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Auction houses want to be part of the latest trend in art world; Sotheby's & Phillips join NFT craze


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Auction houses want to be part of the latest trend in art world; Sotheby s & Phillips join NFT craze
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Auction houses want to be part of the latest trend in art world; Sotheby s & Phillips join NFT crazeAFP
Last Updated: Apr 14, 2021, 10:07 AM IST
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NEW YORK: Sotheby s and
Phillips launched so-called NFT auctions on Monday, a month after Christie s sold a digital artwork for $69.3 million, as traditional auction houses seek to capitalize on the craze shaking up the art market.
Three months ago, barely anyone had heard of a non-fungible token (NFT), a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. ....

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The Blobification of the Art Industry: How Lockdown Has Accelerated the Blurred Lines Between Galleries and Auction Houses


The Blobification of the Art Industry: How Lockdown Has Accelerated the Blurred Lines Between Galleries and Auction Houses
As they compete for art market dominance, auction houses and galleries are increasingly adopting one another s sales strategies.
April 13, 2021
Sotheby’s exhibition of Prints & Multiples is now open in London, England, ahead of the auction on 19th March at Sotheby s on March 13, 2020 in London, England. Photo by Tristan Fewings/Getty Images for Sotheby s.
In February last year, a group of art-dealing titans went public with an unusual proposition they would team up and sell the storied collection of the late philanthropist Donald Marron. The move was a shock to the art-world system because it saw three galleries, Gagosian, Pace, and Acquavella, snaffling up a $450 million estate that historically would have been the territory of auction houses. ....

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