Bitcoin-inspired art object sold at Christie’s for $131,250

Christie’s sold a bitcoin-inspired fragment by Benjamin Gentilli for $131,250, seven times its estimate.

Christie’s auction house sold part of a large-scale art object inspired by bitcoin by artist Benjamin Gentilli. The fragment’s final price was seven times its high estimate.

#AuctionUpdate Robert Alice’s ‘Block 21 (42.36433° N, -71.26189° E) (from Portraits of a Mind)’ — a work based on Blockchain technology — sold for $131,250 and achieved more than 7x its high estimate. https://t.co/fJ4un7gHGW pic.twitter.com/bptv3k06DN

— Christie’s (@ChristiesInc) October 7, 2020

Gentilli called his work ‘Portrait of Satoshi Nakamoto.’ Each of the fifty-metre-long components of the Portrait of a Mind collection contains the bitcoin code and the coordinates of the geographic location. On 7 October, ‘Block 21 (24.9472° N, 118.5979° E)’ was put up for auction.

The fragment’s preliminary estimate was $12,000 to $18,000. The auction’s winner was an anonymous bidder who bid $131,250 for it.

Until then, the most expensive artwork inspired by bitcoin was considered Matt Kane’s ‘The Right Place and the Right Time.’ At Christie’s, it sold for $101,593.

Gentilli created his collection as part of the Robert Alice project. The first owners of the art objects were Binance CEO Changpeng Zhao and Bloq chairman Matthew Roszak.

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