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PARIS, May 11, 2021 /PRNewswire=KYODO JBN/ --

NFTs haven't just been invented, but their arrival in the auction sphere has

had the effect of a tidal wave. Christie's, Sotheby's and Phillips have each

sold their very first Non-Fungible Token in the past two months, while many

other auction houses and galleries are getting drawn into the adventure.

Artprice recognizes the unlimited creativity at the heart of this new medium as

well as its extraordinary demand potential which seems in line with the rapid

growth of the tech sector, but also with the aspirations of future generations

of collectors.

While the auction summits reached by certain works of Contemporary art are

regularly called into question, what about the recent results recorded for

Beeple, Pak or Mad Dog? The astronomical records set by Jeff Koons or Damien

Hirst, as controversial as they are, do at least crown the entire career of

these artists and the gradual construction of their primary, and then their

secondary markets. Today, the 7- or 8-digit results achieved by NFTs seem

totally unpredictable since the works of these artists had never before

circulated on the art market:

Everydays: The First 5000 Days by Beeple

Estimated unknown

Starting price: $100

Price achieved: $69,346,250.

Between art and technology

"NFTs are such innovative inventions that some people are comparing them to the

greatest masterpieces in the history of art" explains thierry Ehrmann,

President and Founder of Artmarket.com and its Artprice department.

"When Sina Estavi bought the NFT of the very first "tweet" (for $2.9 million)

and compared it himself to Da Vinci’s Mona Lisa, he expressed what NFTs mean to

him, and to many other aficionados of this technology: the advent of a new

world of extraordinary artistic talent... a renaissance."

Obviously, not all NFTs are works of art; but some have been created as true

digital artworks and propelled to the forefront of the art market by the

biggest auction houses on the planet. Artprice is keen to integrate these new

forms of art into its databases in order to study their development and provide

its members (with Basic, Advanced and Professional subscriptions) with all the

necessary information relating to this new market.  

'Red-chips' and NFTs

The arrival of NFTs in the auction sphere seems to be the extension of a recent

shift in the traditional art market which has seen collectors increasingly

focusing on the latest trends… i.e. 'red-chip' artists.

"Today, the rules have been overturned," explained Isabelle Paagman, Sotheby's

Head of Private Sales in Europe during the presentation of the TV show The Next

Big Thing.

"Traditionally, an artist first built his reputation and his audience with the

help of galleries, building a primary market, then slowly progressing towards

the secondary market. Today an artist creates his audience via Instagram and

suddenly becomes one of the most desired artists on the planet. The result is

we are now seeing at auction artists who are still very young and at the start

of their careers."

This transformation fits perfectly with the NFT technology: digital works

circulate freely on the web, on Instagram, on Youtube, etc. while their digital

property is secured in a cryptowallet.

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Artmarket is a global player in the Art Market with, among other structures,

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exploitation of historical and current art market information in databanks

containing over 30 million indices and auction results, covering more than

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engraved reproductions of artworks from 1700 to the present day, commented by

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from 6300 Auction Houses and produces key Art Market information for the main

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represents the leading Global Standardized Marketplace® to buy and sell

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in its project to consolidate its position as a global player in the market art.

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