On September 1, it was revealed that the South Korean art-focused blockchain project known as ArtBloc will conduct a fractionalized ownership sale of two works by British painter David Hockney. The special event will be hosted in Seoul, South Korea on September 19.
For the startup company, this is a big opportunity for ArtBloc, who acquired the two paintings, Focus Moving, 2018 and Pictured Gathering with Mirror, 2018, earlier this month. ArtBloc will be issuing 8,500 tokens for Focus Moving and 5,000 for Pictured Gathering with Mirror. Each token will be priced at 9,900 won ($8.18).
David Hockney has drawn a lot of attention recently. There have been documentaries and movies made about him, and the recent exhibit of his work in South Korea drew 350,000 visitors. Hockney is frequently referred to as “the most expensive artist in the world.” It is expected that these paintings will draw a lot of Hockney fans for the sale.
For Hockney enthusiasts, this is the first time that his work has been on display in South Korea. A launch party will be held in conjunction with “Hockney Night with ARTBLOC.” The launch party will give fans and lovers of his work the opportunity to review the pieces before they are officially auctioned off. The auction will begin almost immediately after the viewing.
A fractionalized ownership sale is one where a piece of artwork can be sold to a number of different owners, with each owning a piece of the particular artwork. This has become a common method for art enthusiasts to own a piece of a historic or culturally significant piece of art without having to bear the entire cost related to it. They still own a piece of the artwork and reap the benefits if that piece should increase in value. Meanwhile, the artwork is stored in a secure location or is kept on display, which ensures it is protected.
The auction will begin at 7:30 PM at the Gangnam LOUNGE’X. Those who would like to be involved in the auction are encouraged to arrive early, as it is expected that the event will be at capacity. ArtBloc CEO Kim Hyung Jun sees this as a historic night, as he explained that “through this event, a fresh perspective will be presented regarding the Fine Arts.”
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