Sotheby’s Reports Impressive Sales in Digital Art
Sotheby’s, the renowned auction house, has had a standout year in the digital art market, generating close to $35 million in sales. Michael Bouhanna, the company’s Vice President and Head of Digital Art, described 2023 as “one of the most exciting years for digital art.” Sotheby’s achieved this success through various milestones, including their first live digital art auction, which generated $12 million in sales. They also set a new record for an individual digital artwork by selling a non-fungible token (NFT) for $6.2 million.
In total, Sotheby’s conducted over 25 auctions focused on digital art and launched their on-chain marketplace for NFT trading called Sotheby’s Metaverse. They also partnered with artists Vera Molnar and Martin Grasser for a successful NFT collection called “Themes and Variations.”
Looking ahead, Sotheby’s plans to continue refining their strategies and supporting creators in the primary market.
Sotheby’s Enters NFT Space with Bitcoin Ordinals Collection
Sotheby’s entered the NFT space in April 2021 and has since conducted record-breaking digital art sales. The recent resurgence of the NFT market, combined with a Bitcoin bull run, has led to increased interest and trade volumes in digital art. In November, the overall trade volume approached $1 billion, with a significant increase in average NFT transaction value.
On December 7, Sotheby’s announced the sale of the Bitcoin Ordinals collection. This collection features pixel art pieces referencing Bitcoin’s history and principles. It is the first time these works will be made available to the public.
Hot Take: Sotheby’s Makes Waves in the Digital Art Market
Sotheby’s has made a significant impact on the digital art market in 2023, with close to $35 million in sales. Their achievements include hosting their first live digital art auction, setting a new record for an individual digital artwork sale, and launching an on-chain marketplace for NFT trading. These milestones highlight the growing interest and success of digital art in the art world. Sotheby’s entry into the NFT space with the Bitcoin Ordinals collection further reflects the rising popularity of NFTs and their connection to cryptocurrency. As Sotheby’s continues to refine their strategies, they are poised to further shape and support the future of digital art.
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