Following the $69 million non-fungible token (NFT) digital art auction at the world-famous auction house Christieâ€™s, the British-founded American multinational corporation Sothebyâ€™s is joining the NFT hype. Sothebyâ€™s is partnering with a popular digital artist dubbed â€œPakâ€ for the NFT sale as the brokerage house believes it is important to work with established NFT artists.
Sothebyâ€™s Partners With Digital Artist Pak to Introduce the Companyâ€™s First NFT Auction
Sothebyâ€™s is one of the worldâ€™s largest brokers of fine and decorative art, jewelry, and collectibles since 1744. It is also the worldâ€™s fourth oldest auction house and now the company says it is entering the non-fungible token (NFT) ecosystem. The company is likely eying the money being made after Beeple sold an NFT at the auction house Christieâ€™s last week raking in $69 million. The Beeple sale was the fourth-largest art sale in 2021, and Sothebyâ€™s plans to get in on the action with an anonymous NFT artist called Pak.
Sothebyâ€™s announcement is rather cryptic and the company says it canâ€™t reveal all the details concerning the upcoming NFT sale. Thereâ€™s not much information about the anonymous artist Pak either, Sothebyâ€™s announcement emphasized that this is â€œjust the first step for us.â€
â€œWe wanted to partner with Pak 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,â€ Sothebyâ€™s explains. â€œWhile we canâ€™t yet reveal full details of whatâ€™s to come, we want to be true to the democratic spirit of crypto and will be working together to attract as many people as possible to take part in this next adventure, so prepare for some surprises.â€
Sothebyâ€™s Plans to Introduce Popular Contemporary Artists Into the Digital Art Space
Sothebyâ€™s further added it is also looking for the means to â€œhow we can not only enter the digital art sphere, but create a bridge from digital art to our auction business.â€ The NFT announcement from the auction house and its collaboration with Pak, will follow with â€œintroducing well-known contemporary artists into the digital art space.â€ Alongside this, Sothebyâ€™s plans to accept crypto assets for the artwork being sold by the auction house.
Stats from the web portal art.io, shows Pak has raised more than $350 million in NFT art sales and in 2020, the artist was the first to earn a million for an NFT. However, after Beepleâ€™s â€œEverydaysâ€ collection launch, Pak was outperformed by Beepleâ€™s massive sales. Max Moore, Sothebyâ€™s head of contemporary afternoon sales explained in a recent interview that of course, high profile NFT art sales will bring about a number of criticisms in the art world.
â€œThis brings on some remarks about a bubble, speculation, and an unhealthy marketplace,â€ Moore detailed. â€œBut digital art is not a new concept. Itâ€™s intersected with art before, in artists like Nam June Paik and Bill Viola,â€ the Sothebyâ€™s executive insisted.
Sothebyâ€™s head of contemporary afternoon sales further added:
What do you think about Sothebyâ€™s getting into the NFT art space with a partnership with the digital artist Pak? Let us know what you think about this subject in the comments section below.
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