Sotheby's wants to capitalize on the NFT craze

·2-min read
Sotheby's recently announced its upcoming collaboration with digital artist Pak to capitalize on the growing interest in digital art.

The art market's interest in NFTs doesn't appear to be calming down anytime soon. While Christie's scored a big hit with the record-breaking sale of Beeple's "Everydays: the First 5,000 Days," Sotheby's is hoping to generate the same interest by partnering with digital artist Pak. Details of the collaboration are still being kept under wraps for now

"Coming Soon." These are the words Sotheby's used to announce its upcoming NFT collaboration with the anonymous digital artist, Pak. While details of the event are still being kept under wraps, the auction house introduced its new partner as an "omniscient designer/developer/wizard" and "a leading figure in the design scene and on social media."

All qualities that explain why Sotheby's chose Pak for its upcoming sale. "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," explains the auction house in a press 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."

Pak's Twitter followers had already noticed a rapprochement between the artist and Sotheby's back in January, when the auction house expressed interest following a message from the founder of Archillect, an AI visual curator. "Global auction houses. Want this art piece. Show us all. I'll choose," he had said in a video. To which the auction house of Patrick Drahi replied: "We are intrigued."

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69.3 million dollars for an NFT work

The announcement of this new "NFT-esque" collaboration comes a few weeks after Christie's made headlines following the record-breaking sale of Beeple's "Everydays: the First 5,000 Days" for $69.3 million. A historic moment for digital art, according to the American artist. "Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20 plus years but there was never a real way to truly own and collect it. With NFTs that has now changed. I believe we are witnessing the beginning of the next chapter in art history, digital art. This is work that has just as much craft, message, nuance and intent as anything made on a physical canvas and I am beyond honored and humbled to represent the digital art community in this historic moment," he stated.

Caroline Drzewinski