Sotheby’s, the renowned fine arts auction house, has reported a successful year in the realm of digital art, with sales nearing $35 million in 2023. This achievement was highlighted by Michael Bouhanna, the company’s vice president and head of digital art, who described 2023 as “one of the most exciting years for digital art.”
On December 23, Bouhanna summarized Sotheby’s annual performance in digital art on X (formerly Twitter). Notably, in 2023, Sotheby’s hosted its inaugural live digital art auction, attracting 300 attendees and generating $12 million in sales. A significant highlight was the sale of the non-fungible token (NFT) “Ringers #879,” created by digital artist Dmitri Cherniak, which fetched $6.2 million, setting a record for the highest fee for a digital artwork at Sotheby’s.
Throughout the year, Sotheby’s organized over 25 auctions, either dedicated exclusively to digital art or incorporating it into contemporary art sales. Additionally, the auction house ventured into the digital realm by launching Sotheby’s Metaverse, its own on-chain marketplace for the secondary trading of NFTs.
Looking ahead, Bouhanna indicated that Sotheby’s plans to concentrate on “supporting creators and enhancing their primary market strategies” in the coming year. Cointelegraph has reached out for more information on these plans.
Sotheby’s first foray into the NFT market occurred in April 2021 with the auction of work by the pseudonymous digital artist Pak. Since then, the 279-year-old British-American institution has been at the forefront of several groundbreaking digital art sales.
The resurgence of Bitcoin, with its price reaching $42,573, has coincided with a revival in the NFT space. In November, the overall trade volume in the NFT market approached $1 billion. During this period, the average value of NFT transactions saw a significant increase of 114%, rising from $126 to $270. This trend indicates a growing confidence among users in engaging in higher-value trades, reflecting the evolving dynamics and increasing maturity of the NFT market.
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