109: Wondering How NFTs are Changing the Future of Fine Art?

At first glance, non-fungible tokens, or NFTs, would seem to have little place in the world of fine art. After all, they've only been around for nine years, and during that time, they've developed a reputation as an abstract form of digital currency only fully understood by tech-savvy early adopters. The mere mention of NFTs raises a bit of skepticism in some circles, partly because not many of us comprehend the technology behind them.    Ask someone to explain NFTs and blockchain technology in layman's terms, and you're likely to hear plenty of stammering and double talk, but our newest episode of Absolute Trust Talk will provide a welcome reprieve from that. Kirsten Howe's guest is Claudia Worthington Hess, who brings an unusual combination of 40 years of experience in the art market and a thorough knowledge of NFTs to the discussion.    A member of the Appraisers Association of America (AAA), Claudia is a certified fine art appraiser who works with museums and other clients throughout the US and Canada on insurance, donation, and estate appraisals. After founding Hess Art Advisory in 2010, she eventually broadened her focus to accommodate the rapidly growing role that NFTs had come to play in the realm of fine art, prompting her to co-found New Media Art Advisory. Her new book, NFTs: A Handbook for Art Lovers, results from 17 months of research on this often-misunderstood topic.     In this episode, she'll explain why NFTs and fine art — two worlds that seem to have nothing in common — are a natural fit for each other and why NFTs are here to stay, becoming more prevalent in the future. She'll also provide some interesting perspective on just what goes into determining the value of a given piece of art — much like the fundamentals of NFTs, this is a process that also leaves many of us mystified.   We will also discuss:  The various events that prompt someone to hire an art appraiser and the distinction between "retail/replacement value" and "fair market value" that not only guides the appraisal process, but also result in a different valuation for each of these.   Why, as entertaining and compelling as it might be, the story behind a given piece of art is often misleading and shouldn't play a part in the appraisal process. The role that NFTs currently play in the world of fine art and why they're likely to take on an even more prevalent role in the future — some of the statistics that Claudia will provide are sure to surprise you! How NFTs can benefit artists in the future by providing solid proof of agreements between artists and galleries.   Some actual appraisals Claudia has made not only run contrary to the images most of us conjure up when we think of high-price artwork but also resulted in welcome surprises for art enthusiasts who bought wisely and held on for the long run. And more!   We hope you will join us as we take a look at the world of art appraisal, the rise of NFTs and the connection that's been growing between these two seemingly disparate worlds.  Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together  Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.