What's odd is that the listing on Christie's references a larger christies.com-hosted version of the JPG (3000x3000), here:

https://www.christies.com/img/LotImages/2021/NYR/2021_NYR_20...

Whereas the IPFS version of the image is merely 1200x1200. In this case, it really matters because the image is a mosaic that is virtually indecipherable at the 1200x1200 size.

So, it begs the question what is the person actually buying? I get that it's the concept of "ownership" that's being sold, but ownership of what exactly?

When the new owner then goes to sell "it", what do they reference? An illegible JPG?