Will Florian Picasso's NFTs Be Worth A Lot of Money? Probably Not
Pablo Picasso’s great-grandson Florian is selling a collection of NFTs. Will there be enough demand to send prices higher?
Pablo Picasso’s legacy has only strengthened over the last three generations. Now, Picasso’s great-grandson, Florian Ruiz-Picasso, has turned his namesake’s art into NFTs.
Ruiz-Picasso’s NFT collection, called "Man and the Beat," is a joint project between himself and his mother, Picasso’s granddaughter Marina. A family dispute kept the pair from using the Pablo Picasso name for the collection, and demand is proving to be subpar. Because of this, Picasso NFTs may not be worth as much money as their creators had hoped.
What are Picasso NFTs?
Pablo Picasso’s great-grandson Florian Ruiz-Picasso recently launched a collection of 1,011 NFTs on the Ethereum blockchain. The NFTs are digital versions of a ceramic bowl that Picasso created and has been in the possession of Ruiz-Picasso and his mother, Marina Picasso. Florian told reporters in Jan. 2022, “We’re trying to build a bridge between the NFT world and the fine art world.”
So far, only about 10 percent of the NFT collection has sold. The limited demand is likely a direct result of a branding kerfuffle between Ruiz-Picasso and the Picasso estate.
Because of a name battle, Florian Ruiz-Picasso’s NFT drop is a flop
Ruiz-Picasso originally branded his NFT collection as "Pablo Picasso NFTs." However, the Picasso estate stepped in to halt that, and Ruiz-Picasso was forced to move forward under a different name, choosing "Man and the Beat" (likely to reflect his mom’s nickname and his own DJ name).
The Picasso estate did not want any connection with Ruiz-Picasso’s NFT collection, and even stated publicly via the estate’s website the NFTs are “his own creation, independent of any claim vis-a-vis Pablo Picasso and his works.”
Who owns the rights to the Picasso name?
The Picasso Administration represents the Picasso estate. It handles work held by Picasso’s three remaining children (Maya Widmaier-Picasso, Claude Picasso, and Paloma Picasso) and two of his grandchildren (Marina and Bernard Ruiz-Picasso). Remember, Marina is Florian Ruiz-Picasso’s mother and is involved in the NFT project.
Claude Picasso has spoken out on the matter, stating that Florian is still family but no one else should consider using Picasso’s name for unapproved NFT projects. The Picasso Administration could pursue litigation against “counterfeit” NFTs. In this case, the estate just wants the Man and the Beat project to clearly state its “personal creation of Marina and Florian Picasso, not related to Pablo Picasso, his name and his work,” despite representing a Pablo Picasso work of art.
Picasso NFTs may not be worth a lot of money in the long run
On the Man and the Beat project, Marina Picasso said, “As we clearly stated previously, this is a Florian Picasso NFT. We, and our team, have been working on this project for over 11 months and Man & The Beat is the genesis collection of a long-term ambition we have.”
Will Picasso NFTs increase in value? At the drop, each one was worth 2.0 Ether (or the equivalent of $6,369 as of Feb. 9). Six days after the drop, there are 900 NFTs left for sale. Only 100 have been sold and momentum seems to be waning.
If anything, this goes to show how traditional art collectibles may not translate perfectly in the NFT world. NFTs' valuation has been likened to that of paintings, but the two collectibles aren't one and the same.