Photo: Getty Images
An extremely expensive piece of art was featured in New York City's Central Park this week.
Artnet.com reports a cube comprised of 410 pounds of pure 24-karat gold sculpted by German artist Niclas Castello was placed at the park early Wednesday (February 2) morning until day's end.
Castello called the art "a conceptual work of art in all its facets" and said the sculpture -- which is not for sale -- is valued at $11.7 million as its material is worth $1,788 per ounce in a statement obtained by Artnet.
The cube sat on display in Central Park from 5:00 a.m. until the end of the day with a heavy security detail.
Castello claiming he intended to "create something that is beyond our world--that is intangible."
Additionally, a cryptocurrency called "The Castello Coin," for the gold cube is being launched alongside the physical artwork, which will be traded as $CAST and is available to be purchased online for $0.44 each, with an accompanying NFT auction set to take place on February 21.
“The cube can be seen as a sort of communiqué between an emerging 21st-century cultural ecosystem based on crypto and the ancient world where gold reigned supreme,” said Viennese gallerist Lisa Kandlhofer, who was in attendance for the artwork's Central Park launch on Wednesday via Artnet.
Castello's team confirmed the artwork was constructed at a foundry in Aarawu, Switzerland and required special handmade in order to successfully hold the massive size and volume of the gold.