Banksy’s ‘Love is in the Air’ to be divided in 10,000 NFTs
The Particle Foundation will exhibit 'Love is in the Air' during Art Basel week
A New-York based NFT platform, Particle, is celebrating its launch by dividing Banksy’s 2005 work “Love is in the Air” into 10,000 NFTs, allowing anyone to own a part of the iconic piece of art.
The platform purchased the painting for $12.9m at auction at Sotheby’s in May 2021, and will use a “particalisation” process to divide the painting into a 100x100 grid.
“Parts of the painting will be all priced the same and assigned randomly,” explained a spokesperson with the platform to Currency.com. Each Particle is unique and allows the holder to enjoy a personal ownership experience with the artwork.
When a buyer purchases a Particle, they will receive a digital certificate, or collector’s card, which represents the buyer’s ownership in the painting. Collectors will have the right to buy and sell their NFTs on secondary markets or transfer them at will and see the painting whenever and wherever it's displayed, and the right to call the painting theirs as the only non-charitable owners of the works in the collection, as the platform explained.
The Particle Foundation will unveil and exhibit “Love is in the Air” at First Fridays at the Institute of Contemporary Art, Miami (ICA Miami) during Art Basel Week in Miami, Florida on Friday, 3 December.
Sotheby’s describes “Love is in the Air” as “a quintessential Banksy painting. Instantly recognizable, the image has become synonymous with the artist’s indelible graphic style, wry humour and galvanising political commentary.”
“Banksy has turned the art world on its head. Widely regarded as one of the most iconic creators of the 21st century, his daring, humanitarian nature and a strong belief that art should be for everyone reflects the mission at Particle, making this masterpiece symbolic to launch the platform with,” said Loïc Gouzer, Particle co-founder and former chair of Christie's Post-War and Contemporary Art.
“The traditional art establishment doesn’t know what to make of Banksy, and yet here he is, revolutionarily infiltrating it, and the world at large to the highest level, from every corner. For us, ‘Love is in the Air’ is emblematic of a new chapter of the history of art, one that can be more open, collaborative and community-based,” said Shingo Lavine, Particle co-founder.
The physical painting of “Love is in the Air” will be donated to the Particle Foundation, a non-profit whose job is to maintain, preserve and tour the collections owned by the Particle community.