After Christie’s, Sotheby’s is now pushing into the non-fungible token (NFT) business. Works by the digital artist PAK are on the program for the first auction.
The renowned auction house Sotheby’s announced plans for a first auction of digital art on March 16. From April onwards, the traditional company Non-fungible Token (NFT) will go under the hammer, which will depict the works of the anonymous artist PAK. An exact date for the start of the auction has not yet been set.
Charles Stewart, CEO of the British-American company, announced the NFT plans in an interview with CNBC. In his short speech, Stewart attests that NFT art has disruptive potential. In particular, it could help to remove existing barriers to entry to the art market.
The choice of PAK was also not made by chance. After all, the anonymous artist (who could also be a collective) has been active in the field of digital art for “decades.” Sotheby’s announced that they want to sell open editions of PAK’s works in addition to entire works. Customers have the opportunity to acquire shares in a work of art by purchasing an NFT.
Stewart told CNBC that the NFT trade will become more important for the art market. This is supported by the fact that the announcement by Sotheby’s itself must be understood as a reaction to the latest developments.
Finally, a few days ago at competitor Christie’s, a digital work by the artist Beeple changed hands for almost 70 million US dollars. It is not often that the work of living artists fetch such prices. The turnover of the entire NFT sector now even amounts to 600 million US dollars.
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