At least some of the work always turned into a cloud of smoke. Damien Hirst said that as part of his year-long NFT project, Bald Posture, he would burn several of his paintings at the Newport Street Gallery in London.
When Hearst’s private museum opens on September 9, people will be able to see some of the 10,000 oil paintings on paper that the artist made in 2016. In 2021, he will give all of these paintings to the local NFT. One of these could be bought by a buyer. After they bought 10,000 NFTs for $2,000 each, they could either keep it or trade it for physical labor. If the first, the picture will be shown before it is burned. During the exhibition, the artworks will be destroyed every day, with the last paintings being burned during freeze week in October.
At the time this was written, there was still one day left for people to choose. 4,038 people had already traded their NFTs for physical work, leaving 7,541 NFTs unused.
For the money project, Haney made 10,000 paintings.
Hearst once told an art magazine that his “most exciting ever” project “touches on the idea of art as a currency and store of wealth.” He said, “This project looks at the edges between art and money, like when art becomes cash and when cash becomes art. It’s not a coincidence that governments use art on coins and bills. They do this to make us believe that money is real. Without art, it’s hard to believe in anything.”
Hearst has no doubt spent decades using the market as his medium. For the love of God, he made a sculpture of a human skull from the 1800s out of platinum and 8,601 diamonds. Hearst is said to have sold the piece for £50 million to a partnership that included the artist in August 2007. This was before tokenizing art became popular.
A year later, when Lehman Brothers went bankrupt and the world economy went into crisis, Hearst sold 287 paintings to Sotheby’s right from his studio for £111 million. Not only was the event big and important, but it also got rid of the middlemen in the galleries, which flooded Hearst’s market, which never recovered.
pertinent to Posture
Heny Analytics makes a monthly report on the buying and selling of Hearst’s NFTs on the secondary market. The first piece of information shows that between July 30 and August 31, 2021, 2,036 sales of Posture added up to $49.9m. In June of this year, only 170 deals worth a total of $1.4 million were made. Materialized functions that have been changed seem to work better. In January, one of the original paintings sold at Philips in London for £18,900.
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