US News Auction houses go to the "NFT", the magic word of the art market

22:25  12 april  2021
22:25  12 april  2021 Source:   pressfrom.com

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© Courtesy of Christie's "Everydays: The First 5000 Days" of Beeple sold $ 69 million at Christie's he A month ago.

After the sale of a digital work at $ 69 million at Christie's a month ago, Sotheby's and Phillips launch auction on Monday "NFT", a sign that traditional sales houses want to position itself on this technology that jostles the market art.

Three months ago, they were only a handle to have heard of these "NFT" or non-fungible tokens ("non-filtable tokens"), a barbaric term which refers to a certificate of authenticity associated with an object Virtual (image, photo, video, piece of music).

Since then, the American artist Beeple sold a digital collage, stamping "NFT", for $ 69.3 million, and according to data from the specialized site Dampraar, more than ten million dollars change daily to buy these objects totally dematerialized collection.

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The "NFT" offers guarantees of traceability and security to digital art that missed, to the point of making it a new Eldorado.

directly related to the world of cryptomonnies, like Bitcoin, this market has its own swap platforms, such as Nifty Gateway or OpenSea, created on the sidelines of the art.

Symbols of the traditional art market, auction houses did not want to miss the check mark.

They bring "context" to a market to the landmarks still fuzzy, makes Rebekah Bowling, expert in contemporary art at Phillips, the third world auction house behind Christie's and Sotheby's.

"We situate these artists in all the great" creators, "she explains, including those who use usual physical media, painters, sculptors or plasticists.

Through the sale of "NFT" works of the Digital Artist Pak, who stands from Monday to Wednesday, Sotheby's also intends to give a guarantee of credibility to foreign collectors in this universe, object of "skepticism as to his legitimacy" , explains Max Moore, expert in contemporary art within the auction house.

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"I expect collectors who have never bought NFTs make their first acquisition because it's a Sotheby's sale", advance the expert.

Sotheby's also offers a life-size experience, with this selling very far from the usual cannons of auction.

PAK thus sells "cubes", digital works representing this geometric form, at 500 dollars the unit, in unlimited quantities.

for 15 minutes each day, Monday, Tuesday and Wednesday, will be sold as many "cubes" that collectors will want to buy, always at the same unit price.

"Through this collection, Pak questions our sense of value", summarizes Sotheby's. "What does value mean?"

- Attract new collectors -

Phillips also plays the map of innovation, cardinal value of the "NFT" galaxy, offering, it, a unique work of the Canadian Mad Dog Jones, but who will automatically generate others for Its acquirer.

"Replicator", auction on Monday until 23 April, is an evolutionary work that will create, over a period of about one year, between 75 and 300 other digital objects, which will all be owned by the initial buyer.

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This opening to the "NFT" is appointed for auction houses after one year of pandemic that has seen them accelerate with frenzy their digital transition, for lack of being able to hold their usual sales in theaters.

This label should attract new collectors, "who probably would never have been in touch with us before," says Max Moore. A boon for Sotheby's, which is brings closer to a "a lot younger", out of reach so far.

The demonstration had already been done when selling Beeple's famous "Everydays", who attracted 91% of collectors who had never bid at Christie's. Some 58% of them were between 25 and 40 years old.

If the goal is also to bring more traditional collectors into the "NFT", the priority is to capture these new fortunes, "geeks" become millionaires thanks to the vertiginous ascent of cryptomonnies.

"My first goal right now is to establish (...) relations, understanding their way of collecting," explains Max Moore, "what interests them, and then we can solicit them".

with the idea, later, to interest them in traditional physical works. "I do not see why we stop digital."

Pakistan: the Koranic recitation, an art and an iron discipline .
© Aamir Qurshi Hassan Ali Kasi, a "QARI" or recurious of the Qur'an, during an interview at AFP, March 26, 2021 in Islamabad To become a master in the art of Koranic recitation, the Pakistanis Hassan Ali Kasi, 21, had to be offered to a strict discipline, passing hours to make vocalises, practicing yoga and following a suitable diet. It has been paid. He has recently been a holy champion of an international competition, played online, which opposed men from 25 other countries.

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