Home LATEST NEWS HIGH TECH The JNF seek their place in the world of classical art

The JNF seek their place in the world of classical art

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Virtually cut a painting into small squares, each associated with a JNF : this is what Artessere offers, a company created by Anaida Schneider, a former banker from Liechtenstein.

Each JNFa sort of electronic property certificate, is sold for 100 to 200 euros (130 to 260 Canadian dollars), which, according to Ms. democratize art.

000 dollars, or a million, to invest. Hence this idea of ​​creating a kind of mutual fund”,”text”:”Not everyone has 100,000 dollars, or a million, to invest. Hence this idea of ​​creating a kind of mutual fund”}}”>Not everyone has $100,000, or a million, to invest. Hence this idea of ​​creating a kind of mutual fund making it possible to invest in a very real work, based on the technology of theblockchain“,”text”:”blockchain”}}”>blockchainshe told AFP.

Invest in blockchains

Theblockchains“,”text”:”blockchains”}}”>blockchains, or blockchains in French, are kinds of huge digital registers shared between a multitude of users, without central authority and deemed unfalsifiable. They were made famous by cryptocurrencies, which are based on this technology.

Artessere was created last year and features works by non-conformist Soviet artists, such as Oleg Tselkov (1934-2021) and Shimon Okshteyn (1951-2020).

According to Anaida Schneider, Artessere plans to keep the paintings for a maximum of ten years before reselling them on the market. The profits will then be shared between the owners of the JNF paintings.

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But what happens if the work loses its value, or if it is destroyed?

We are insured, says Ms. Schneider. As for the possible loss of value, we think that will not happen. We are experts. We know what we doshe says.

The former banker denies that her objective is only speculative, and assures that her project completely respects the law on theblockchain“,”text”:”blockchain”}}”>blockchainadopted by Liechtenstein in 2019.

The principality and tax haven was one of the first countries in the world to approve a specific law to regulate activities based on this technology.

Two people and a dog look at digital representations of paintings in a museum.

A JNF exhibition in London.

Photo: AFP / JUSTIN TALLIS

The JNF and art, a still troubled relationship

According to a survey conducted in the first quarter by the website Art+Tech Report Among more than 300 collectors, some 21% of respondents had started buying JNF representing a fraction of a work of art.

The JNF of the art world represented in 2021 a cumulative value of approximately 2.8 billion US dollars (3.64 billion Canadian dollars), according to a report by the French company NonFungible.

However, the vagueness that still surrounds the rights attached to a JNF linked to a work of art deters public museums from exploiting the vein.

In Italy, where the artistic heritage is immense, the Ministry of Culture has declared that it is suspending its plans to create JNF linked to works of art, for lack of legal certainty.

One company, Cinello, has been able to sign contracts with Italian museums to sell digital reproductions of their art treasures.

But the JNF associated is only one option offered to the buyer, underlines Cinello, anxious to stand out from the excitement around the non-fungible tokens.

The Cinello method

Cinello sells a high definition digital reproduction of the work, which is contained in an electronic box given to the buyer.

This case is connected to a screen the size of the work, surrounded by a handcrafted frame reproducing the original frame.

The digital reproduction is protected by a code system, and supplied with a certificate of authenticity which can, if necessary, and if the buyer so requests, be supplemented by a JNF.

Cinello says it has already digitized 200 works, including those of illustrious masters like Leonardo da Vinci, and claims that its reproductions have already secured 296,000 euros (386,000 Canadian dollars) in revenue for Italian museum partners.

In general, the founder of Cinello, computer engineer Francesco Losi, is still skeptical about the potential of JNF in the field of art.

JNF will disappear”,”text”:”I’m not saying that JNF will disappear”}}”>I’m not saying that the JNF Are going to disappearhe told AFP, but many are used incorrectly.

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