​NFT and auction houses Sotheby's and Christie's are the worl | Foil Network | Journal

​NFT and auction houses

Sotheby's and Christie's are the world's oldest auction houses. They occupy 90% of the world market of auction sales of art objects.

In the race for NFT's popularity, the auction houses were not left out. On March 11, a digital mosaic by Mike Winkelmann, working under the pseudonym Beeple, sold at Christie's for $69.3 million.

On April 12-14 at Sotheby's auction, two NFT art objects by the Pak artist - The Switch and The Pixel - sold for $1.4 million and $1.36 million. The amounts are enormous! It is known that Sotheby's revenue from the sale of NFTs last year was $100 million (according to The Block)

Sotheby's representatives highlighted the following advantages of the NFT:

Authenticity is enshrined technically in the architecture of the art object;
Guaranteed royalties: NFT's blockchain network can automatically program a commission to the author from each sale.

"For a certain group of people, the NFT market is an opportunity for speculation, an opportunity to make a good profit. <...> Another group of people believe that NFTs represent a philosophical/material statement about a version of the future in which blockchain and cryptocurrency technologies will become the norm of the financial market. There are also art lovers who appreciate novelty and rarity. For them, NFT works perfectly satisfy the need for something completely new and incomprehensible - both philosophically and historically. In this case, I immediately think of those people who were interested in Maurizio Cattelan's installation Comedian - literally consisting of a banana glued to the wall with a piece of duct tape...". - Noah Davis, an expert in contemporary art (Christie's), said in an interview.

Not all people still believe in NFT. But the oldest auction houses (whose credibility is hard to doubt) encourage the use and belief in NFT!