Please note that the buyer of this NFT Lot will have the option to receive from the seller a complimentary metaverse Avatar component, which is compatible with the virtual reality (VR) metaverse platform Sominium (the “Avatar Companion”).  Both the NFT Lot and the Avatar Companion will be displayed at Phillips’ London Berkeley Square Gallery from 23 May to 5 June 2023 (inclusive). For further details, please see the Information relating to the Avatar Companion.

 

For the full terms and conditions which apply to the sale of this NFT Lot and Avatar Companion, please read the Conditions of Sale for Online Only London Auctions, the Additional Conditions of Sale applicable to NFT Lots, and the Additional Conditions of Sale applicable to Cryptocurrency Payments.

 

Information relating to the Avatar Companion

 

Following Phillips’ receipt of the buyer’s payment for the Lot in full and cleared funds, Phillips will provide the buyer with the seller’s contact details, so that the buyer may contact the seller directly in writing to request the Avatar Companion. The buyer must make this request within 12 months of the Closing Date of the auction.

 

Please note the following terms applicable to redemption of the Avatar Companion:

• The Avatar Companion is separate from, and does not form part of, the NFT Lot and is not being offered for sale by Phillips.

• The Avatar Companion is not covered by Phillips’ Authorship Warranty and Phillips will not be in possession of, or responsible for the Avatar Companion in any way, including for any technical issues with, or loss or damage to, the Avatar Companion.

• The Avatar Companion shall not include a VR headset or any other physical hardware and the buyer will therefore need to acquire a VR headset compatible with the Sominium space at its own expense.

• Phillips makes no representations or warranties about the Avatar Companion, its nature, condition, description, uniqueness, durability, functionality or availability, either now or in the future.

• Arrangements for the transfer, availability and functionality of the Avatar Companion will be made directly between the seller and the buyer and Phillips will not be involved or responsible in any way.

• If the Buyer fails to request the Avatar Companion within 12 months of the Closing Date of the auction, the Buyer will forfeit its right to acquire the Avatar Companion.

 

 

 

Andrea Bonaceto on Tempus Fugit 

 

Tempus Fugit, Latin for time flies, is a testament to the fleeting nature of existence. At the core of this work is the portrayal of my grandmother's old clock, said to have stopped at the moment of my grandfather's passing three decades ago. The work unfolds a narrative of life and death. 

 

On the periphery, my own profile faces a representation of death, proffering a thorned rose. Each element – the clock, my likeness, the figure of death – intertwines into a cohesive exploration of time's relentless progression.

 

The central clock integrates generative elements birthed from AI software, a technological offspring of my studio's endeavors. It's as if an AI black hole is drawing in fragments of my childhood, my earlier works, and interactions from supportive viewers. 

 

On the left, the death figure borrows inspiration from The Seventh Seal, a movie by Ingmar Bergman. This piece is an evolved echo of an early physical work of mine, a chess match between life and death, with each square of the chessboard symbolizing a moment in my life.

 

Embedded in the artwork are fragments of my poetry, the invisible stitches holding together the fabric of my pieces. These are deeply autobiographical and resonate with Carmelo Bene's thought: you can't create art with art - art is the medium to express the self.

 

Pushing the boundaries of the conventional, the artwork dissolves into a new form – a metaverse statue, compatible with Somnium Space. Envision a 3D VR avatar that morphs from a pattern-engraved greystone statue to a living work of art, embodying the original artwork's essence. The collector of this piece will experience the fusion of 2D artwork and 3D metaverse avatar. It's a testament to the belief that art makes sense only when we transcend it. We, in our authentic selves, are the truest form of art.

 

This artwork and the avatar are reflections of the struggle to remain true to oneself in testing times. In this age of technology, I believe that art should serve as a beacon, guiding us to assert our identities, not by our professions, but by our essence. 

 

Prior to this auction, Tempus Fugit was exhibited at Times Square in New York, displayed on three monumental billboards: NASDAQ, One Times Square and Midtown Financial.

 

 

 

 

 

Further Information on NFTs

 

In what currency will I be bidding?

 

The auction will be conducted and invoiced in British Pound Sterling (GBP).

 

What forms of payment are accepted?

 

You can pay for this NFT Lot in GBP or in Ether. If you wish to pay for this NFT Lot in  Ether you must satisfy the Cryptocurrency Conditions set out in our Additional Conditions of Sale applicable to Cryptocurrency Payments.

 

You acknowledge and agree that the price of Ether can be volatile and subject to upward and downward movements. You acknowledge that the conversion rate between Ether and GBP will change during and after the auction until the Lot is paid for. Phillips does not offer cryptocurrency conversion functionality during the auction.  Bidders are responsible for making their own currency conversion calculations when bidding in the auction.

 

How much will I have to pay?

 

If you are the successful bidder on an NFT Lot, you must pay the total purchase price for the Lot (calculated as described in the Conditions of Sale plus network and other fees required to transfer the NFT to your Digital Wallet as described in the Additional Conditions of Sale Applicable to NFT Lots).

 

If you elect to pay for an NFT Lot in Ether and satisfy our Cryptocurrency Conditions (see above), the GBP purchase price as shown on your invoice will be converted automatically into Ether using the Coinbase Commerce rate of exchange at the time the buyer accesses the Coinbase Commerce platform to make payment using the QR code or link we will issue to you.

 

Are resale royalties payable to the artist on re-sales of the NFT?

 

The smart contract for this Lot stipulates that the NFT is subject to resale royalties on any subsequent resales of the NFT. On any subsequent resale of the NFT, the successful bidder and buyer of the NFT at the auction may be obligated on Seller’s behalf to collect and remit to Seller resale royalties as applicable equal to 10% of the sale price of the NFT.

 

Depending on where the NFT Lot is re-sold, additional artist resale royalties and transaction duties may apply to the transaction under applicable law. These would be additional to, and not in substitution for, any resale royalties imposed by the NFT’s smart contract.

 

Before bidding, it is important that you review (or seek professional help to review) and understand the operation of the NFT’s smart contract (including any rights and restrictions contained in the smart contract).

 

BY REGISTERING TO BID YOU ACKNOWLEDGE AND AGREE AS FOLLOWS

• You are bidding for yourself and not on behalf of anyone else

• If you are the successful bidder, you will be buying the NFT only.  You will not be buying the digital artwork asset identified by the NFT.  For further details please read the Additional Conditions of Sale for NFT Lots.

• You have a wallet capable of supporting and accepting the NFT token type listed in the NFT Lot description.

• You can only pay for the Lot in Ether if you satisfy the Cryptocurrency Conditions set out in our Additional Conditions of Sale applicable to Cryptocurrency Payments. These include requirements for you to make payment:

  • from a single digital wallet registered in your name maintained on one of the following platforms:

    • Coinbase Custody Trust;

    • Coinbase, Inc.;

    • Fidelity Digital Assets Services, LLC;

    • Gemini Trust Company, LLC; or

    • Paxos Trust Company, LLC;

  • using funds obtained from legal activities and belonging to you. 

We cannot accept cryptocurrency payments:

• from digital wallets hosted on other exchanges or self-hosted wallets;

• from multiple digital wallets; or

• if you are resident in or otherwise subject to the laws of a country or territory which has banned or restricted payments in cryptocurrency (such as the People’s Republic of China); or 

• you fail to satisfy our client identification and verification checks or other vetting procedures; or

• other circumstances exist which would expose you or Phillips to potential legal or regulatory actions or fines by completing the transaction in cryptocurrency.

 

If we cannot accept payment from you in cryptocurrency for these or other reasons, you must make payment in GBP.