Beginning today, August 15th, the world-renowned auction house Sotheby’s is selling a series of non-fungible tokens, including a rare CryptoPunks NFT and a digital artwork from Mike Winkelmann, more commonly known as Beeple.
According to Sotheby’s, the sale aims to bring attention to the “interplay between artistic expression and technological novelty.” It will feature NFTs created with generative art, and artists who use technology and algorithms in their creative process. The auction will last until August 22nd.
Some of the NFTs to be auctioned include CryptoPunk #491, which is ranked 1846/10,000 in the collection by Rarity Sniper. The female Punk features rare traits including ‘Half Shaved’ and ‘Blue Eye Shadow.’ Other NFTs to be auctioned include “GRAILS: Starry Night,” “GRAILS: Property from an Iconic Collection,” and an NFT from Beeple called “MOE.”
In a press release about the sale, Sotheby’s wrote that the auction is a significant event that merges “blue chip-quality works” with “rare works hitherto virtually unseen on the public market.”
In 2021, Sotheby’s sold CryptoPunk #7523 for $11.8 million. That same year Beeple made history when his NFT titled “Everydays: the First 5000 Days” sold at NFT at Christies for a whopping $69 million.
Although the NFT market has fallen on hard times since the bull market of 2021, a big-time auction from Sotheby’s could attract eager buyers looking to secure NFT art from collections that are now regarded as historic in the space.
Sotheby’s Continues to Be Bullish on Digital Art
Sotheby’s was founded in 1744 in London and is one of the oldest and largest brokers of fine art and collectibles. With 80 locations in over 40 countries, the auction house has established itself as one of the most important and respected dealers of fine art in the world.
Perhaps that is why when Sotheby’s first showed an interest in NFTs and digital art, many traditional artists and collectors were surprised that such a prestigious institution would be selling PFP pictures of aloof-looking apes. But the naysayers haven’t stopped Sotheby’s from continuing to be bullish on digital art.
Here are some recent headlines from Sotheby’s in the NFT space from the past year:
- Sotheby’s to Auction Bored Ape NFT Once Owned by 3AC
- Bernar Venet To Release Debut Digital Art Collection with Sotheby’s
- Sotheby’s Debuts First Curated Auction of Bitcoin Ordinals
- Sotheby’s to Auction 3AC’s ’Starry Night’ Digital Art Collection
- Sotheby’s Holds First Ordinals Auction: BitcoinShrooms
- Grant Yun’s ‘The Last Supper’ NFTs Set for Auction at Sotheby’s
- Sotheby’s Celebrates 300 Years With Art Blocks
As you can see, Sotheby’s remains bullish on Web3 and NFTs, even despite the downturn in the market. Although this latest auction might not bring in the same revenue it would have if it was launched in 2021, we expect there are still plenty of NFT collectors out there ready to add to their collections. At Rarity Sniper, we’ll be keeping an eye on the auction and following up with any updates to the story.