Sotheby's follows Christie's auction house in joining the NFT hype with a mysterious artist
Sotheby is a world renowned auction house specialising in fine and decorative art, jewellery and collectibles since 1744, making it the world's fourth oldest auction house in the world.
Sotheby's is now entering the NFT ecosystem as they are eyeing the millions Christie's saw at their last auction from a Beeple artwork. The artwork sold for $69million making it the fourth-largest art sale in 2021.
Sotheby's is planning to be part of the NFT craze by showcasing art produced by the mysterious artist called Pak. The auction house has not let out any detailed information as they do not want to reveal too much ahead of the NFT sale.
"We wanted to partner with Pak because we are entering a whole new world with digital art, and we felt it was important to work with an artist who has been active in the community for many years.
While we can’t yet reveal full details of what’s to come, we want to be true to the democratic spirit of crypto and will be working together to attract as many people as possible to take part in this next adventure, so prepare for some surprises.”
Sotheby's plans do not just stop at auctioning digital art but they are also trying to bridge the gap from digital art to auction business while also encouraging contemporary artists to enter the digital art world.
Sotheby's will also accept crypto assets for the artwork being sold at the auction house.
There is a lack of information on the artist, Pak, but according to stats from art.io, the NFT market is worth over $350million and the artist was the first to earn more than a million for their work.
Pak must be looking to claim top spot for a NFT art sale from Beeple while Sotheby will also be looking to oust Christie's for the highest auction sale in NFT.
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