The Museum of Modern Art (MoMA) has received an endowment from the William S. Paley (Paley) Foundation to fund digital media activities and acquisitions of digital art, potentially NFTs. Since Paley died in 1990, 81 artworks have been on loan to MoMa. Now 29 pieces owned by the Paley Foundation will be auctioned by Sotheby’s.
The sale, including works by Picasso and Francis Bacon, could raise $70 million for the endowment. As the museum is focusing on digital art, this suggests that MoMA could jump on the NFT bandwagon.
“We’re conscious of the fact that we lend an imprimatur when we acquire pieces,” MoMA director Glenn Lowry. Hence, MoMA didn’t buy NFTs at the outset to prevent the appearance of endorsement. “But that doesn’t mean we should avoid the domain,” he told the Wall Street Journal.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
