‘You need only two rich people to want to buy something they can exclusively own for it to become very expensive’.
– Sebastian Smee, art critic for Washington Post
The recent sale of the digital thing (it’s a .jpg file) called ‘Everydays: The First 5000 Days‘ with its non-fungible token* attached, has caused a stir in the art world. It went for $69.3 million.
*Essentially a digital certificate of authenticity that is a string of characters connected to a blockchain: the same concept that powers cryptocurrencies such as Bitcoin. (The blockchain means the characters sit in different physical places around the internet, and have to be combined to verify authenticity).
Is it art? I don’t know, I guess so — but it cannot possibly be worth $69.3 million. Just as the Rabbit, the Pool with Two Figures, or that duct-taped banana, cannot possibly be worth $91.1 million, $90.3 million or $125,000, respectively.
(Just for the record, Guinness World Records lists Leonardo da Vinci’s Mona Lisa as having the highest-ever insurance value for a painting. On permanent display at the Louvre in Paris, the Mona Lisa was assessed at US $100 million on Dec. 14, 1962. Taking inflation into account, the 1962 value would be around US $870 million today).