Michael Bouhanna, Vice President and Head of Digital Art at Sotheby’s, emphasized the success of digital art at the esteemed art brokerage in spite of the mixed reviews surrounding non-fungible tokens (NFTs).
“2023 at Sothebys will remain one of the most exciting years for Digital Art,” he stated, highlighting the positive developments in the digital art market.
Sotheby’s achieved a remarkable milestone in the year 2023 with the record-breaking sale of a digital artwork for over $6 million, specifically Dmitri Cherniak’s Ringers #879 (The Goose), which fetched $6.2 million. Additionally, Sotheby’s conducted over 25 auctions dedicated solely to digital art or incorporating it into contemporary art sales, culminating in a dedicated live auction that garnered over 300 attendees and achieved $12 million in sales.
This success comes after nearly two years of exploration and dedication to digital art by Sotheby’s, culminating in the launch of Sotheby’s Metaverse on October 18. This platform offers a curated NFT collection for digital art collectors, marking a significant step in the integration of NFTs into the traditional art auction industry.
It is evident that NFTs played a crucial role in sustaining art auctioneers during the Covid-19 pandemic, which forced many physical locations to close their doors. Moreover, NFTs have provided an opportunity to reach audiences that traditional channels may have overlooked, opening new possibilities for the art market.
