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NFT to Make Art History

  • Wladimir Baranoff-Rossine’s 1926 painting “Abstract Composition” has been put up for auction on the NFT market, Mintable.
  • This NFT auction is historic because it will involve the sale of the painting itself, its frame and an NFT authentication certificate to be handed to the highest bidder.
  • In addition to the 1926 painting, Mintable is also collaborating with the artist’s family to auction off nine digital NFT versions of his work in three auctions and six limited-edition sales.

Mintable, an NFT marketplace where users can create, buy and sell digital tokens to an ever-growing community, recently announced that an auction of avant-garde artist Wladimir Baranoff-Rossine’s 1926 painting “Abstract Composition” will take place on the platform March 25.

Baranoff-Rossine is a Russian painter and sculptor who came to prominence for his poignant paintings and the experimental techniques he employed in his works. The NFT auction on Mintable will include the original painting and its frame, a digital NFT certificate and insurance for the full price of the paintings.

Mintable has seen its user base boom in recent months, and the latest metrics suggest that over 70,000 NFTs were created during the last month alone. Mintable has plans to put up an additional nine, solely digital, NFT versions of Baranoff-Rossine’s works in three auctions and six limited-edition sales.

Old Meets New

Mintable has dubbed the upcoming auction “The Greatest NFT auction ever.” This comes just days after Mike Winkelmann, a digital artist known as Beeple, sold an NFT artwork for $69 million.

However, this will be the first of Baranoff-Rossine’s works of to be sold as an NFT, and this iconic auction will include the original painting, frame, full insurance and a digital NFT certificate mailed to the auction winner’s address.

The auction will kick off on 25 March 2021. Baranoff-Rossine created the work in his studio in 1926, and in 1944, after the artist died at Auschwitz, the painting was returned to his family.

In 2011, the artist’s grandson inherited the painting from his father, Dimitri Baranoff-Rossine. The painting bears the signature.

Along with the painting, the NFT Certificate of Authenticity also contains the signature of Dimitri Baranoff-Rossine, the artist’s son.

On the Flipside

  • US-based NFT investors to face capital gains tax from Internal Revenue Service.
  • This comes on the back of the growth of the NFT market.
  • Experts suggest that US NFT buyers are likely unaware of the IRS tax rule that could rob them of a huge chunk of their gains.
    A security breach on social token Roll’s platform led to losses of $5.7 million.

The Artist and Mintable

Wladimir Baranoff-Rossine (1888-1944) is a painter, sculpture, and inventor born in the Russian Empire in what is now Ukraine. He gained prominence for his experimental and innovative works. He studied art at the School of the Society for the Furthering of the Arts and the Imperial Academy of Arts.

His 1910 painting “Adam and Eve” sold for $5.4 million at Christie’s in June 2008, making it the 23rd most expensive painting ever sold by a Russian.

Mintable CEO Zach Burks said that Baranoff-Rossine was a man who deftly navigated both art and technology. “We could think of nobody better than Baranoff-Rossine to immortalize with our NFTs,” he added.

Mintable, an NFT market that launched in 2018, describes itself as a traditional NFT marketplace and has soared in popularity following the NFT boom.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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