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Pricing for the certificate has been carefully determined according to the value of the Artist's traditional fine art market
0.8 ETH is the price of the Certificate. This certificate gives collectors the right to receive a single 1/1 print of the NFT (free shipping) of the NFT associated with the certificate.
This certificate gives collectors access to a print of an NFT signed by the artist and coming from his studio. This is a unique and rare benefit for collectors to be able to access a primary market artwork coming directly from the artist's studio.
Primary market works in the traditional art world, are distributed by galleries directly from the artist's studio. Creating the first market interaction of the work produced in the studio, galleries traditionally play a crucial role in selling and placing the works of the artist across prestigious collections around the world.
Therefore, to be able to get access to an artwork coming directly from the artist's studio is a very rare occurrence.
Castelli in 1960 with works by Frank Stella, Jasper Johns, Lee Bontecou, Edward Higgins, and Robert Rauschenberg. Photograph by Eliot Elisofon / Time & Life Pictures / Getty
Ileana Sonnabend at her desk at Galerie Ileana Sonnabend in Paris, circa 1965. Photo courtesy of Sonnabend Gallery, New York
Here, you can see Leo Castelli and Ileana Sonnabend, two leading figures who shaped how primary and secondary market trading occurs in the contemporary fine art market. They built close relationships and connections with the most important artists of the 20th century such as Andy Warhol, Roy Lichtenstein, Frank Stella, and many more to place their works in the hands of prominent collectors and museums to build the value and relevance of their work.
Installation view, Andy Warhol at Castelli Gallery in 1964
Flower print exhibited at Castelli Gallery in 1964 now in the permanent collection of the Museum of Modern Art in New York
Additionally, the price is on par with the artist's traditional print market. As represented by the graph below, you can see that prints by Yue Minjun tend to trade in the secondary market between USD $4,000 - USD $22.5K.
Artists create certain artworks in editions. In the traditional art world, it means that there is more than 1 of the same exact composition. Typically editioned works are found in prints but they can also come across sculptures.
Prints that are unique are seen as unique artworks because there is no other artwork that looks exactly the same which brings unique value to the piece.
NFTs taking physical forms create a new category within the print market. This is because they are unique (1/1) physical representations coming from the artist's studio and signed by the artist.
Therefore, although they are in the categories of prints they do not fall in the category of multiples.
As experts in the web3 and traditional art markets, it is our responsibility to ensure that has artists expand and tap into new collecting categories the pricing of their works is sensitive and in-tune with the artist's current traditional fine art market.