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Pieces of Eight: $2.9m Tweet drops $2.87m in value, digital and physical lines blur and Queen Elizabeth II takes centre stage

Pieces of Eight: $2.9m Tweet drops $2.87m in value, digital and physical lines blur and Queen Elizabeth II takes centre stage

‌👑 Portraits of British queens from Mary I through to Elizabeth II drawn from private collections are to go on show together for what is believed to be the first time for the platinum jubilee celebrations. The Armada portrait of Elizabeth I, commemorating the failed invasion of England by Spain in 1588, a rare contemporary painting of Mary I, and Andy Warhol’s 1985 richly coloured image of the present-day monarch are among highlights of the free exhibition.

🐥 Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9m for an NFT of Twitter boss Jack Dorsey’s first tweet. Estavi put the tweet up for resale on the popular NFT marketplace OpenSea last week, initially asking for $48m but his efforts to resell it have run aground, with a top bid of just $32,000 as of Thursday...

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Our Take: Provenance and a track record of desirability don't just help collectors to understand an items current value, they can also help to avoid dropping $2.9m clangers! Estavi's purchase was one of the most expensive and high profile NFT transactions last year but despite it being just 12 months the landscape of digital collectables has transformed. We're yet to see the market settle and significant losses remain a major risk in volatile categories.

🏎 Going out in a blaze of glory, Lamborghini is auctioning its last Aventador Coupé before closing the chapter of an iconic era. RM Sotheby’s will put the legendary supercar under the hammer, where the highest bidder will take the ownership of a physical super sports car and a NFT digital collectable.

🧑🏼‍🚀 Beeple, the upstart digital artist who launched the global craze for nonfungible tokens, or NFTs, among art’s most powerful brokers a year ago, will make his museum debut later this month—the ultimate sign of art-world acceptance. On April 24, the Castello di Rivoli Museum of Contemporary Art in Turin, Italy, will include the artist’s first sculpture, “HUMAN ONE,”....

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Our Take: The lines are being blurred between physical and digital. Sellers and institutions are starting to realise that digital assets alone may not be enough for some collectors, whether driving the Lamborghini home or immersing yourself in the more traditional gallery environment, collectors want to feel more closely aligned with their purchase.

That's it for this week, thanks as always for reading and if you have any comments please get in touch via hello@showpiece.com.

The Showpiece Team