Millionaire Martin Mobarak probed for torching $10M Frida Kahlo painting in NFT stunt
Source: New York Post
Who says crypto is going down in flames?
A Miami millionaire claimed to have burned a $10 million dollar work by renowned painter Frida Kahlo as part of an NFT launch and is now being investigated by officials in the late artists homeland of Mexico, according the countrys National Institute of Fine Arts and Literature.
Entrepreneur Martin Mobarak filmed himself apparently setting the small and colorful Kahlo drawing ablaze at an event in July, in a stunt that was meant to promote his sale of digital versions of the rare work, which is considered a national treasure in Mexico.
Read more: https://nypost.com/2022/09/27/rare-frida-kahlo-drawing-torched-in-nft-sale/
The insanity of burning a $10 million tangible asset to turn it into crypto units boggles my mind.
On edit: I'm hoping it's a hoax and the painting was a copy, but if this is the case and he sells those NFT's, I would think that would be fraud.
fierywoman
(7,693 posts)OnlinePoker
(5,725 posts)dalton99a
(81,570 posts)harumph
(1,913 posts)Warpy
(111,338 posts)Does anyone know this painting? We have only his word for the artist and the worth at auction.
I don't know who's worse, this POS or all the arty wankers at his party cheering the destruction of a supposed work of art.
PIty no one thought to toss him and the painting into that pool, saving whatever the painting was.
ultralite001
(894 posts)Let's hope his crypto offering goes up in flames...
That is all...
Beakybird
(3,333 posts)JI7
(89,264 posts)live love laugh
(13,129 posts)Shipwack
(2,171 posts)It makes only slightly less sense than that a piece of green paper is worth a dollar... it's not even backed by gold anymore.
But yeah, I agree the whole NFT thing is worse than beanie babies, or tulip bulbs.
cstanleytech
(26,319 posts)people believe gold has value.
Shipwack
(2,171 posts)oldsoftie
(12,597 posts)Orangepeel
(13,933 posts)It was tangible, but no different than a reproduction for practical purposes. It is/was worth $10 million because experts said it was the real one. With an NFT, there may be copies, but experts say the NFT is the real one. Not that different.
oldsoftie
(12,597 posts)These people who pay 10-50-150 MILLION for something that COULD be made over and over are just in it for ego & the bet someone will pay more later.
PSPS
(13,614 posts)FreepFryer
(7,077 posts)Brenda
(1,072 posts)Why didn't he torch a Picasso or Monet (/copy)? No, he chose a well-known feminist artist.
Coventina
(27,172 posts)Guess who gets their art destroyed?
LudwigPastorius
(9,169 posts)an "art alchemist transforming physical art into digital gold".
What a shithead.
3Hotdogs
(12,406 posts)Even so, assholic.
I sold my photographs for a while, until it became too much of a time sink. Made a couple'a thousand.
Friend, a photographers, told me, don't fall in love with what you sell. Once you sell it, it is theirs. They can hang it where they want or store it in the basement to never be seen again. Or they can give it away or throw it away. They paid for it. It's theirs.
Joinfortmill
(14,456 posts)prodigitalson
(2,429 posts)the mexicans will throw this guy under the jail for that.
what a fucking douche bad