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We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Sure, but to be fair, only the s
by Broken_Hippo 5y ago
We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today".
Sure, but to be fair, only the smallest fraction of artists would have that happen - and most often, it happens well after the artist is dead. In general, an artist is lucky if they sell art for cheap prices, and even luckier if they sell at a decent price.
And with this, it would generally look more like, "artist sells NFT for $75, and two years later got a $8 payout from a resell." Not to mention that you won't get anything for folks gifting the NFT nor any other non-monetary trades.
And back to the "long after they are dead" detail: Who, exactly, gets the money? I mean, by all means, give the money to any immediate family - sibling, parent, spouse, children - or anyone else that would get inheritance from me. But after that, wouldn't it just all go to the owner much like it does now?