Sotheby’s, the renowned auction house, has announced that it will be auctioning off nonfungible token (NFT) artwork as part of 3AC’s digital portfolio in 2021. The auction will begin in May with the sale of seven NFTs from the ‘Grails’ collection. These NFTs are described as “some of the highest quality and rarest works” by Michael Bouhanna, the head of digital art at Sotheby’s.
NFTs are unique digital assets that are verified on a blockchain network. They allow creators to sell their work as a one-of-a-kind item, making it possible for collectors to own a unique piece of digital art. The market for NFTs has exploded in recent months, with some pieces selling for millions of dollars.
The ‘Grails’ collection includes works by some of the most sought-after digital artists in the world, including Pak, XCOPY, and Trevor Jones. The collection has been curated by 3AC, a digital art investment firm co-founded by Anish Acharya, a former partner at Andreessen Horowitz.
Sotheby’s has been at the forefront of the digital art market, having previously auctioned off works by artists such as Trevor Jones and Mad Dog Jones. The auction house has also sold physical artwork that has been tokenized as NFTs, including Banksy’s ‘Love is in the Air’ and Andy Warhol’s ‘Three Self Portraits’.
The decision to auction off NFTs from the ‘Grails’ collection is a significant move for Sotheby’s, as it marks the first time the auction house has sold NFTs as part of a digital portfolio. The move is an indication of the growing acceptance of NFTs in the art world and their potential as a new asset class.
The sale of NFTs has been met with some controversy, with critics arguing that the market is a bubble that will inevitably burst. However, supporters of NFTs argue that they represent a new way for artists to monetize their work and for collectors to own a unique piece of art.
Regardless of the debate surrounding NFTs, the market for them is showing no signs of slowing down. With Sotheby’s now entering the market, it is likely that we will see more traditional auction houses following suit.
The auction of the ‘Grails’ collection is set to take place in May, and it will be interesting to see how much the NFTs will sell for. With the hype surrounding NFTs at an all-time high, it is possible that the collection could fetch millions of dollars.
In conclusion, Sotheby’s decision to auction off NFTs from the ‘Grails’ collection is a significant move for the auction house and the art world as a whole. It marks a new chapter in the acceptance of NFTs as a legitimate asset class and highlights the growing interest in digital art. As the market for NFTs continues to grow, it will be interesting to see how traditional auction houses adapt to this new form of art.
