World’s Fourth Oldest Auction House Sotheby’s Joins the NFT Ecosystem With a Mysterious Artist – Bitcoin News

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After auctioning non-fungible tokens (NFT) for digital art at the world-famous auction house Christie’s for 69 million US dollars, the American multinational Sotheby’s, founded in Great Britain, joins the NFT hype. Sotheby’s is partnering with a popular digital artist called “Pak” on NFT sales because the brokerage firm believes it is important to work with established NFT artists.

Sotheby’s partners with Digital Artist Pak to launch the company’s first ever NFT auction

Sotheby’s has been one of the world’s largest fine art, decorative art, jewelry and collectibles brokers since 1744. It is also the fourth oldest auction house in the world and now the company says it is entering the non-fungible token (NFT) ecosystem. The company will likely make the money it will make after Beeple sold an NFT at Christie’s auction house last week and grossed $ 69 million. The Beeple sale was the fourth largest art sale in 2021, and Sotheby’s plans to jump into the action with an anonymous NFT artist named Pak.

(Left picture) Pak, Metanoia, undated. (Picture on the right) Pak, maps of entropy, without date. Art photos courtesy of Sotheby’s.

Sotheby’s announcement is pretty cryptic, and the company says it can’t reveal all of the details regarding the upcoming NFT sale. There isn’t much information available on the anonymous artist Pak either. Sotheby’s announcement emphasized that this was “only the first step for us”.

“We wanted to work 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 in the community for many years,” explains Sotheby’s. “While we can’t reveal all the details about what’s to come, we want to stay true to the democratic spirit of crypto and work together to get as many people as possible for this next adventure. So be prepared for some surprises. “

Sotheby’s plans to introduce popular contemporary artists into the digital art space

Sotheby’s added that it is also looking for a means to “not only enter the digital art realm, but also to build a bridge between digital art and our auction business”. The auction house’s NFT announcement and collaboration with Pak will follow by “introducing well-known contemporary artists to the digital art space”. In addition, Sotheby’s plans to accept crypto assets for the works of art sold by the auction house.

Statistics from the web portal art.io show that Pak raised more than $ 350 million in NFT art sales. In 2020, the artist was the first to make a million for an NFT. However, after the launch of the Beeple “Everydays” collection, Pak was surpassed by Beeple’s massive sales. Max Moore, director of contemporary afternoon sales at Sotheby’s, stated in a recent interview that the high profile sales of NFT art will of course generate a number of criticisms in the art world.

“This brings with it some comments about a bubble, speculation and an unhealthy market,” said Moore. “However, digital art is not a new concept. With artists like Nam June Paik and Bill Viola it has already overlapped with art ”, emphasized the managing director of Sotheby’s.

Sotheby’s director of contemporary afternoon sales added:

The real difference is that this has to do with the value of cryptocurrency and some blockchain features that artists are using to push the boundaries of the framework they can offer the artist as a creator.

What do you think of Sotheby’s entry into the NFT art space in collaboration with digital artist Pak? Let us know what you think on this matter in the comments section below.

Tags in this story

art.io, Beeple, Beeple Sales, Christie’s, Christie’s auction, digital art, digital artist, Max Moore, nft, NFT sales, NFTs, non-fungible tokens, Pak, Sotheby’s, Sotheby’s auction house, Sotheby’s auctions

Photo credit: Shutterstock, Pixabay, Wiki Commons, Sotheby’s, Pak,

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