Sotheby’s is venturing into the NFT world by announcing a collaboration with renowned digital artist Pak. Following Christie’s highly successful sale of Beeple’s $69.3 million digital art, the self-proclaimed “omniscient designer/developer/wizard” and founder of the AI-supported visual content sharing platform, Archillect, is having his inclusion into Sotheby’s crypto art market.
“We wanted to partner with Pak because we are entering a whole new world with digital art, and we felt it was important to work with an artist who has been active in the community for many years,” Sotheby’s said in a statement. “While we can’t yet reveal full details of what’s to come, we want to be true to the democratic spirit of crypto and will be working together to attract as many people as possible to take part in this next adventure, so prepare for some surprises.”
Sotheby’s x Pak partnership opens a series of other contemporary artists who will enter the world of digital art with Sotheby’s help in the following months. The auction house ensures it marks the “first step” to “not only enter the digital art sphere but create a bridge from digital art to our auction business.”
“It’s still very early with crypto art in general and it’s all new to us, but there’s a lot here that we think has staying power,” Sotheby’s chief executive, Charles F. Stewart, said in an interview with CNCBC. He said Sotheby’s would be “selling one-of-one works of art but also what are called open editions in the NFT world, where many people can buy tokens for the same work.”
He added: “One of the interesting things about NFTs is—beyond the fact you’ve got a new audience and a new aesthetic which is always a great thing in the art world—is this thing has the potential to bypass a lot of the traditional gatekeepers and vetting processes of the physical art world. That’s something that’s really exciting as it develops.”
Stay tuned for official details on the Sotheby’s x Pak partnership.