Swiss digital asset bank Sygnum and Artemundi, an art investment pioneer, have partnered to tokenise Picasso’s Fillette au béret painting.
This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank, enabling investors to purchase and trade “shares” in the artwork called Art Security Tokens (ASTs).
Created in 1964 by Pablo Picasso, the most influential artist of the twentieth century, the Fillette au béret is priced at CHF 4 million.
There will be an issuance of 4,000 tokens through Sygnum Bank where investors can own a share of the painting.
Tokens can be subscribed directly through Sygnum’s e-banking platform, with a minimum subscription of CHF 5,000.
Transactions will be settled in Swiss Francs, using Sygnum’s digital CHF stablecoin (DCHF). All tokens are tradeable on SygnEx, Sygnum’s digital asset trading platform.
The significance of this tokenisation project also lies in the legal certainty of ownership that the issued tokens provide. The direct ownership in the artwork – not a fund or investment vehicle holding the painting – will be tokenised.
These tokens are recognised under Swiss DLT (Distributed Ledger Technology) law, with transactions on the blockchain considered legally binding. As such, ownership rights are protected, and investors are able to invest with full confidence.
As a regulated bank, Sygnum applies a robust legal framework to all token issuances on its platform, while providing a seamless, end-to-end solution – from primary issuance, settlement and custody to secondary trading.
Sygnum said that it will continue to create new and unique investment opportunities in the verticals of Art & Collectibles, Venture Capital, Mid Cap and Real Estate.
Mathias Imbach
Mathias Imbach, Co-Founder and Group CEO of Sygnum Bank says,
“It has been Sygnum’s mission from the start to empower investors with more direct access to ownership and value. The tokenisation of the Fillette au béret exemplifies how we bring our mission to reality, unlocking a universe of unique investment opportunities that can be made accessible to many.”
Featured image: Sygnum
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