In an upcoming NFT auction taking place at November 12th, the oil painting “Head with Legs” by the prominent nonconformist Russian artist and painter of the post-war period, Oleg Tselkov, is being auctioned with a corresponding NFT.

Another painting by the artist, albeit a smaller one, will soon be auctioned by Sotheby’s and already has a starting bid of 110,000 GBP. While the previous post-war and contemporary Russian art September auction showed us that art investors are willing to pay higher prices than estimated price for Oleg Tselkov’s work. There are only two days remaining to claim the painting. However, superhow.art will still accept bids until November 12th.

NFT – Another way to invest in fine art
As inflation is hitting record highs and crypto investments are still viewed with a fear of volatility, alternative investments such as art, wine, and NFT’s are booming. This auction highlights the unification of two trending investment asset classes – a long-time performer – fine art and the new, explosive NFT class.

The high reward-risk ratio of fine art is what makes it a popular asset class. An art asset such as Oleg Tselkov’s painting being auctioned as an NFT may provide the ability to enjoy an exciting value proposition for a whole new investor class.

A twist on competition: Shrimps vs. Whales
Superhow.ART will host an experiment competition among big investors and enthusiasts to determine who holds more power during the auction.

The organizers have created two types of bidding: Shrimps or Whales. All bids placed by the Shrimps are accumulated into a pool, which will compete with the Whales’ individual bids. A Whale who wins gets the painting and the NFT.

The NFT will be divided into several parts if the Shrimps win. These portions correspond with the Shrimp bids. They will then be assigned to their wallet addresses. While the painting will be kept in the gallery, it will now become part of the co-owned collection.

“We are interested in determining if whales have more strength than our community. Perhaps, the community will prove that even small players can work together to win this investment opportunity and make it fractional owner.
explains Vytautas Kašėta, the CEO of superhow.ART.

Important things to keep in mind
Whales vs. Shrimps is a new type of auction format. It remains to be determined how this will perform.

This project was developed by SUPER HOW longtime blockchain experts. Previously, they worked on high-profile blockchain projects such as the National bank of Lithuania.

As gas fees are high, it remains to be seen if it will become a competition only for “whales” who want to own the whole NFT and are less concerned with the gas prices or if “shrimps” see the value proposition and will band together to win against the big players.

Digital technology is a digital environment where every piece of artwork can be copied. The great success lies in the legal ownership and authenticity as well as NFTs certificate. A single piece of artwork, when bonded with an NFT, is unique and metadata can’t be misused without notice and transparency. Digital certificate must be approved and signed off by fine art industry experts, like Arty Cube gallery for Oleg Tselkov in the case of “Head with Legs” fractional NFTs.

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