{"id":1596,"date":"2022-07-12T00:08:55","date_gmt":"2022-07-11T16:08:55","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1596"},"modified":"2022-07-12T00:08:55","modified_gmt":"2022-07-11T16:08:55","slug":"italian-government-halts-sales-of-nfts-based-on-masterpieces-from-the-countrys-museums","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/italian-government-halts-sales-of-nfts-based-on-masterpieces-from-the-countrys-museums\/","title":{"rendered":"Italian Government Halts Sales of NFTs Based on Masterpieces from the Country\u2019s Museums"},"content":{"rendered":"<p>The Italian government has put a hold on the sale of\u00a0<a id=\"auto-tag_nfts\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"nfts\">NFTs<\/a>\u00a0based on classic Italian Renaissance paintings, the<em>\u00a0Art Newspaper<\/em>\u00a0reports.<\/p>\n<p>\u201cGiven that the matter is complex and unregulated, the ministry has temporarily asked its institutions to refrain from signing contracts relating to NFTs,\u201d a spokesperson for Massimo Osanna, the director general of museums in Italy, told the<em>\u00a0Art Newspaper<\/em>. \u201cThe basic intention is to avoid unfair contracts.\u201d<\/p>\n<p>The decision comes after the\u00a0<a id=\"auto-tag_uffizi-galleries\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"uffizi-galleries\">Uffizi Galleries<\/a>\u00a0made a paltry profit from the sale of a Michelangelo\u2019s\u00a0<em class=\"font-text-light-italic italic\">Doni Tondo\u00a0<\/em>(1505\u201306) NFT.<\/p>\n<p><a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">The Uffizi Galleries<\/a> and three other Italian museums entered into a five-year contract with an NFT production company called Cinello, one of several start-ups that is attempting to carve out a niche in providing digital ownership services for museums and cultural institutions. Cinello has made NFTs of works such as Leonardo da Vinci\u2019s\u00a0<em>Portrait of a Musician\u00a0<\/em>(1490) and Amedeo Modigliani\u2019s<i>\u00a0Head of a Young Lady\u00a0<\/i>(1915).<\/p>\n<p>When the partnership between Cinello and the museums first began, the narrative was that these cultural institutions, like so many around the world, had taken a serious financial hit because of the pandemic and would need to embrace the burgeoning NFT market.<\/p>\n<p>\u201cMuseums need revolution if they want to survive,\u201d Guido Guerzoni, a professor at Bocconi University in Milan, told\u00a0<em>Artnet News<\/em>\u00a0when the Cinello NFTs were unveiled this past February. \u201cIn one year of the pandemic, European museums lost 70 percent of their visitors, and between 70 and 80 percent of their revenues.\u201d<\/p>\n<p>With the NFT market crashing over the past year and summer tourism going back up in Europe, that narrative may no longer apply.<\/p>\n<p>The NFT of\u00a0<em class=\"font-text-light-italic italic\"><a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Doni Tondo<\/a>\u00a0<\/em>sold for \u20ac140,000 ($170,000), but the Uffizi only made \u20ac70,000 from the sale after splitting the profits with Cinello. Crucially, Cinello also raked in an additional \u20ac100,000 in production costs, an Uffizi spokesperson told the<em>\u00a0Art Newspaper<\/em>.<\/p>\n<p>Cinello\u2019s existing contracts will still be in effect, but no new contracts will be issued until further word from the government.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Italian government has put a hold on the sale of\u00a0NFTs\u00a0based on classic Italian Renaissance paintings, the\u00a0Art Newspaper\u00a0reports. \u201cGiven that the matter is complex and unregulated, the ministry has temporarily asked its institutions to refrain from signing contracts relating to NFTs,\u201d a spokesperson for Massimo Osanna, the director general of museums in Italy, told the\u00a0Art [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-1596","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - 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