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Following the $69 million non-fungible token (NFT) digital art auction at the world-famous auction house Christie\u2019s, the British-founded American multinational corporation Sotheby\u2019s is joining the NFT hype. Sotheby\u2019s is partnering with a popular digital artist dubbed \u201cPak\u201d for the NFT sale as the brokerage house believes it is important to work with established NFT artists.<\/strong><\/p>\n Sotheby\u2019s<\/a> is one of the world\u2019s largest brokers of fine and decorative art, jewelry, and collectibles since 1744. It is also the world\u2019s fourth oldest auction house and now the company says it is entering the non-fungible token (NFT) ecosystem. The company is likely eying the money being made after Beeple sold an NFT at the auction house Christie\u2019s<\/a> last week raking in $69 million. The Beeple sale was the fourth-largest art sale in 2021, and Sotheby\u2019s plans to get in on the action with an anonymous NFT artist called Pak<\/a>.<\/p>\n Sotheby\u2019s announcement is rather cryptic and the company says it can\u2019t reveal all the details concerning the upcoming NFT sale. There\u2019s not much information<\/a> about the anonymous artist Pak either, Sotheby\u2019s announcement emphasized that this is \u201cjust the first step for us.\u201d<\/p>\n \u201cWe 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,\u201d Sotheby\u2019s explains. \u201cWhile we can\u2019t yet reveal full details of what\u2019s 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.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n Sotheby\u2019s further added it is also looking for the means to \u201chow we can not only enter the digital art sphere, but create a bridge from digital art to our auction business.\u201d The NFT announcement from the auction house and its collaboration with Pak, will follow with \u201cintroducing well-known contemporary artists into the digital art space.\u201d Alongside this, Sotheby\u2019s plans to accept crypto assets for the artwork being sold by the auction house.<\/p>\n Stats from the web portal art.io<\/a>, shows Pak has raised more than $350 million in NFT art sales and in 2020, the artist was the first to earn a million for an NFT. However, after Beeple\u2019s \u201cEverydays\u201d collection launch, Pak was outperformed by Beeple\u2019s massive sales. Max Moore, Sotheby\u2019s head of contemporary afternoon sales explained in a recent interview<\/a> that of course, high profile NFT art sales will bring about a number of criticisms in the art world.<\/p>\n \u201cThis brings on some remarks about a bubble, speculation, and an unhealthy marketplace,\u201d Moore detailed. \u201cBut digital art is not a new concept. It\u2019s intersected with art before, in artists like Nam June Paik and Bill Viola,\u201d the Sotheby\u2019s executive insisted.<\/p>\n Sotheby\u2019s head of contemporary afternoon sales further added:<\/p>\n The real difference here is, it\u2019s linked to the value of cryptocurrency and some of the blockchain capability that artists have been using to push the boundaries of the framework it can provide for the artist as a creator.<\/strong><\/em><\/p>\n<\/blockquote>\nSotheby\u2019s Partners With Digital Artist Pak to Introduce the Company\u2019s First NFT Auction<\/h2>\n
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Sotheby\u2019s Plans to Introduce Popular Contemporary Artists Into the Digital Art Space<\/h2>\n
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