Justin Sun - the Chinese American founder of TRON and CEO of BitTorrent - is now considered a top-class art collector.
On November 15th Sun successfully bid for $78.4 million on Le Nez by Alberto Giacometti (estimated price: $70 million - $90 million), one of his most important and influential sculptures that appeared both on the cover of the catalog about the Giacometti retrospective at Guggenheim Museum in 2018 and on the cover of the catalog at the said Sotheby’s sale of the Macklowe Collection in New York. The sculpture was conceived in 1949 and cast in 1964, it represents a bronze head with a long and pointy nose suspended inside a cage and it’s the first artwork of its kind to be auctioned.
Sun is well-known in the art world as the underbidder for Beeple’s Everyday: The First 5000 Days, the digital work of art that is considered among the most expensive by a living artist, sold as NFT at Christie’s for $69.3 million to a Singapore-based programmer.
Fortunately, his success in art purchases goes way beyond: last spring he acquired Femme nue couchée au collier by Picasso for $20 million, three self-portraits by Warhol for $2 million at Christie’s, one of the package paintings named “UNTITLED (KIMPSONS)” by KAWS for HK$2.5 million and many other NFTs such as OCEAN FRONT by Beeple, the Golden Whale Passthat is a NFT based on the Liquid sidechain that granted him the unlimited access to Bitcoin Conference events and Computer Society, the NFT cover of TIME magazine.
Which goals does he want to achieve through these art investments? The aim of his pursuit in the art world is to give the opportunity to his community to “appreciate art through online and offline channels and get inspiration from it”, he said after donating Le Nez and other artworks to the APENFT Foundation.
Justin Sun is deeply convinced that in the next years, half of the world’s top 100 artists and artworks will be recorded as NFTs and blockchain is the tool that can build a bridge between traditional art and technology.