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GENEVA (AP) – Pablo, meet Crypto.
The heirs of famous 20th-century Spanish artist Pablo Picasso are jumping into the 21st-century trade by selling 1,010 never-before-seen digital artworks of one of his ceramic works. took the worlds of art and finance by storm.
For an exclusive interview ahead of this week’s official launch, Picasso’s granddaughter Marina Picasso and son Florian Picasso opened their famous ancestral floating apartment in an upscale Geneva neighborhood. There, they offered a glimpse, however enticingly subtle, at the piece behind what they billed as an unprecedented combination of old-school fine art and digital assets.
They want to monetize and ride a wave of interest in the so-called immutable tokens, or NFTs, that make millions to much lesser-known artists and are criticized by some as environmentally costly get-rich-quick schemes.
Supporters of his family say a Picasso would mark the entry of a Grandmaster into the game.
In economics jargon, a tradable token is an asset that can be exchanged one-on-one. Think dollars or bitcoins – each has exactly the same value and can be freely traded. In contrast, an unchangeable object has a unique value, such as an old house or a classic car.
Cross this concept with cryptocurrency technology known as blockchain and get NFTs. They are effectively digital certificates of authenticity that can be attached to digital art or just about anything that comes in digital form – audio files, video clips, motion stickers, even a news article read online.
“We are trying to build a bridge between the world of NFT and the world of fine arts,” said Florian Picasso, the artist’s grandson.
Descendants of the artist are playing close to the vest to raise interest and – for now – preserve a family heirloom. They show just a sliver of the underside of the study linked to NFTs, a ceramic piece the size of a large salad bowl. The exposed parts show forms such as a thick yellow streak, a dribble green spot, and a brushed number “58” at the base.
Marina Picasso says this precious piece of pottery dates back to October 1958, when she was a child.
“It’s a work that represents a face, and it’s very impressive,” he said. “Joyful, happy. It represents life… One of the objects that is a part of our lives, our intimate lives – my life with my children.”
Sotheby’s is hosting an auction in March that will include a unique NFT alongside the actual ceramic bowl.
Florian Picasso said they agreed on the colored ceramic piece because it was “fun” to get started.
An NFT Picasso brings in almost groundbreaking symbolism, just as the Beatles collection was finally put on iTunes. Family and business executives say the goal is to create a younger community of Picasso fans.
“Everything is improving,” said Florian Picasso, insisting that the NFT honors the great artist.
“I think it fits with Picasso’s legacy because we respect him and the way he works, which has always been creative,” he said.
How strange it seemed in the old days, when, according to legend, Picasso scribbled on a napkin as payment for a restaurant meal – his craft was allegedly worth well above the cost of the food and drink he enjoyed.
Part of the proceeds will be donated – part to a charity that aims to help fill the nurse shortage, and another to a nonprofit that wants to help reduce carbon in the atmosphere. NFTs will also come with music brought together by DJ and music producer Florian Picasso, as well as songwriter John Legend and rapper Nas.
Even a full presentation of this piece is not yet available to the public: Florian Picasso played a passage for a reporter and then closed it.
“You have to buy NFT to hear more,” he joked.
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AP video journalist Boris Heger contributed to this report.
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