An auction that marks a traditional gallery’s maiden collaboration with an artist foundation in the metaverse is put out by a Singapore-based art marketplace RtistiQ.
In an online auction held from February 17 to 20 by RtistiQ, two works by Raja Ravi Varma are sold for over Rs 1 crore. The Coquette and Reclining Nair Lady sold for $74,999 (Rs 56 lakh) and $63,999 (Rs 47 lakh) respectively.
RtistiQ presented the digital NFTs which were up for grabs at a four-day online auction, in collaboration with Bengaluru’s Gallery G and the Raja Ravi Verma Heritage Foundation.
This event marks the first time an NFT auction held in partnership with a traditional as well as with an artist foundation – Gallery G and Raja Ravi Varma Heritage Foundation. The digital collaboration was an effort to make Raja Ravi Varma’s art accessible to collectors and investors all across the globe, it is like owning a piece of Indian heritage.
“Our vision is to enhance the art experience through technology. The extension to have a gallery and an artist foundation on the platform is a welcome addition to the NFT space. It also serves as a lesson on how technology can support the art market to build trust and transparency beyond traditional means,” says Jothi Menon, CEO, and Founder of RtistiQ. Valued at $2.5 and $3 million, respectively, The Coquette and Reclining Nair Lady are two of the most famous works by ‘the father of modern Indian art’. The Coquette, currently held in a private collection, is one of Ravi Varma’s most replicated paintings and is no longer available on the market, which made the NFT auction even more enticing to prospective investors.
