Prominent digital art auction house Sotheby’s has had a productive year following selling a whopping $35 million worth of fine arts. The British-American digital art auction platform reportedly achieved the latest milestone as the end of 2023 draws close.
Sotheby’s Remarkable Year
With nearly $35 million in sales, the prominent digital collectible auction house Sotheby’s had an incredible year. According to the firm’s vice president and head of digital art, Michael Bouhanna, 2023 has to be a thrilling year for this emerging creative field.
Recent updates on Bouhanna’s socials revealed Sotheby’s impressive accomplishments in digital art sales for the year. The event started with the first-ever live digital art auction, which attracted 300 bidders and netted about $12 million in returns.
Importantly, Sotheby’s achieved an outstanding landmark by securing a record-breaking sum for an electronic artwork. The renowned digital artist Dmitri Cherniak’s non-fungible token (NFT) “Ringers #879” sold for $6.2 million, demonstrating the growing market value of digital art collectibles.
Sotheby’s underwent a revolutionary phase this year as it aims to position itself as the leading digital art auction house. Their auctions’ successes, particularly the record-breaking sale of Cherniak’s NFT, show digital art’s increasing importance and appeal to collectors and enthusiasts.
Record Auctions For The Year
With over 25 auctions completed in 2023, Sotheby’s offered a variety of digital art collections, either as a standalone sale or as an integral part of their contemporary art offerings. The company diversified into the evolving world of digital assets when it introduced Sotheby’s Metaverse.
The Sotheby’s Metaverse is an on-chain marketplace specifically for the secondary trading of NFTs. Furthermore, the 279-year-old British-American behemoth made its NFT debut in April 2021 by auctioning off the works of a digital artist known only by his pseudonym, Pak.
Since attaining this landmark, Sotheby’s has become a digital art industry powerhouse, captivating the art world with its record-breaking sales. By being at the forefront of art market innovation, Sotheby’s maintains its tradition and demonstrates a strong dedication to supporting artists and exploring the boundless possibilities of digital art.
Sotheby’s Foray Into The Bitcoin Ordinal Space
Following the recent growing popularity of Bitcoin Ordinals, the NFT market has seen a renaissance, with November’s transaction volume almost reaching $1 billion. Users’ increased eagerness to participate in trades of greater value compared to earlier months is reflected in this rise.
The first-ever auction by Sotheby’s Digital Art Department focused on Bitcoin Ordinals, with works from the enigmatic artist Shroomtoshi in his renowned BitcoinShrooms collection as featured items. This one-of-a-kind compilation honors Bitcoin’s formative years and delves into Bitcoin’s historical development.
Featuring a diverse collection of more than 200 artworks, BitcoinShrooms contains significant events and emblems from Bitcoin’s history, such as a reference to the Mt. Gox tragedy and the core concept of a hot wallet. Meanwhile, massive market interest in Bitcoin Ordinals has led prominent exchanges such as Binance and OKEx to start trading these digital assets.
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