Sotheby’s, the iconic auction house with a rich history spanning 279 years, has made a major impact on the digital art market this year. Fine art auction house Sotheby’s reported that it generated “about $35 million” in digital art sales in 2023, making it a banner year for the emerging sector.
On December 23, Michael Bohana, the company’s vice president and head of digital art, concluded Sotheby’s this year’s results for Digital Art in X as “one of the most exciting years for digital art.”
It is worth noting that Sotheby’s held its first live digital art auction, attended by 300 people, and achieved sales worth $12 million. The auction house also set a new record for a single digital artwork by selling Dmitry Chernyak’s ‘Ringers #879’ non-fungible token (NFT) for $6.2 million.
In total, Sotheby’s has held more than 25 auctions that have focused exclusively on digital art or included it in its contemporary art sales. The company has launched its own on-chain marketplace for secondary trading of NFTs called Sotheby’s Metaverse.
Additionally, Sotheby’s has teamed up with 99-year-old artist Vera Molnar and Martin Graser to launch the successful NFT collection “Themes and Variations.” This collaboration has bridged the gap between generations and artistic mediums, proving that digital art can resonate with everyone.
Earlier this year, Sotheby’s made history by selling the manuscript of Neal Stevenson’s novel Avalanche, which is believed to contain the first use of the term “metaverse.” Looking to the future, Sotheby’s plans to improve its primary market strategies and continue to support creators.
Sotheby’s is entering the NFT space with its Bitcoin Ordinals collection, reflecting growing interest in the digital art market
The 279-year-old auction house entered the NFT space in April 2021 and has since achieved several record-breaking digital artwork sales.
The resurgence of the NFT space, coupled with the recent rise in Bitcoin, has contributed to increased interest and trading volume in the digital art market.
Total trading volume approached $1 billion in November, and the average value of NFT transactions saw a 114% increase. Trading volume rose 125% in November, indicating a change in user behavior compared to previous declines in NFT trading. This upward trend indicates a growing desire among users to engage in higher value transactions.
However, it is important to note that investments in crypto assets such as NFTs are not regulated and may not be suitable for all investors. These investments carry the full risk of loss and are not directed at or available to investors in Spain.
On December 7, Sotheby’s announced that it would sell a batch of Bitcoin Ordinals to the 279-year-old auction house.
Sotheby’s said the sale of pieces from BitcoinShrooms, an arrangement project by pseudonymous artist Shroomtoshi, marks the first time works from the collection have been made available to the public.
The collection consists of a series of pixel art pieces that reference the history of Bitcoin and its underlying principles, including memes and technical concepts.