MoMA to Sell $70 Million Art Collection, May Use Proceeds to Buy Digital Art and NFTs
The William S. Paley Foundation will auction off at least $70 million in art masterpieces this fall to expand the digital footprint of the Museum of Modern Art (MoMA) in New York and possibly acquire the museum’s first NFTs. MoMA has been caring for William S. Paley’s collection since the CBS co-founder died in 1990.
Paley’s namesake foundation, which holds endowment funds for museums and educational and cultural programs, has enlisted Sotheby’s to auction 29 of the MoMA collection’s 81 pieces. Proceeds from the sale will be used to expand the museum’s digital presence. According to MoMA director Glenn Lowry in the Wall Street Journal, the museum has outlined several possibilities for the money.
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