Michael BOUHANNA, vice president and head of digital art at Sotheby’s, recently highlighted the successes of digital art at the prestigious art brokerage, despite the varied reception of non-fungible tokens (NFTs). In a recent post on X (formerly Twitter), Bouhanna shared that Sotheby’s digital art sales in 2023 surpassed expectations, with the highest sale reaching over $6 million.
Bouhanna also emphasized that Sotheby’s conducted more than 25 auctions solely dedicated to digital art or incorporating it into its contemporary art sales. Notably, the brokerage achieved a major milestone by hosting its “very first dedicated live auction with more than 300 attendees, achieving $12 million in sales.”
Sotheby’s has been actively involved in the digital art space for over two years. As reported in October 2021, Sotheby’s launched Sotheby’s Metaverse to offer digital collectors a carefully curated selection of NFTs. The adoption of NFTs has proven crucial in supporting art auction houses during the challenges posed by the Covid-19 pandemic, especially with the closure of physical art venues frequented by art enthusiasts.
It is evident that Sotheby’s commitment to digital art and NFTs has not only led to significant sales but has also positioned the brokerage as a key player in the evolving landscape of art and technology. This success underscores the growing importance of digital art and NFTs, and Sotheby’s dedication to embracing and thriving in this emerging market.
