The 279-year-old British American house witnessed the highest for digital artwork in the same year.
This year, Sotheby’s, a fine arts auction house, sold digital art worth ‘nearly $35M.’ Michael Bouhanna, the firm’s vice president and the digital art head, disclosed these numbers. Additionally, he said that 2023 was ‘one of digital art’s most thrilling years.’
On December 23, Michael used his X (formerly Twitter) account to conclude Sotheby’s year results concerning digital art. In 2023, the auction house ran its initial live digital art auction with 300 attendees and sales amounting to $12M.
Cherniak’s Creation Realizes Highest Digital Artwork Fee
Besides, the highest digital artwork fee was recorded this year. In this case, it sold the nonfungible token under the title ‘Ringers#879’ for $6.2M. Digital artist Dmitri Cherniak created it.
Cumulatively, Sotheby’s has carried out more than 25 auctions, focusing exclusively on digital art or including it in modern art sales. The firm has also unveiled Sotheby’s Metaverse, its on-chain marketplace for the secondary trade of nonfungible tokens.
Michael claimed that in 2024, the house will focus on ‘backing creators and improving the primary market approaches.’
In April 2021, Sotheby’s made its initial appearance in the nonfungible token sphere. In this case, it sold the work of Pak, a pseudonymous digital artist. Since then, it has executed numerous record-breaking digital art sales.
Resurgence in NFT Space
Amid the latest Bitcoin bull run, the nonfungible token space has witnessed a resurgence, with a total trade volume approaching $1B last month.
At that time, the average value of NFT transactions experienced a 114% surge, increasing from $126 to $270. This indicates users’ willingness to carry out higher-volume trades compared to earlier months.
Editorial credit: Travers Lewis / Shutterstock.com
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