Artcurial brings Cannes into the meta-verse

Cannes: The Palais des Festivals, the Croisette and the old port are for sale in the intangible world of the NFTs. The French auction house Artcurial will orchestrate the auction on 21 June.

Nicholas Orlowskichairman of the group Artcurial 620 employees including 350 oriented towards customer service, and 1.5 billion euros in sales) places this initiative in a broader context of the art market, “relatively small compared to others”. “Supply,” he says, “is by nature limited, demand relatively stable, rising slightly. But the first sector, the so-called variable price sales (at auction), gained market share compared to sales at a fixed price (galleries, antiques, etc.). And within the latter so-called “corporate” galleries with an international presence (Gagosian, Hauser & Wirth, Zwirner, eg editor’s note]have in recent years progressed in relation to the others ”.

The reason for this development? The auction offers “transparencywhich has become an essential issue, not only that of the transaction but also of dissemination“. Then the power of marketing is an undeniable asset. In return, an auction house is a platform that concentrates knowledge and talent, often in collaboration with retailers and galleries. “The boundary between these two markets tends to become porous”continues Nicolas Orlowski.



“Auction houses have shown spectacular resistance by changing their modus operandi: our new Parisian auction room is a real TV studio.”

Nicholas Orlowski

director of Artcurial

that Brussels office of the Artcurial House, which runs Vinciane de Traux, thinking of rejecting future interweaving relays with the John Taylor Group. It is already branching out to the Riviera with its half-yearly sales of luxury goods in Monaco. Like Nicolas Orlowski, she insists on the knowledge that Artcurial can offer collectorswith monthly assessments of their items, personal expert visits.

Nicolas Orlowski, CEO of Artcurial.
© Maximilien Photography

Covid has changed the market

The pandemic has been there and has also changed this market. First observation, the auction houses “despite the operational complications, demonstrated spectacular resistanceby transforming their modus operandi: our new Parisian auction room is a real TV studio“, Adds the head of Artcurial.



“The mayor of Cannes wants to put his city on the world map of technology companies, attract their congresses, seminars or trade fairs.”

Nicholas Orlowski

director of Artcurial

The Art Basel-UBS annual report shows that the levels for 2021 and 2022 have joined the pre-pandemic. “In the very high-end segment, it is an international duopoly market of the Boeing-Airbus type with Sotheby’s and Christie’s. Somewhat unexpectedly, some global outsiders hold strong positions in certain geographic areas, such as Phillips in New York. The latest to arrive is Artcurial, which is only twenty years old and occupies a position on continental Europe comparable to Christie’s and Sotheby’s.»

The Palais des Festivals, in Cannes, will soon be sold in the NFT by Artcurial.

The house has become a communication group for wealthy global customers. “Properties (in 2021, John Taylor executed the first five transactions on Lake Geneva), a painting in Paris or a yearling in Deauville (Arquana owns 90% of horse sales in Europe with Aga Khan as partner) will likely be treated with Artcurial. “It is added to it The gathering placea separate entity, with Nicolas Orlowski as CEO, who has become “one of the leading European players in the sale of luxury goods at fixed prices”.



“No one shows a SICAV tape in their living room to admire it with their friends …”

Nicholas Orlowski

director of Artcurial

It’s not just a matter of wealth: “All good that combines investment, the enjoyment of beauty and a form of sharing with those around you, gives an unrivaled pleasure: no one shows a SICAV tape in their living room to admire it with their friends …‘The addition of these houses generates Data which enables the group to better understand and support requests: “A very large fashion designer from a very large luxury brand bought a house on the Riviera from John Taylor and furnished it mainly with Artcurial“.

Cannes: real views … of the Croisette.
© Hervée Fabre

The virtual Croisette for sale in NFT on June 21st. In the meta-verse, it will be able to accommodate the construction of houses and buildings, as well as holding events around and on the beach.
© Artcurial – I Met My NFT

Cannes intelligence service

The initiative came from Cannes Mayor David Lisnard (Les Républicains) with whom a network of local startupslaunched this initiative in a dynamic environment of technological partnerships, after World AI Cannes Festival (WAICF), the first world festival of artificial intelligence (AI). According to Nicolas Orlowski, “for its economic development, the mayor of Cannes wants to put his city on the world map of technology companiesattract their congresses, seminars or exhibitions ”.

10,000

Euro

Prices for emblematic places in Cannes

Several auction houses were invited, and the integration of Artcurial with John Taylor was a crucial factor. Without having set up a department dedicated to NFTs to date, as the Franco-Belgian house Million did in 2021, Artcurial intends to explore the field further.

Cannes community Pertimm, specializing in artificial intelligenceis the contracting authority for this virtual property (read below).

The model of Croisette, offered for sale in NFT.

Unclear legal framework

Croisette NFT will be sold “naked”, and the buyer will be able to develop urban projects there in the metavers of their choice. A yacht operator is very interested in NFT in the port of Cannes, where he intends to moor virtual yachts.



“The management of rights, such as the tax status of these purchases, is still unclear, but we are closely monitoring developments in legislation.”

Arnaud Oliveux

Curator of the Artcurial sale on June 21st

The General Terms and Conditions stipulate that Buyer may not make harmful use of Cannes’ global image through its NFTs. “The management of rights, such as the tax status of these purchases, remains unclear, but we are closely following developments in legislation.“, exactly Arnaud Oliveux, Commissioner for Sales. “Who knows if this tax scheme will not be based on works of art. Already, the Cannes idea seems to be attracting other cities. We received many offers in relation to NFT, but nothing particularly convincing artistically.

Nothing prevents us from imagining that the Cannes Film Festival, a world brand, will become itself support for manifestations in the metaverseand that the famous Cannes festivals take place metapartier… | JFHG

“Buckles for sale in 10 lots”

Curator: Arnaud Oliveux

Tuesday, June 21, 2022, at

Artcurial

Starting price for each party (Croisette, Palais des Festivals, Vieux Port, Malmaison, etc.): 10,000 euros

Sainte-Marguerite Island …
© Axis drone | Cannes City Hall

… the same … for sale in NFT on June 21st by Artcurial.
© Imetmynft

10 emblematic sites in Cannes in the NFT

10 emblematic sites in the city of Cannes will go on sale on June 21 in the form of NFT with the key to the opportunity to utilize them virtually.

Treat yourself to the famous ones Cannes Croisette, Palais des Festivals or the old port, a dream that becomes virtually accessible. The auction house Artcurial organizes on June 21 a rather special sale sincethese are not physical goods, but digital goods that will be auctioned off in the form of NFTs.

That NFTthese are “non-fungible tokens”, increasingly popular digital assets. These assets are non-fungible tokens that match a certificate of ownership and authenticity of a digital work. The works in this case are places number 10.

With the project “I met my NFT”Cannes City Hall, the company Pertimm which manages the technological part of the project and Maison Artcurial has started a groundbreaking operation: model in digital version 10 mythical places in Cannes.

Read our dossier> Understanding NFTs in 10 questions

What is the interest of the buyer? First, there is the prestige of power be the sole proprietor of the digital version of these extraordinary sites. NFT guarantees this through the registration in tamper-proof blockchain ledger the unique character of the work and the identity of its owner. Beyond the interest associated with fame and simple possession, the initiative has unparalleled potential.

Take advantage of extraordinary places

The buyers of these intangible goods, made from places that exist in the real world, will, after integrating them into a virtual universe, make commercial or cultural use of it.

We can therefore imagine that the future owner of the Croisette will build buildings on the Croisette or host a virtual festival there. This will require the property to be integrated into an immersive virtual universe, a metaverse, such as Sandbox or Decentraland which are the main players in the virtual real estate market. Some crash barriers has been put in place to prevent operations that could damage the image of the place or the city of Cannes from seeing the light of day.

“This sale is the first for us. It can pave the way for others of the same type depending on the projects“, explain to us Arnaud OliveuxAssociate Director at Artcurial and auctioneer at this rather special sale, if part of the amount raised will be donated to the Cannes Endowment Fund which finances environmental protection, a way of offsetting the heavy CO2 footprint associated with blockchain mining.

An economic model, but also a tourist showcase which could inspire other cities around the world to digitize their iconic sites and buildings. For amateurs, the starting price for each place is set to 10,000 euros. | MS

The virtual Palais des Festival is for sale … in NFT

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