Following the $69 million NFT auction of digital art by renowned auction house Christie’s, British multinational Sotheby’s is now joining the NFT wave. Sotheby’s is partnering with popular digital artist Pak for the NFT sale, as it is important for the brokerage to work with established NFT artists.
Offers a digital package together with Sotheby’s for the first NFT auction
Since 1744, Sotheby’s has been one of the world’s leading brokers of art, jewelry and collectibles. It is also the fourth oldest auction house in the world, and the company now claims to be part of the non-disruptive token (NFT) ecosystem. After Bipple sold NFT for $69 million at a Christie’s auction last week, the company is in danger of losing its liquidity. Beeple’s sale was the fourth-largest art sale of 2021, and Sotheby’s plans to get in on the action with an anonymous NFT artist named Pak.
(pictured left) Pak, Metanoia, undated. Package, entropy maps, undated. Art photos courtesy of Sotheby’s.
Sotheby’s announcement is rather cryptic, and the company says it can’t reveal all the details about the upcoming NFT auction. Not much is known about the anonymous artist Puck either. Sotheby’s announcement underscores that this is just a first step for us.
We wanted to work with Puck because we are entering a whole new world with digital art, and we felt it was important to work with an artist who has been active in the community for many years, Sotheby’s said. While we can’t reveal all the details yet, we want to stay true to the democratic spirit of cryptocurrencies and will work together to get as many people as possible involved in this new venture, so prepare for some surprises.
Sotheby’s plans to represent popular contemporary artists in digital art
Sotheby’s added that it is also looking for ways to not only enter the digital art space, but to connect digital art with our auction business. Following the announcement of the NFT auction house and its collaboration with Puck, renowned contemporary artists will be introduced to the digital art space. Meanwhile, Sotheby’s plans to introduce crypto assets for artworks sold by the auction house.
Statistics from the web portal art.io show that Pak has earned more than $350 million from selling art on NMT. However, after the launch of Beeple’s Everydays collection, Pak caught up with Beeple in terms of sales. Max Moore, head of afternoon contemporary art sales at Sotheby’s, explained in a recent interview that the high-profile NFT art sale will naturally provoke a series of critiques in the art world.
This raises questions about the bubble, speculation and an unhealthy market, Moore said. But digital art is not a new concept. There used to be overlaps with art, with artists such as Nam June Paik and Bill Viola, the Sotheby’s official said.
Then came the head of modern afternoon sales at Sotheby’s:
The real difference here is that it has to do with the importance of cryptocurrencies and some of the features of blockchain that artists use to push the boundaries of the framework it can provide for the artist as creator.
What do you think of Sotheby’s entry into the NFT art space in collaboration with digital artist Puck? Let us know what you think in the comments below.
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Photo credit: Shutterstock, Pixabay, Wiki Commons, Sotheby’s, Pak,
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