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Banksy art burned, destroyed and sold as token in 'money-making stunt' – BBC News

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BurntBanksy/YouTube

An original Banksy, which was burnt and destroyed in a livestreamed video, has been sold via a digital token representing the work for $380,000 (£274,000).

The print Morons is itself a critique of the art market, depicting an auctioneer at Christies.

A video shared by the BurntBanksy account shows a masked man setting fire to the art with a lighter.

One art critic has dismissed the event as a “stunt” to make money.

The work was sold as digital art through NFT (non-fungible token) technology.

NFT provides an online ledger of ownership, but the art has no physical presence and can be reproduced.

This kind of art has become increasingly popular, with musician Grimes raising a total of $6m through auctioning digital works.

“It’s a total stunt, playing off the fact that these things are going for big money,” said Ossian Ward, author of the book Ways of Looking: How to Experience Contemporary Art.

“You can say anything is a work of art… but if you burn a Banksy and then want money for it, that ranks pretty low on the art scale for me.”

Morons

The original 2006 screenprint by Banksy entitled Morons (White) depicts a Christie’s auctioneer pointing at framed paintings in a crowded auction room.

Next to him is a framed image accompanied by a phrase including the words: “I can’t believe you morons actually buy this.”

The Banksy was bought for $95,000 by Injective Protocol, the blockchain firm behind the stunt, who said it aimed to “inspire” tech enthusiasts and artists with this statement.

In the video, the man who burns the print is wearing a jumper which has a picture of Banksy’s Girl With Balloon on it.

A framed copy of the painting was shredded after it sold at an auction in 2018.

‘Expression of art’

“We view this burning event as an expression of art itself,” said Mirza Uddin, a spokesman for Injective Protocol.

“We specifically chose a Banksy piece since he has previously shredded one of his own artworks at an auction.”

He told news site CoinDesk another collaboration was being planned with a “prominent artist.”

“Banksy’s own work has toyed with this idea that it is non-permanent,” Mr Ward said. “Once those works are on the walls, he doesn’t authenticate them.”

Although “creative destruction of art is not new… it is always upsetting and shocking to see a piece being destroyed,” said Gabrielle Du Plooy, founder of Zebra One Gallery.

“And in this instance, the intention seems more cynical.”

‘Money to burn’

“It is possible that the company are making a comment about the collectors who are buying it – they are the morons depicted, with literally enough money to burn,” she added.

The group behind the stunt said it was on “a mission to bridge the world of physical art with NFTs.”

Initially, NFT has been a popular format for selling internet memes, with the Nyan Cat – depicting a cartoon cat with a Pop-tart body flying with a trail of rainbows – selling for $600,000.

The use of works by famous artists, such as Banksy, suggests NFTs are entering the mainstream.

Last month, 254-year-old auction house Christie’s opened its first auction of purely digital work by the artist Mike Winkelmann – also known as Beeple.

The BBC is not responsible for the content of external sites.View original tweet on Twitter

And Twitter’s co-founder Jack Dorsey is auctioning off an NFT of his first tweet. The highest current bid is $2.5m.

NFT investing

WhaleShark is one of the largest collectors of art and digital-gaming NFTs in the industry, with a collection worth an estimated $7m.

“With NFT technology, digital art can finally assume a strong commercial value given that we are now able to track provenance scarcity,” he told the BBC.

“NFTs also enable non-traditional collectors such as myself an opportunity to collect art anonymously in a non-judgemental environment, while also eliminating the future challenges of physical space limitations and degradation that we see with their physical counterparts.”

But many financial experts have urged caution when investing in NFTs.

“NFTs are booming right now, so there is an opportunity for both individuals and businesses to profit from being early adopters,” said Nadya Ivanova, chief operating officer at foresight business L’Atelier BNP Paribas.

“But while the underlying utility of NFTs is clear and will likely last, the current surge in interest won’t last forever.

“As ever, the golden rule is to only invest however much you are comfortable with losing.”

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com



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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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