 29 modern art pieces will fetch around $70 million. The collection will be auctioned at Sotheby’s this fall.
Popular units for sale include:
- Francis Bacon, Three studies for the portrait of Henrietta Moras (1963)
- Pablo Picasso, Guitar on the table (1919)
- Pierre Auguste Renoir, The strawberries (about 1905)
- Joan Miró, Painting (1949)
According to MoMA Director Glenn Lowry, “We are growing our digital audience and not losing anyone, so we understand that we need to increase our capacity off-site and online.”
What NFTs does the Museum of Modern Art buy?
As usual, NFT Twitter is downplaying MoMA’s decision. In fact, they are joking about how to decide which NFTs to buy. One user @ben_zank said, “MoMA has 70 million
Finally, it will be interesting to see what NFTs do in MoMA’s new digital art collection. Some of the most popular NFTs such as CryptoPunks, BAYC, Ringers, Fidenza, Beeple, Squiggles and XCOPY are definitely worth considering.
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This article is educational material.
As always, do your own research before making any investment.