Sotheby’s Digital Art Reports Record $35 Million Sales in 2023
In Brief
Sotheby’s reported reaching $35 million in digital art sales by the end of 2023, marking it as one of the most exciting years for digital art.
Sotheby’s Digital Art Department reported reaching $35 million in digital art sales at auctions by the end of 2023. Michael Buhanna, Vice President and Head of Digital Art and NFTs department, described the past year as one of the most exciting for digital art.
During the year, the auction house set a new price record in the segment with the sale of NFT Ringers #879 by artist Dmitry Chernyak, fetching $6.2 million. Acquired by cryptocurrency hedge fund Three Arrows Capital (3AC) in August 2021, the collection was auctioned by Sotheby’s following 3AC’s bankruptcy in 2022.
The auction’s focus for the next year will center on supporting creation and implementing primary market strategies.
Sotheby’s Delves into Bitcoin Ordinals
In a recent development, Sotheby’s Digital Art Department concluded its first auction of Bitcoin Ordinals art, featuring artworks from the enigmatic artist Shroomtoshi’s BitcoinShrooms collection.
The collection provided a comprehensive exploration of Bitcoin’s culture and history, paying tribute to the early days of the cryptocurrency. Comprising over 200 pieces, BitcoinShrooms honored significant moments and symbols in Bitcoin’s journey, including the Mt. Gox incident and the concept of a hot wallet.
The sale marked Sotheby’s entry into the Bitcoin Ordinals art market, showcasing the convergence of digital art and cryptocurrency culture.
Bitcoin Ordinals, since their introduction, have sparked growing market interest, with major exchanges, including Binance and OKX, commencing trading in these digital assets.
The Sotheby’s sales results highlight the increasing popularity of digital art. The auction’s exploration of the Bitcoin Ordinals art market further solidifies Sotheby’s ongoing support to the convergence of digital art and cryptocurrency, establishing a new frontier for cultural expression and financial innovation.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
