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Sotheby's plans NFT auction

  • 19. March 2021 at 9:22

Sotheby’s imitates Christie’s and plans NFT auction | BTC-ECHO

After Christie’s, Sotheby’s is now also entering the Non-fungible Token (NFT) business. At a first auction, works by the digital artist PAK are on the programme.

On 16 March, the renowned auction house Sotheby’s announced plans for its first auction of digital art. Starting in April, Non-fungible Tokens (NFT) depicting works by the anonymous artist PAK are to go under the Crypto Trader scam hammer at the traditional company. 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 the US television station CNBC. In his short speech, Stewart attests NFT art a disruptive potential. In particular, he said, it could help to break down existing barriers to entry to the art market.

The choice of PAK was also not accidental. 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 its intention to sell Open Editions of PAK’s works as well as complete works. Customers will have the chance to acquire shares in a work of art by purchasing an NFT.

2021 – the NFT year?

Stewart made the prediction to CNBC that trading NFTs 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 recent developments.

After all, a few days ago, a digital work by the artist Beeple changed hands at its competitor Christie’s for almost 70 million US dollars. It is not often that works by living artists fetch such prices. Meanwhile, the turnover of the entire NFT sector amounts to 600 million US dollars.