In 2023, Sotheby’s, the famous fine arts auction house, made an impressive impact in the digital art industry, with sales hitting $35 million. Based on a report by Michael Bouhanna, the company’s vice president and head of digital art, 2023 was one of the most exciting for digital art.
First Live Digital Auction
One of this year’s highlights was Sotheby’s first live digital art auction, which attracted 300 attendees and generated a remarkable $12 million in sales. Among the significant sales was Ringers #879” by digital artist Dmitri Cherniak, called “The Goose” in the generative art community. That piece sold for a record $6.2 million, and it displays a distinct blend of randomness and skill from developing art with randomized computer code, which resulted in an image that represents a waterfowl at the time of its minting as a non-fungible token (NFT).
We had an exceptional year at Sotheby's filled with innovation and captivating auctions. Thank you all for following our journey and more to come in 2024! 🎉https://t.co/qbvqxDnsZs pic.twitter.com/1JdyMbqlin
— Sotheby's Metaverse (@Sothebysverse) December 23, 2023
Sotheby’s Commitment To Digital Art
Another significant milestone in the realm of digital art was the introduction of the “Themes and Variations” collection, comprising 500 generative art NFTs. Crafted by the 99-year-old digital art trailblazer Molnár with assistance from Martin Grasser, this collection garnered remarkable success, attaining a total sales figure of 631 Eth, equivalent to $1.2 million.
Sotheby’s conducted at least 25 auctions dedicated to digital art, exclusively or as part of the modern art sales. Also in 2023, Sotheby’s Metaverse, the auction house’s non-fungible token (NFT) marketplace, got an upgrade. This marketplace expanded to feature primary market offerings and secondary sales, enabling collectors to sell directly to one another.
Sotheby’s Influence on the Digital Art Market
With a massive history spanning 279 years, the firm has emerged as a notable operator in the digital art market. Achieving some record-breaking sales and a commitment to adopting the digital art revolution has positioned them as a leader in the sector.
Ultimately, Sotheby’s has established itself as a prominent figure in the digital art market. Through innovative auctions, this launch of Sotheby’s Metaverse, and successful collections like “Themes and Variations,” the firm keeps spearheading the evolution of digital art.
