$5 Mln Worth of Bitcoin Paid for New Art Collection

Libra Coin News
Wed, 09/11/2019 - 16:43
Alex Dovbnya
Lincoln Townley resists the rules of the traditional art market with his huge Bitcoin bet 
Cover image via 123rf.com
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British painter Lincoln Townley has sold his Greed collection that consists of 19 paintings for a whopping 490 BTC (around $4.9 mln at the time of writing), Evening Standard reports. His works are now owned by a Singaporean investor whose name hasn’t been disclosed.

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Townley’s love for Bitcoin

Townley has been keen on the orange coin ever since selling his Homage to Francis Bacon painting for 40 BTC back in 2017. He later made history by selling his entire collection for crypto via the WeChat messaging app. 

During an interview with Daily Express, Townley opined that artists should look for out-of-the-box ways to sell their works. In such a way, he skirts traditionally galleries and auction, showing other painters how they can take advantage of rapid technological advancement.

Considering that Townley might hold a Bitcoin fortune, it doesn’t come as a surprise that he expects its price to grow in the future.

I think there is a huge market for expansion, with it being something that is going to inflate in value.”
 image by standard.co.uk 

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Shaking up the art industry

The artist's intentions hold more meaning than simply standing out among others. With the help of his network of digital buyers, he wants to decentralize the $70 bln art industry. Just like crypto, it will eliminate unnecessary middlemen when conducting art transactions. 

Townley is not alone. As reported by U.Today, Blockchain turned out to be a hot topic during last year’s Miami Art Week. Numerous experts suggested that the tokenization of paintings would soon become pervasive in the industry.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.