The London and Los Angeles-based artist once dubbed “the next Andy Warhol” by actor Michael Caine, Lincoln Townley, has sold an entire collection of works in exchange for cryptocurrency via popular social media platform Wechat.
Contemporary Artist Sells Entire Collection for Cryptocurrency Using Social Media
Contemporary British artist, Lincoln Townley, has made headlines after selling an entire collection of work for cryptocurrency using Wechat.
The artist, who regularly uses social media to distribute his work, recently stated in an interview: “I’m always looking at ways to do things differently in my route to market.”
“There is no two ways about it,” Mr. Townley continued, “The people who invest in Bitcoin are without doubt speculators – they are looking at something with more of a risk. But that’s why I thought to myself, these are the sort of people that would be interested in purchasing my art as an extension to their investment portfolio.”
“The best thing is it fuels my belief that galleries are secondary to an artist’s success – they just need to look at galleries as another string to their bow. There are so many other ways to get sales with technology,” Mr. Townley added.
Decentralizing the Art Industry
Mr. Townley states that his building of a network of art buyers who contact him directly through social media is “shaking up the art world,” emphasizing the elimination of middlemen in the brokering of art transactions.
Mr. Townley asserts that a number of cryptocurrency investors are also art collectors, stating that many of them are “looking for a tangible asset they can put this newfound currency into.”
The artist expects that cryptocurrency prices will continue to rise, stating: “I think there is a huge market for expansion, with it being something that is going to inflate in value. Therefore, inflating in value will give you more of a vehicle to purchase art in the future.”
Do you think that more artists will seek to sell their works for cryptocurrency? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Wikipedia
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