PARIS, May 11, 2021 /PRNewswire/ -- NFTs haven't just
been invented, but their arrival in the auction sphere has had the
effect of a tidal wave. Christie's, Sotheby's and Phillips have
each sold their very first Non-Fungible Token in the past two
months, while many other auction houses and galleries are getting
drawn into the adventure. Artprice recognizes the unlimited
creativity at the heart of this new medium as well as its
extraordinary demand potential which seems in line with the rapid
growth of the tech sector, but also with the aspirations of future
generations of collectors.
While the auction summits reached by certain works of
Contemporary art are regularly called into question, what about the
recent results recorded for Beeple, Pak or Mad Dog? The
astronomical records set by Jeff
Koons or Damien Hirst, as
controversial as they are, do at least crown the entire career of
these artists and the gradual construction of their primary, and
then their secondary markets. Today, the 7- or 8-digit results
achieved by NFTs seem totally unpredictable since the works of
these artists had never before circulated on the art market:
Everydays: The First 5000 Days by Beeple
Estimated unknown
Starting price: $100
Price achieved: $69,346,250.
Between art and technology
"NFTs are such innovative inventions that some people are
comparing them to the greatest masterpieces in the history of
art," explains thierry Ehrmann, President and Founder of
Artmarket.com and its Artprice department.
"When Sina Estavi bought the NFT of the very first "tweet"
(for $2.9 million) and compared it
himself to Da Vinci's Mona Lisa, he
expressed what NFTs mean to him, and to many other aficionados of
this technology: the advent of a new world of extraordinary
artistic talent... a renaissance."
Obviously, not all NFTs are works of art; but some have been
created as true digital artworks and propelled to the forefront of
the art market by the biggest auction houses on the planet.
Artprice is keen to integrate these new forms of art into its
databases in order to study their development and provide its
members (with Basic, Advanced and Professional subscriptions) with
all the necessary information relating to this new
market.
'Red-chips' and NFTs
The arrival of NFTs in the auction sphere seems to be the
extension of a recent shift in the traditional art market which has
seen collectors increasingly focusing on the latest trends… i.e.
'red-chip' artists.
"Today, the rules have been overturned," explained
Isabelle Paagman, Sotheby's Head of Private Sales in Europe during the presentation of the TV show
The Next Big Thing.
"Traditionally, an artist first built his reputation and his
audience with the help of galleries, building a primary market,
then slowly progressing towards the secondary market. Today an
artist creates his audience via Instagram and suddenly becomes one
of the most desired artists on the planet. The result is we are now
seeing at auction artists who are still very young and at the start
of their careers."
This transformation fits perfectly with the NFT technology:
digital works circulate freely on the web, on Instagram, on
Youtube, etc. while their digital property is secured in a
cryptowallet.
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