December 4, 2022

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Millionaire burns Frida Kahlo's $10 million drawing to sell it as NFT |  a stranger

Millionaire burns Frida Kahlo’s $10 million drawing to sell it as NFT | a stranger

Mexican-American entrepreneur Martin Mubarak organized a festive event in Miami at the end of July. The occasion: Burning a drawing of Frida Kahlo’s diary, valued at $10 million. Mubarak was subjected to severe criticism, although there are doubts about the authenticity of the artwork, which caught fire. Mexico has now launched an investigation into the controversial Millionaire’s Party.

Mubarak made a promotional video for the event in Miami and posted it on YouTube. The photos show a large martini glass in which the drawing is burned, which greatly pleases the guests. The mariachis band plays music to complete the party. Mubarak launched her new collection of NFT at the end of July. “Frida Kahlo has become as immortal as NFT,” wrote Frida.NFT on its website.

Millionaire Mubarak claims that the stained work was worth $10,000 and converted into 10,000 digital copies, which he is now offering for sale under the name NFT. NFT is a digital proof of ownership, registered in the blockchain, the digital record of crypto transactions. Mubarak took pictures of the painting beforehand and no doubt hopes to increase the price of the pictures in encrypted digital form by copying the original work. An NFT or digital proof of ownership of this work costs 3 Ethereum, which at the current price drops to around 4,000 euros. Mubarak donates part of the proceeds to relief organizations of his choice.

The work in question is called “Fantasmos Siniestros” (“Sinister Ghosts”) and Frida Kahlo, the world-famous Mexican surrealist painter, who lived from 1907 to 1954. From 1944 until her death in 1954. Mubarak claims on his website that he bought it in 2015. It is not certain that the original drawing caught fire. The Mexican Institute of Fine Arts is still investigating. Mexican law protects the entirety of Frida Kahlo’s works as cultural heritage.

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Frida Kahlo in 1939. © Getty Images