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Home » Features » Third Place NFT tastes appetite for Renoir with fraction auction of painting

NFT platform The Third Place has announced the launch of a premium collection of real masterpieces of world pictorial art “The Greatest Works of Art”, which will be sold at an auction in the form of a limited series of NFT tokens.

The first masterpiece to be auctioned will be the painting by the famous French artist Pierre Auguste Renoir “Double Portrait of Jeanne Baudot”, painted precisely 125 years ago. According to the project webpage, global sales will start on December 22 at 16:00 Moscow time.

As part of the tokenization Renoir’s painting will be divided into 1125 exclusive NFT tokens, the holders of which will receive the rights to use the painting, exclusive rights to digital copies of the acquired NFTs, as well as non-exclusive rights to a full digital copy of the famous artist’s painting.

Third Place NFT said fragments would be randomly allocated to bidders. After the purchase the painting will be delivered to Third Place, which is based in the Naryshkin Palace in the heart of St Petersburg and will be available for private show to NFT holders.

About the collection

“The Greatest Works of Art” is the first special project of Third Place NFT, whose main mission is to create the largest accumulated collection of classical art. As part of this project, the platform plans to locate world-famous art objects verifying their authenticity in partnership with a number of major museums, and, with the help of NFT technology, to make them accessible for everyone.

Thanks to NFT, the rights of use for the obtained art objects will be certified in the form of several thousand unique fragments, and the platform participants will be able to buy famous masterpieces of world art in parts using tokens. Later the painting will go on temporary exhibition in one of the partner museums.

Once all fragments have been sold, then a secondary market will be launched. The actual painting will remain under the legal ownership of the Third Place Foundation.

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Thus, with the help of the Third Place NFT platform, absolutely anyone will have the opportunity to own the rights to works worth tens of millions of dollars, and art lovers will be able to enjoy masterpieces of such great artists as Renoir, Van Gogh, Gauguin, and many others decorating the walls of public art spaces.

About the platform

The Third Place NFT platform was created with the support of the Third Place cultural space and offers contemporary artists the opportunity to tokenize their works.

With the help of the Third Place NFT, artists and galleries get the opportunity to issue NFT rights to their works free of charge and to put their works up for sale, while the collectors, acquiring art objects from the platform, will be able to verify their authenticity.

The platform operates on the basis of the fastest Everscale blockchain and is a part of an international group of companies ITGLOBAL.COM – a global provider of IT services and products.

Related

This article is not investment advice. Investors should do their own research or consult a professional advisor.

Stuart Fieldhouse Editor

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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