{"id":623,"date":"2021-04-30T08:30:15","date_gmt":"2021-04-30T00:30:15","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=623"},"modified":"2021-04-29T11:32:55","modified_gmt":"2021-04-29T03:32:55","slug":"basquiat-nft-withdrawn-from-auction-after-artists-estate-intervenes","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/basquiat-nft-withdrawn-from-auction-after-artists-estate-intervenes\/","title":{"rendered":"Basquiat NFT withdrawn from auction after artist\u2019s estate intervenes"},"content":{"rendered":"<div class=\"ap-body\">\n<div class=\"ap-content-blocks\">\n<p class=\"text-comp cb-item\">An\u00a0<a href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" target=\"_blank\" rel=\"noopener\">NFT of a drawing by Jean-Michel Basquiat<\/a>\u00a0has been withdrawn from sale on OpenSea after the late artist\u2019s estate confirmed the seller does not own the licence or rights to the work.<\/p>\n<p class=\"text-comp cb-item\">David Stark, the licensing agent who deals with Basquiat\u2019s archive, tells\u00a0<em>The Art Newspaper<\/em>: \u201cThe estate of Jean-Michel Basquiat owns the copyright in the artwork referenced. No license or rights were conveyed to the seller and the NFT has subsequently been removed from sale.\u201d<\/p>\n<p class=\"text-comp cb-item\">The auction of the NFT of the 1986 mixed media work on paper,\u00a0<em>Free Comb with Pagoda<\/em>, was sponsored by the little-known firm Daystrom, which had claimed the transaction would \u201c<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">memorialise ownership<\/a>\u201d as well as \u201creproduction and IP rights that will be sold to the highest bidder in perpetuity\u201d.<\/p>\n<p class=\"text-comp cb-item\">The winning bidder was also given the option to destroy the physical drawing\u2014which raised issues about the artist\u2019s moral rights.<\/p>\n<p class=\"text-comp cb-item\">The estate did not specifically address whether it believes the drawing to be genuine or fake, though Daystrom says\u00a0<em>Free Comb with Pagoda\u00a0<\/em>was authenticated by Basquiat\u2019s estate in 2002 and the current owner has \u201cproof of purchase and payment to substantiate exclusive ownership\u201d. Daystrom adds: \u201cThe original is framed with the authentication on the reverse and is signed &#8216;Lenny&#8217; in the lower right corner\u2014a common Basquiat pen-name. There is absolutely zero doubt about authenticity and ownership of the work.\u201d<\/p>\n<p class=\"text-comp cb-item\">The drawing had previously been offered at Heritage Auctions in Texas in 2012 for $80,000-$120,000, but failed to sell. It was sold privately by a gallery in Philadelphia, Pennsylvania for an undisclosed sum in 2015.<\/p>\n<p class=\"text-comp cb-item\">When pressed on the copyright issue, Daystrom clarified: \u201cWhile blockchain transactions are widely considered a trusted source of authentication and provenance, best copyright practices have yet to evolve for the digital economy.\u201d<\/p>\n<p class=\"text-comp cb-item\">Winning bidders on the firm\u2019s auctions receive a \u201ccertificate of copyright\u201d as a way \u201cto preserve, protect and convey whatever \u2018related copyright\u2019 now\u2014or may in the future\u2014exist\u201d. According to Daystrom, such certificates provide NFT buyers \u201cwith the same copyright as other similarly situated buyers are entitled to receive in future transactions, to the extent such rights may exist\u201d.<\/p>\n<p class=\"text-comp cb-item\">The firm also said it had discovered the sale of \u201cunlicensed, illicit reproductions\u201d of Basquiat\u2019s work on retail platforms such as Amazon. \u201cThese inexpensive, poorly reproduced versions of Basquiat\u2019s work are sourced in the People\u2019s Republic of China and made available in the US without right, title, interest or copyright from any legitimate source,\u201d Daystrom says.<\/p>\n<p class=\"text-comp cb-item\">\u201cWe believe the regulation and laws governing NFTs are rapidly evolving in terms of conveyance, secured interests, intellectual property and copyright\u2014and are trying to make sure our buyers receive as much protection as may now, or ever, become available for them,\u201d the firm adds.<\/p>\n<\/div>\n<\/div>\n<div class=\"ap-sidearea\">\n<div class=\"sidearea-comp\">\n<div class=\"sidearea-advert-cont-short\">\n<div class=\"sidearea-advert\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"icon-comp regular-icon \"><\/div>\n<div><\/div>\n<div><\/div>\n<div>Source\uff1ahttps:\/\/www.theartnewspaper.com\/<\/div>\n<div class=\"af-comp \">\n<div class=\"article-options-comp\">\n<div class=\"ao-list\">\n<div class=\"icon-comp regular-icon \"><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An\u00a0NFT of a drawing by Jean-Michel Basquiat\u00a0has been withdrawn from sale on OpenSea after the late artist\u2019s estate confirmed the seller does not own the licence or rights to the work. David Stark, the licensing agent who deals with Basquiat\u2019s archive, tells\u00a0The Art Newspaper: \u201cThe estate of Jean-Michel Basquiat owns the copyright in the artwork [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":624,"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":[145],"class_list":{"0":"post-623","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","12":"tag-an-nft"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Basquiat NFT withdrawn from auction after artist\u2019s estate intervenes - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"An\u00a0NFT of a drawing by Jean-Michel Basquiat\u00a0has been withdrawn from sale on OpenSea after the late artist\u2019s estate confirmed the seller does not own the licence or rights to the work.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/basquiat-nft-withdrawn-from-auction-after-artists-estate-intervenes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Basquiat NFT withdrawn from auction after artist\u2019s estate intervenes - 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