Justin Sun has made another humongous purchase. This time, he bought one of Picasso’s artwork (known as Femme Nue Couchee Au Collier) for an outrageous $19.9 million. Apart from purchasing one of Picasso’s art, the BitTorrent CEO also purchased Andy Warhol’s “3 self-portraits” for about $1.98 million.
The Asian tech entrepreneur plans to tokenize and launch all these artworks on his newly inaugurated fund protocol network in the next few weeks.
Sun Still Desires More Digital Art Collectibles
Justin Sun’s influence in the crypto ecosystem continues to rise amidst his continued interest in digital art collectibles. His recent purchases would have set him back by $23 million. Sun issued a press release about his purchases stating that he bought the Andy Warhol paintings for $1.98M, while he bought the Picasso painting for $19.9M. It is an open secret that andy Warhol and Pablo Picasso are the top two and most influential artists of their time. These three portraits series were among the top three portraits he created before his death in 1987. Also, this Picasso painting was one of his best works that left for Marie-Therese Walter.
Hence, it is no wonder that their works continue to have a massive impact globally. Sun won auctions for his recent purchases at Christie’s 10th century art evening. On that same evening, Christie’s also broke digital art records by earning about $70 million from the auction of Beeple’s Everydays: the first 5,000 days’ by Beeple per various online news channel reports.
Just NFT Fund Estimated to Be Worth About $29.9 Million
The tech entrepreneur disclosed his launch of the Just NFT fund late last month. The blockchain network for world-class artwork aims to help artists promote their NFTs using reliable digital ledger technology. The firm will only accept quality artworks from highly influential artists and only art pieces priced at $1 million will be accepted. Also, the median value of any artwork the fund plans to accept must be $10 million.
While reacting to these details, Sun was quoted saying, “I am convinced that the 80-20 rule applies to the art space. Hence, only globally recognized artists can remain so for the foreseeable future.” based on this perspective, Sun’s newly acquired paintings will be one of the first pieces of original artworks that will be tokenized and launched on the fund network at least for now. Beeple’s oceanfront will also be among this first series of listed digital artworks and all these artworks will be priced at about $29.9 million. It would be recalled that Justin bought a small portion of Beeple’s carbon-neutral digital art during a close auction for a little over $6.5 million. With all donations from the Beeple art collection sale going to the open earth foundation, Sun claimed that winning wasn’t his priority, but he was more thrilled at being a strong supporter of the fight against a climate change project.
What’s more impressive is that Christie’s official website recognized this 1932 Picasso painting as its most expensive collection during that evening’s auctions.