Rare Frida Kahlo drawing lit in NFT sale

Who says crypto is going down in flames?

A Miami millionaire claimed to have burned a $10 million work by acclaimed painter Frida Kahlo as part of an NFT launch — and is now being investigated by officials in the late artist’s native Mexico, according to the country’s National Institute of Fine Arts and Literature.

Entrepreneur Martin Mobarak filmed himself apparently setting fire to the small and colorful Kahlo drawing at an event in July, in a stunt intended to promote his sale of digital versions of the rare work, which is considered a national treasure in Mexico.

“I hope that everyone here can understand it, I hope everyone can see the positive side,” he said before removing what appeared to be a drawing, known as “Fantasmones Siniestros”, from the frame and placing it in a full martini glass. of fuel.

Video from the event shows the image curling up in the flames while a small audience cheers.

The event was apparently to promote Mobarak’s sale of 10,000 unique NFT copies of the “Fantasmones Sinistros” of his latest venture, Frida.NFT.

Mobarak has claimed that the sale of the NFTs – or non-fungible tokens – will benefit the Palace of Fine Arts in Mexico, Coyoacan’s Frida Kahlo museum and several charities dedicated to medical care for children.

“What we are going to do is change the lives of thousands of children,” Mobarak said.

Mexico’s National Institute of Fine Arts announced Monday that it is opening an investigation into the destruction of the drawing.

“In Mexico, the deliberate destruction of an artistic monument constitutes a crime in relation to the Federal Law on Archaeological, Artistic and Historical Monuments and Zones,” the institute said in a statement.

“All necessary information is currently being gathered to determine with certainty that it was the destruction of an original work or a reproduction,” it continued.

The institute also said the Palace of Fine Arts had yet to receive any donations from Mobarak or his company.

A spokesperson for Mobarak did not immediately respond to a request for comment.

On its website, Frida.NFT says that the drawing has “permanently transferred to Metaverse.”

The company also hints that more is coming.

“As this historic event creates hope for children and those in need, we will create more historic events,” reads a title card at the end of the July video.

“Fantasmones Sinistros,” one of the works found in Kahlo’s diary, had previously been valued at $10 million.