4

Damien Hirst burns his own art after selling NFTs

 1 year ago
source link: https://finance.yahoo.com/news/damien-hirst-burns-own-art-151259799.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

Damien Hirst burns his own art after selling NFTs

Steven McIntosh - Entertainment reporter
Wed, October 12, 2022, 1:56 AM·4 min read

Damien Hirst has begun burning hundreds of his own artworks after selling a series of non-fungible tokens (NFTs).

The artist told buyers who bought pieces from his latest collection to choose either the physical artwork or the NFT representing it.

Those who chose the NFTs were told their corresponding physical piece would be destroyed.

Asked how he felt to be burning the works, Hirst said: "It feels good, better than I expected."

The artist was dressed in silver metallic boiler-suit trousers and matching fire safety gloves as he collected each piece and burned it in a contained fire box.

It has been estimated the works being burned are collectively worth almost £10 million.

One of Damien Hirst's artworks being burned
Newport Street Gallery said 4,851 buyers chose the NFTs, which means that many physical artworks will be burned

Hirst launched his first NFT collection last year, called The Currency, which was made up of 10,000 NFTs, corresponding to 10,000 original pieces of art.

Collectors who bought one had to choose between keeping the NFT or swapping it for the physical artwork.

London's Newport Street Gallery said 5,149 buyers opted for the original artworks while 4,851 chose the NFTs.

Artworks for the non-exchanged NFTs would be destroyed, buyers were informed, with Hirst telling his Instagram followers earlier this week that he would burn the first 1,000 artworks on Tuesday.

The NFTs, which depicted colourful spots, reportedly sold for $2,000 (£1,800) each.

Livestreaming the event, the Turner Prize winner and assistants used tongs to deposit individual pieces stacked in piles into fireplaces in the gallery as onlookers watched.

London's Newport Street Gallery
More works from the collection will be burned until the exhibition closes on 30 October

"A lot of people think I'm burning millions of dollars of art but I'm not," Hirst said. "I'm completing the transformation of these physical artworks into NFTs by burning the physical versions.

"The value of art, digital or physical, which is hard to define at the best of times will not be lost; it will be transferred to the NFT as soon as they are burnt."

The artworks were created in 2016 with enamel paint on handmade paper and each numbered, titled, stamped and signed.


About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK