[NEWS] Sotheby's digital art sales reach 5 billion yen in 2023

Sotheby's, a major auction house, has revealed that sales of digital art in 2023 reached $35 million (approximately 5 billion yen).

This result not only reveals the high demand for digital art, but also establishes Sotheby's position in the field.

Last year, Sotheby's held the world's first live auction exclusively for digital art. It attracted 300 participants and achieved an astounding sales of $12 million (approximately 1.7 billion yen).

It also sold "Ringers #879 (The Goose)" by digital artist Dmitri Cherniak for $6.2 million (approximately 9 billion yen), setting a new record for the commission of a digital artwork.

Throughout 2023, Sotheby's will hold more than 25 auctions focusing solely on digital art and incorporating digital art into contemporary art. In addition, the company has launched its own on-chain marketplace, "Sotheby's Metaverse," as a secondary market for NFTs, and "Gen Art Sotheby's," a project to expand the world of generative art.

Gen Art Sotheby's shows the potential of algorithmically driven art, offering collectors art that is not just about appearance, but also art at the intersection of art and technology.

Michael Bouhanna, vice president and head of digital art and NFT at Sotheby's, called 2023 "one of the most exciting years for digital art," and said that going forward, the company will focus on supporting creators and strengthening its core market strategy.

The company also plans to build a platform to support creators and introduce their works to customers around the world. In addition to holding auctions of high-profile digital art, the company will also create virtual exhibitions, digital platforms, and collaborations with well-known digital artists.

Reference:Announcement
Image: Shutterstock

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