Now I can confirm that some of the players in the NFT market are off their rockers. The owner of Basquiat’s Free Comb with Pagoda will have it made into an NFT and sold at auction. The ‘lucky’ purchaser will then be able to instruct the seller to destroy the original. What? Are you kidding me? Why would anyone want to destroy an original work of art and then be left with just a digital version? Also, as far as I know, you cannot willfully destroy a work of art unless the artist permits you. They are also claiming that the owner will have the copyright in perpetuity. I think that only the artist (and possibly their estate) can actually sell or transfer the copyright.
There are reports that the drawing is worth $120,000. Really?
That is worth $120,000? Would you pay $120,000 for that drawing? I can think of many other works I would rather own. Back in 2012, the work was put up at auction with an $80-120K estimate and failed to find a buyer… so I say not likely.
Here is the way I see it. The owner bought the piece in 2015 and is unhappy with the purchase. Now they want to get some, or all, of their money back. What better way than try to latch onto the NFT fad, send out press releases, get coverage from the media, and hope for the best?