Digital asset-focused Swiss Bank, Sygnum, has teamed up with art investment firm Artemundi to offer fractionalized ownership shares in a Pablo Picasso painting for $6,000 each.
Shares representing ownership over $3.68 million Picasso painting, “Fillette au béret,” will be tokenized and issued via blockchain technology, allowing a wide variety of investors to gain exposure to the artwork.
The nonfungible tokens (NFTs) can be exclusively purchased by sophisticated and institutional investors through Sygnum Bank, with secondary trade set to take place on SygnEx — the bank’s digital asset trading platform.
Trades will be settled in Swiss Francs (CHF) using Sygnum’s native CHF stablecoin, DCHF. Fractionalized ownership over the painting will be recognized by Swiss law.
The 1964 painting depicts a beret-capped child in brightly coloured clothes, and was last sold for $2.48 million in 2016. The physical painting will not be sold, with the artwork slated to remain at a high-security facility when it is not being loaned to museums for exhibition.
Artemundi co-owner, Javier