WETH

<p>NFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV <a href="https://www.yonhapnewstv.co.kr/news/MYH20231128019900641?input&#61;1825m" rel="noopener noreferrer nofollow">reported</a> on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.</p><h2 id="header-0">White bull as NFT</h2><p>Lee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page <a href="https://opensea.io/assets/ethereum/0x132ca329613ab3cefacb563cea218cd5ddba9cf2/5" rel="noopener noreferrer nofollow">states</a>, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”</p><p>The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.</p><h2 id="header-1">Authenticity and NFT investments</h2><p>Meanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.</p><p>During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.</p><p>Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.</p>

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSea

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