A Group of Collectors Is Suing Sotheby’s Over Its ‘Misleading’ Marketing of Bored Ape Yacht Club NFTs

By in Art World News

A Group of Collectors Is Suing Sotheby’s Over Its ‘Misleading’ Marketing of Bored Ape Yacht Club NFTs

Sotheby’s is the latest addition the list of defendants in an ongoing class-action lawsuit over an alleged scheme to bilk investors in non-fungible tokens. Plaintiffs accuse the house, alongside the creators of Bored Ape Yacht Club (BAYC) and a pack of A-list celebrities, of deceptive practices relating to their marketing and sale of NFTs, according to an amended complaint filed with the Central District Court of California on August 4.

The suit claims the auction house colluded with Yuga Labs, creator of BAYC NFTs, to allegedly inflate the value of the colorful NFTs of illustrated apes, which were among the most sought-after digital assets before the crypto market crashed last year.

The allegations revolve around an online auction that took place in September 2021, where Sotheby’s raked in $24.2 million for the sale of a lot featuring 101 BAYC NFTs, far exceeding the presale estimate of $12 million to $18 million and setting a new record for crypto art at the time.

However, in its promotion leading up to the sale, the auction house allegedly claimed that legacy art collectors had begun tapping NFTs, part of what the plaintiffs characterize as an effort to build up an aura of legitimacy to the digital tokens. The suit accuses Sotheby’s of being “deceptive,” alleging that the house had “misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience.” The plaintiffs also accused the house’s representatives of downplaying the possibilities of an NFT market bubble.

Sotheby’s continued to drum up the hype after the sale, the suit claims. Max Moore, Sotheby’s head of contemporary art auctions, allegedly revealed in a Twitter Space conversation on September 9, 2021, that the winning bidder on the BAYC NFT lot was a “traditional” art collector, when in reality it was the now-defunct cryptocurrency exchange FTX, according to Ethereum blockchain transaction records.

FTX spiraled from being the world’s third-largest centralized cryptocurrency exchange in mid 2021 to filing for Chapter 11 bankruptcy protection in November 2022.

Michael Bouhanna, the house’s co-head of digital art, told ARTnews after the 2021 sale “a growing number of traditional art buyers getting interested in NFTs,” but Sotheby’s did not disclose the identity of the buyer.

“The allegations in this suit are baseless, and Sotheby’s is prepared to vigorously defend itself,” Sotheby’s said in a statement to Artnet News.

The lawsuit, which was initially filed in December, also names Yuga Labs and A-listers including Madonna, Paris Hilton, Justin Bieber, Jimmy Fallon, and Mike “Beeple” Winkelmann as defendants accused of defrauding investors. The suit alleges Yuga Labs made paid celebrity endorsements appear organic, which artificially boosted NFT prices.

The plaintiffs are seeking compensation of more than $5 million before costs and interest.

The case is no. 2:22-cv-08909-FMO-PLA.

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Cañete, Chile to Hold Photography Event August 18-19

By in Photography

Cañete, Chile to Hold Photography Event August 18-19

PRESS RELEASE

HAVANA TIMES – On August 18 and 19, Cañete will host the first version of En-Foco-Sur, the First International Meeting of Contemporary Photography of the Southern Cone in the Bio Bio Region of Chile.

The event is organized by the recently formed Cañete Photographers Association (@afc.canete) and the Municipality of Cañete (@municipalidaddecanete).

This event includes two days full of magic and love for images, including workshops and talks with renowned national photographers, student contests, projection of short films and outdoor photography exhibitions by renowned international photographers from Argentina, Brazil, and a representation of four Cuban photographers, guest country of this first meeting.

En-Foco-Sur, is the First International Meeting of Contemporary Photography in the Region, so we hope that it can be maintained over time, always trying to reflect, disseminate, manage and circulate the production and thought around Chilean and Latin American contemporary photography. Likewise, creating links with the historical and current referents, establishing bridges with the local community, achieving the sharing of love and awareness for the image.

En-Foco-Sur is an opportunity for photographers to show their work and experiences to the rural community of Chile, in addition to learning new techniques and skills from other professional photographers of our Continent, understanding that the image is a powerful tool to understand the territory and the identity of the place where we live.

Ruber Osoria, a young photographer from eastern Cuba who came to Chile in 2018 with the dream of one day being able to buy a camera and unleash his imagination. Today he brings together his compatriots in this photographic meeting. His aim is decentralizing, making visible and giving more freedom and independence to contemporary Cuban photography.

The Cuban photographers taking part are:

Yeney Ramos ( Cuba ) @yeneyramos83 con su PROYECTO SERES DE ISLA  Ganador a mejor talento senior latinoamericano en el festival internacional de fotografía de Santa Marta, Colombia 2023 .

Daniel Martínez Reyes (Cuba-Usa) @daniel_ernesto_martinez

Didier Cruz ( Cuba-USA) @didiercruz_fotografia

Ruber Osoria ( Cuba-Chile ) @ruber_osoria

Read more from Chile here on Havana Times

Today’s Photo from Ted Grussing Photography: Two to Share

By in Photography

Today’s Photo from Ted Grussing Photography: Two to Share

… a couple of portraits tonight … above one of my favorite bobcats which spent some time visiting with me as I collected hundreds of shots of him … a shared life even if for just a few minutes … he knows where and what his place in all that is, is. For me, the wonder only grows as certainties become what they always have been … uncertainties.

And the shot below is a portrait of one of the coyotes that inhabits the area too … another creature that knows his place in life … perhaps it is about the struggle to survive and the necessity to work for what we get … the struggle to make it in the real world with eyes wide open … reality without distraction of games and silliness. and the confidence knowing that we create our own security and self-worth.

Another fun day … time with friends and the ever-present search for whatever is out there!

Dates have been set for my next shows: 7:30 PM September 22nd at the Smothers Theater on the campus of Pepperdine University in Malibu, California. If you live in the area. The Mary Fisher Theater in Sedona, Arizona on October 21 at 7:00 PM (not yet on the website calendar.)
Dates and times for November and December will be out soon … if you would like to book a private showing please let me know what you would like.

Have a beautiful day … keep breathing and share the joy you find in life … you can’t go wrong with that!

Cheers,

Ted


Sedona Gift Shop

Sedona Gift Shop

When I wander in places of greed for gain I have
no desire; the grass of the meadow and the stars
of the night comfort me. Though darkness overcome
me, I shall not despair; the God of my youth still abides.
with me. He showeth me the palaces of the rich and
the haunts of the poor, yet keepeth sweet my soul.
When weariness overtakes me, I lie down in slumber,
and the peace of the world is upon me. Though poverty
abide with me, I pray that courage and gentleness
forsake me not. And with all living things out of this
earth and out of other worlds believe I shall grow
in the fields of God forever.

A Psalm by Max Ehrmann

###

photo_tedgrussingThe easiest way to reach Mr. Grussing is by email: ted@tedgrussing.com

In addition to sales of photographs already taken Ted does special shoots for patrons on request and also does air-to-air photography for those who want photographs of their airplanes in flight. All special photographic sessions are billed on an hourly basis.

Ted also does one-on-one workshops for those interested in learning the techniques he uses.  By special arrangement Ted will do one-on-one aerial photography workshops which will include actual photo sessions in the air.

More about Ted Grussing …


Healing Paws

Healing Paws

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‘Wounded Indian’ sculpture given in 1800s to group founded by Paul Revere is returning to Boston

By in Native

‘Wounded Indian’ sculpture given in 1800s to group founded by Paul Revere is returning to Boston

BOSTON — A marble statue that depicts a felled Native American pulling an arrow from his torso is being returned to the Boston-area organization cofounded by Paul Revere that thought it had been destroyed decades ago.

“Wounded Indian,” sculpted in 1850 by Peter Stephenson and modeled on the ancient Roman statue “Dying Gaul,” was a gift to the Massachusetts Charitable Mechanic Association in 1893 and was displayed in its exhibition hall, according to Cultural Heritage Partners, the law firm that represented the Boston organization during negotiations.

That hall was sold in 1958, and the association was told that during the chaos of moving and distributing its assets to other area cultural institutions, the sculpture was accidentally destroyed and tossed away.

But the life-size piece showed up 30 years later at the Chrysler Museum of Art in Norfolk, Virginia.

The mechanic association started pressuring the Chrysler Museum for the sculpture’s return as far back as 1999 and stepped up its efforts a few years ago, when it brought in a researcher to establish ownership and hired a lawyer.

But the dispute was not resolved until Aug. 9, when the Chrysler’s trustees agreed to return the statue.

“It feels great to get the piece back because we really felt that there wasn’t any question that it was our statue,” said Peter Lemonias, the treasurer and past president of the mechanic association, who chaired the panel that worked on getting it back. “We were perplexed as anyone as to how it got away.”

It is headed back to Boston at a time when 19th-century art depicting Native Americans is under increased scrutiny. Like its inspiration, “Wounded Indian” depicts a vanquished foe considered primitive by the artist’s cultural standards.

The statue dates to the end of the Removal Era, when Native tribes were being pushed west to make way for white settlers. Art of the era reflects nostalgia and myth about growth that came at the expense of suffering by Indigenous people.

“When you look at the representations of American Indians in American art, they are often depicted in terms of tragedy, in this classical sense of overwhelming and undeterrable forces resulting in these tragic consequences, like it’s destiny,” said David Penney, an associate director of the Smithsonian Institution’s National Museum of the American Indian.

Lemonias thinks “Wounded Indian” is respectful.

“This is a solemn moment, maybe his dying breath, and I feel Stephenson was viewing the scene with a lot of empathy,” he said.

So what changed in the dispute over the statue? Greg Werkheiser, a founding partner at Cultural Heritage Partners, pointed to three things: the factual record of the statue’s provenance; public pressure on the Chrysler Museum spurred by an article in The Washington Post that detailed the dispute; and an FBI investigation into the sculpture’s ownership.

The dispute was resolved without litigation.

The Chrysler Museum got the piece from a now-deceased collector named James Ricau, who had a reputation in the art world for not being able to document how he obtained some of his objects, Werkheiser said.

Ricau said he had bought the statue from a reputable Boston art gallery in 1967, but that gallery said it had no record of the transaction, he said.

The Chrysler Museum said in a statement that it “acquired the piece in good faith in the 1980s,” but that “it was in the best interests of all parties to end the dispute.”

“The Chrysler is pleased with the amicable resolution, and we wish the best for the MCMA,” Chrysler Museum Director Erik H. Neil said in a statement.

“The impending return of this exquisite statue to Boston is a triumph not only for MCMA, but also for all Bay Staters and Americans who appreciate that this outstanding work of art was created in Boston, by a then-Bostonian, given to a Boston civic organization, for a Boston-area audience,” the mechanic association said in a statement.

Revere, the silversmith more famous for alerting colonists to the impending arrival of a British column before the battles of Lexington and Concord in April 1775, was a founder and first president of the Massachusetts Charitable Mechanic Association, established in 1795 to promote the mechanical arts and trades.

Today, based in suburban Quincy, it provides charitable support to organizations that teach or employ troubled and disabled youths. Paul Revere III is on its board and serves as general counsel.

The statue should be shipped back to Boston by early September, said Lemonias, and the next task will be finding a museum willing to house it and display it publicly.

It should be displayed and interpreted only with more historical context, Penney said.

“I think it would be helpful if we looked at this statue in a more critical way,” he said.

What Photographers Want Versus What They Need

By in Photography

What Photographers Want Versus What They Need

With everything photographers are bombarded by these days, it can be easy to confuse what you want versus what you need. This excellent video essay features an experienced photographer discussing a range of things modern photographers often want versus the things that will actually make them better and happier creatives.

Coming to you from First Man Photography, this insightful video essay discusses the difference between what photographers want versus what they need. We often focus way too much on gear to the detriment of deeper creative pursuits. There is nothing wrong with enjoying the tech side of photography, but where it goes wrong is when it starts to become the end instead of the means. None of us first began the craft because we liked the gadgets; we did so because we really enjoyed the magic of the creative process, both the experience and the results. After a bit of time, it can be easy to forget that and end up in a cycle of chasing quick satisfaction through spending money or chasing likes on social media. When that happens, it is time for a good reset, returning to whatever it was that made you fall in love with photography in the first place. Check out the video above for the full rundown. 

PepsiCo’s Mauro Porcini Stands Where Art and Business Meet

By in Art World News

PepsiCo’s Mauro Porcini Stands Where Art and Business Meet

Don’t miss Brandweek, Adweek’s ultimate experience for marketers, September 11-14 in Miami. Connect with peers and gain insights and inspiration from top brand marketers and industry icons at Glossier, Coca-Cola, Taco Bell and more. Register.

Design plays a vital role in crafting meaningful experiences and driving innovation across industries.

Whether it’s product, graphic or user experience, design is about more than aesthetics. Designers must grasp user needs, solve complex issues and ultimately create value. To explore design’s impact on consumer and business growth, we sat down with Mauro Porcini, svp and chief design officer at PepsiCo.

Porcini holds the distinction of being PepsiCo’s inaugural chief design officer, a role he assumed in 2012. He has been instrumental to integrating design thinking into PepsiCo’s organizational ethos. Through his leadership, Porcini has led a new approach to innovation by design, influencing both the company’s product platforms and brands.

Kristin Patrick, EVP and CMO at Claire’s, on navigating the art of brand evolution and uncovering how letting consumers guide your brand can lead to success.

Porcini joins Suzy founder and CEO Matt Britton on the latest episode of The Speed of Culture podcast to discuss the intersection of design and business, the power of purpose-driven brands, and the significance of seeking happiness in one’s career journey. 

Learn more about design’s transformative power in the key takeaways from the episode below.

Highlights:

  • 01:25 – 07:07 — Connecting the Worlds of Design and Business — Porcini sees design as a realm of art and creativity that can interact with business, strategy, finance and marketing. Acting as a mediator, his role is to bridge the gap between these areas. He stresses the mutual respect that must be fostered between these two worlds, acknowledging their unique potentials and gaps and understanding how to create real value for the company and its consumers. He also points out today’s unique alignment between financial and human value, unlike in the past.
  • 07:07 – 09:29 — Maslow’s Pyramid and Purpose-Driven Brands — From product to packaging, service to content, today’s consumers demand not just good, but extraordinary. Porcini believes the definition of extraordinary can be found in Maslow’s Pyramid, which encompasses functional value, emotional value and, at the very top, purpose. Brands need to tap into this purposeful dimension, standing for something beyond profit by contributing to society and giving back. Understanding consumers deeply and meeting their functional, emotional and purposeful needs is essential for success in every brand touch point. 
  • 14:37 – 23:24 — The Power of the Shiny Object — Porcini emphasizes the pivotal role of human centricity, which is connected to the ability to make things happen. Human centricity allows insights to be transformed into prototypes and ultimately, products. Prototyping’s power lies in aligning the organization around ideas and catalyzing cohesive teamwork, both internally and externally. Moreover, the shiny object effect excites stakeholders and secures vital sponsorship and resources.
  • 23:24 – 28:42 — Purposeful Innovation — Brands with massive reach possess incredible potential for positive impact through design. Beyond generating significant business value, such changes can create positive outcomes for people and the planet. Porcini considers the CPG industry’s challenges, like excessive packaging and the sustainability initiatives that showcase the power of scale combined with purposeful innovation.
  • 28:50 – 34:35 — Top Trends and Technology — Porcini identifies three major trends driving change across industries: sustainability, health and wellness, and personalization. While these trends vary across sectors, their essence remains constant. Businesses must explore how technology can revolutionize these realms, unlocking fresh opportunities and innovation. For instance, PepsiCo’s Gatorade Gx Sweat Patch exemplifies tech-enabled personalization. It analyzes sweat composition, suggests a customized Gatorade mix via an app, and syncs with a smart, eco-friendly bottle. 
  • 34:40 – 41:03 — Projecting Pepsi Into the Future — The new Pepsi logo received overwhelmingly positive feedback, with a 99% favorable sentiment and over 7 billion impressions. Redesigning a globally recognized and cherished logo was a challenge. Striking a balance between the brand’s essence and its future was vital. Moreover, Porcini underscores the necessity for a logo that seamlessly integrates into the digital realm, a pivotal factor in today’s marketing landscape. 
  • 41:05 – 48:32 — Finding Happiness in Your Career — Porcini reminds us to prioritize happiness in your career, as it not only benefits you but also enhances productivity within your company. If you are not happy, take proactive steps—communicate your needs, initiate change and, if necessary, embrace leaving for the sake of your own well-being and the company’s success. Maintain your passion by always having a dream, setting goals and embarking on continuous projects. This drive keeps you engaged and fulfilled.
The former Publicis Groupe chief strategist on how to get ahead in the fast-paced advertising industry.

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