Lincoln Townley sells art collection in cryptocurrency

Lincoln Townley has sold an entire collection of his paintings for cryptocurrency via the popular social media network Wechat.

Townley, who was once called the “next Andy Warhol” by actor Michael Caine, decided to stop presenting his work in art galleries and go on social media networks to sell it.

“I’m always looking at ways to do things differently in my route to market,” says Townley. “The best thing is it fuels my belief that galleries are secondary to an artist’s success – they just need to look at galleries as another string to their bow. There are so many other ways to get sales with technology.”

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“I think there is a huge market for expansion, with it being something that is going to inflate in value. Therefore, inflating in value will give you more of a vehicle to purchase art in the future,” he adds.

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When explaining why he sells his art in cryptocurrency, he says that “the people who invest in Bitcoin are without doubt speculators – they are looking at something with more of a risk. But that’s why I thought to myself; these are the sort of people that would be interested in purchasing my art as an extension to their investment portfolio.”

Crypto investors are also art collectors

Townley states that many cryptocurrency investors are also art collectors. Many crypto holders are “looking for a tangible asset they can put this newfound currency into”.

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Lastly, he has announced his latest collection “Behind the Mask” will be featured at the Biennale di Venezia next year, but rather than deal with a middleperson to sell his work, he will again resort to social media and crypto as a form of payment.

Many famous people own artwork by Townley, including Sir Michael Caine, Sting, Ronaldinho and Samuel L. Jackson.