NFT
Always wanted an original, signed Andy Warhol screen print? Now you can, from just $20… per tokenized share through a new fractionalized art platform. You also need to buy at least 10 shares to get a fraction of the ownership.
Free port– a platform and community gallery for tokenized fine art – is auctioning the famed pop art icon’s work as his very first collection. A four-part curated set of original Andy Warhol serigraphs is now available through the platform, ranging in price from about $20 to $78 per share, depending on the piece.
The selection includes original, signed Warhol’s serigraphsMarilyn” (1967), “Double Mickey” (1981), “Mike Jagger” (1967), and “Rebel without purpose” (1985). All are signed by Warhol, with the ‘Mick Jagger’ piece also featuring the signature of the iconic Rolling Stones frontman.
The landscape of collecting fine art is changing today.
Invest in stocks backed by historical pieces – starting with a collection from the legendary Andy Warhol.
Marilyn. Mike Jagger. James Dean. Mickey Mouse
Iconic art
Offering Circular https://t.co/ADmCJcE1dN pic.twitter.com/o9iaLqpzPx
— Freeport (@freeport_app) May 10, 2023
Each piece is represented by 10,000 tokenized shares minted on the Ethereum blockchain, putting the estimated value of each piece between $199,000 and $782,000 each.
Any user wishing to invest in any of the four pieces must purchase at least 10 NFT-based shares of the work and can own as many as 1,000 shares. In other words, up to 1,000 people in total can own a single piece because of fractional shares.
Fractionated assets breaking down an entire asset – be it digital or physical – into smaller shares or pieces. These tokens create liquidity for something previously considered illiquid, allowing more people to invest in an asset. This has been done with physical art, digital art and even real estate.
If Freeport eventually sells any original work, the prorated profit will be passed on to the token holders and the tokens will be burned (or permanently destroyed).
In the meantime, tokenized share owners will be able to view and display a digital version of each piece through the Freeport app, and the company says it plans to add more tools for holders. A secondary market for shares will also be established, eventually allowing holders to sell them to others while the original asset remains in Freeport’s custody.
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Freeport proudly claims to be “the first company of its kind to complete a Regulation A rating” with the U.S. Securities and Exchange Commission (SEC) to release an “investment grade art blockchain platform.” Given the SEC’s increasing crackdown on crypto companies and the murky regulatory clarity surrounding fractionated NFTs, that could give some would-be collectors peace of mind.
Fashion icon “Baby” Jane Holzer is one of the original owners of Warhol prints who sold their work to Freeport for this symbolic offering.
“As a lifelong art collector, I am passionate about Warhol. He was a good friend and always pushed the envelope in the art world,” Holzer said in a statement. “Freeport is also shifting the art envelope with their offer to democratize art ownership. They disruptively bridge a gap between art appreciation and ownership for all.”
Interestingly, this isn’t the first time Warhol’s work has been fractionated and sold on blockchain. Back in 2018, Dadiani Syndicate– a subsidiary of Dadiani Fine Art – also offered fractional Warhol works. In this case, it was Warhol’s 1980 piece “14 Electric Chairs.” valued at $5.6 million at the time.
More recently in 2022, the Showpiece platform sold fractional shares of Warhol’s reigning queens 1985 print. The piece, depicting the late Queen Elizabeth II, was divided into 3,500 shares at £100 each.
