Sotheby’s will sell digital art worth $35 million by 2023
Fine art auction house Sotheby's did “nearly $35 million” in digital art sales this year. The company's vice president and head of digital art, Michael Buhana, who presented the numbers, called 2023 “one of the most exciting years for digital art.”
On December 23, Buhana completed the Sotheby's Year of Digital Art on his X (formerly Twitter) account. In the year In 2023, Sotheby's held its first live digital art auction with 300 attendees and $12 million in sales. An unbreakable token (NFT) created by digital artist Dmitry Chernyk titled “Ringers #879” sold for $6.2 million, setting the record for the highest price ever paid for a digital artwork.
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In total, the house has held more than 25 auctions, focusing exclusively on digital art or including contemporary art sales. The company has launched Sotheby's Metaverse, a marketplace for secondary trading of NFTs.
According to Buhana, next year, Sotheby's will focus on “supporting creators and developing their core marketing strategies.” Cointelegraph has reached out for more details.
The 279-year-old British-American clearinghouse first appeared on the NFT scene in April 2021, selling the work of a fake digital artist known as Pac. Since then, Sotheby's has held several record-breaking digital art sales.
In the recent Bitcoin bull run, the NFT space has returned, with the total trading volume reaching $1 billion in November. During that month, the average price of NFT trades increased by 114%, from $126 to $270, suggesting that users are willing to make higher value trades than in previous months.
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