Focus Moving and Pictured Gathering with Mirror by David Hockney are to be the first two works put up for fractional ownership by ArtBloc, a South Korean startup pioneering the sale of art through a blockchain-powered ecosystem.
According to a report by CoinTelegraph, ArtBloc’s sale of the two pieces by David Hockney will take place this September 19th in the Gangnam area of Seoul.
The event, titled “Hockney Night with ArtBloc,” will serve as the Seoul-based startup’s launch event, introducing art investors to fractionalized artwork ownership, a method being pioneered by the company in which buyers purchase tokens representing the art piece and have their ownership tracked using blockchain technology.
ArtBloc has generated 8,500 tokens to represent Focus Moving 2018 and 5,000 tokens to represent Pictured Gathering with Mirror 2018. Each token, valued at US$8.18, will be recorded using Ethereum.
At the event on September 19th at Lounge K in Gangnam, potential buyers will be able to see the two works by David Hockney in person before deciding to purchase tokens. Both will be making their debut in South Korea.
Jun Kim, CEO of ArtBloc, explained that David Hockney was chosen due to his growing popularity in South Korea, where he recently concluded an exhibition at the Seoul Museum of Art to much fanfare. Just last year, Hockney’s piece titled Portrait of an Artist (Pool with Two Figures) sold for US$90 million, the highest amount ever for a living artist.
Kim is hopeful Hockney’s stardom will propel factional art ownership to the mainstream, saying “We can sell fractional ownership to normal people.”
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