You too could own a share of a Picasso masterpiece for $6,000

Zurich — Connoisseurs of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000 — though that won’t actually buy them the right to see the work, which will be stored under lock and key in Switzerland.

“Fillette au béret” is being sold — or “tokenised” — via the blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first.

“This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank,” it and co-organiser Artemundi, an art investment company, said.

Subscriptions for the Sf4m ($3.68 million) sale are expected to open at the end of July, with tradable shares in the painting available for 5,000 Swiss francs and above.

The 1964 work depicting a beret-capped child in bright colours on canvas was last sold for 21.4 million Swedish krona ($2.48 million) by auction house Uppsala Auktionskammare in 2016.

It is not the first painting by the notoriously iconoclastic Picasso to rub shoulders with the blockchain.

Driven by a surge this year in the market for non-fungible tokens (NFTs), often focused on digital-only artworks and other virtual items , Sotheby's flagged an NFT-linked sale of Picasso's “Le peintre et son modèle” in June.

The painting sold for £2.25m, though plans for the joint sale of an NFT — a one-of-a-kind token that exists on a blockchain — that would link ownership to a digital version were scrapped, the auction house said.

Also in June, NFT art market Unique. One opened an auction for an NFT tied to a Picasso print, Fumeur V, which in April had sold at Christie’s for £15,000. The print — one of 50 of the same work — was first displayed at a gallery in Denver before being burnt to create the NFT “The burnt Picasso”.

However, in the “Fillette au béret” sale, the tokens are fungible — or exchangeable — and no Picasso will be burnt.

But no physical artwork will change hands either, as the painting, while being available for loan to museums and exhibitions, will be stored in a high-security facility, the organisers said.

Reuters