Sotheby’s Achieves Remarkable Success with Close to $35 Million in Digital Art Sales in 2023
Sotheby’s, the venerable auction house with a legacy spanning 279 years, has made an indelible mark on the digital art landscape, recording close to $35 million in sales for the year 2023. This significant milestone was shared by Michael Bouhanna, Sotheby’s Vice President and Head of Digital Art, who declared 2023 as “one of the most exciting years for digital art.”
2023 at Sothebys will remain one of the most exciting years for Digital Art!
🚨 What We Achieved 🚨
Close to $35 million in sales.
Launch of a fully on-chain secondary marketplace that honors creators' royalties.
Our very first dedicated live auction with more than 300… pic.twitter.com/rabrxntz9Z
— Michael Bouhanna (@michaelbouhanna) December 23, 2023
Sotheby’s digital art journey reached new heights on December 23, when Bouhanna revealed the year’s results on X. In a testament to their commitment to the digital art realm, Sotheby’s conducted its inaugural live digital art auction, attracting over 300 attendees and generating an impressive $12 million in sales. Notably, this groundbreaking auction included the sale of Dmitri Cherniak’s non-fungible token (NFT) titled ‘Ringers #879’ for a staggering $6.2 million, setting a new record for individual digital artwork fees.
Throughout the year, Sotheby’s hosted more than 25 auctions, focusing exclusively on digital art or incorporating it into contemporary art sales. As part of their dedication to advancing the digital art space, Sotheby’s launched its on-chain marketplace, Sotheby’s Metaverse, providing a platform for the secondary trade of NFTs while honoring creators’ royalties.
In a noteworthy collaboration, Sotheby’s partnered with 99-year-old artist Vera Molnar and Martin Grasser to introduce the successful NFT collection “Themes and Variations.” This collaboration exemplifies the intersection of generations and artistic mediums, demonstrating the universal appeal of digital art.
Earlier in the year, Sotheby’s made headlines by auctioning off the manuscript of Neal Stephenson’s renowned novel “Avalanche,” believed to contain the first-ever use of the term “metaverse.” Looking ahead, Sotheby’s plans to refine its strategies in the primary market, continuing to support creators and further contribute to the evolution of the digital art landscape.
Sotheby’s Impact in the NFT Space and the Resurgence of Digital Art
Entering the NFT space in April 2021, Sotheby’s has consistently achieved record-breaking sales in digital art. The recent surge in interest in the digital art market, coupled with a bullish run in Bitcoin, has propelled the NFT space to new heights. November alone witnessed the overall trade volume nearing $1 billion, with a notable 114% increase in the average value of NFT transactions, signaling a shift towards higher-value trades.
It’s essential to acknowledge that investments in crypto assets, including NFTs, carry inherent risks and are not suitable for all investors. These investments are unregulated and may lead to complete loss.
On December 7, Sotheby’s announced the sale of the Bitcoin Ordinals collection, adding another dimension to its engagement with digital art. The collection, featuring pieces from BitcoinShrooms, pays homage to Bitcoin’s history and principles through pixel art, referencing memes and technical concepts.
In summary, Sotheby’s extraordinary success in 2023 highlights the growing prominence of digital art in the broader art market. As the intersection of traditional and digital art continues to evolve, Sotheby’s stands at the forefront, shaping the narrative and contributing to the transformative journey of the digital art landscape.
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