Sotheby's Digital Art Sales Reach Nearly $35M in 2023 Amid Surging NFT Market.
Summary:
Sotheby's, a renowned auction house for fine arts, reported approximately $35 million in digital art sales in 2023, a significant year for the digital art sector according to VP Michael Bouhanna. Highlights include a record-breaking fee for an NFT, "Ringers #879" by digital artist Dmitri Cherniak, which sold for $6.2 million. The company, which entered the NFT marketplace in 2021, conducted over 25 digital art auctions and launched an on-chain marketplace for secondary NFT trades. Amid a Bitcoin bull run, the overall NFT trade volume neared $1 billion in November, with the average value of transactions more than doubling, indicating an increasing interest in high-value trades.
In the realm of digital arts, Sotheby's, an eminent auction house for fine arts, has reported near about $35 million sales this year. The statistics were shared by Michael Bouhanna, the company's VP and head of digital art, touting 2023 as an exhilarating year for digital art. Bouhanna, on December 23, unveiled the annual business performance of Sotheby's digital art on his X (the platform previously acknowledged as Twitter) account. During 2023, the auction house executed its inaugural live auction for digital art, welcoming 300 attendees and amassing $12 million in sales. It also set a new record for the heftiest cost for digital artwork, selling an NFT titled "Ringers #879", crafted by Dmitri Cherniak, a digital artist, for a whopping $6.2 million. On the whole, Sotheby's has conducted over 25 auctions concentrating solely on digital art or incorporating it in their contemporary art sales. Besides, the company also introduced its on-chain marketplace, Sotheby's Metaverse, for secondary trading of NFTs. As per Bouhanna, Sotheby's will majorly concentrate on augmenting support for creators and polishing their primary market strategies in the forthcoming year. Cointelegraph approached for more detailed information. The British-American settlement house, with a history that spans 279 years, entered the NFT scene in April 2021 by auctioning the work of an anonymous digital artist, Pak. Since then, Sotheby's has successfully conducted numerous record-setting digital art sales. The NFT space has witnessed a resurgence with the recent Bitcoin bull run, with the cumulative trade volume nearing $1 billion during November. In the same month, the average worth of NFT transactions spiked by 114%, escalating from $126 to $270, indicating users' inclination towards executing higher-value trades compared to earlier months.
Published At
12/25/2023 3:05:00 PM
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