Dubai: Sotheby’s doing its bit for NFTs? You read that right.
Why would one of the world’s most respected names in auctioning fine art and antiques want to be included in the new-fangled world of digital art with its non-fungible tokens (or NFTs)? Shouldn’t they be in two parallel art universes?
Last week, Sotheby’s confirmed its relationship with Saudi Arabia’s Visual Arts Commission of the Ministry of Culture in Riyadh for a digital arts forum, which will begin today (February 25). This is where it becomes particularly interesting-the forum will be accompanied by the first demonstration of the Kingdom NFTs.
“We’re constantly adding new – often unexpected – categories to the massive range of items we offer,” Fahey said.
Sebastian Fahey of Sotheby’s, who is the Managing Director for the EMEA territory, gave his opinion on why Sotheby’s and NFTs are really a good fit.
Shouldn’t Sotheby’s auctions be about selling something of value all the time? Why go into NFTs where there is no fixed base price until now?
You could say we would make our history a bad service by not entering. This is just what we’ve been doing since 1744 – observing the market, identifying the next big thing, and delivering what our clients are looking for at any given moment. If you think about it: When we started in 1744, we bought nothing but books. Just over 100 years later, in 1883, we decided to start selling paintings. The change of tack caused a sensation, but a change like this is all about our business.
We’re constantly adding new – often unexpected – categories to the huge range of things we offer today. There is a tremendous business opportunity: NFTs allow us to expand our reach and accept new people into the collecting community, many of whom have moved into other fields and become large collectors.
Above all, this is another opportunity for us to serve our clients, deliver what they want, and introduce them to new and exciting fields of collection. Sotheby’s brings expertise through our dedicated specialists, who research and collaborate with those at the forefront of this space.
We offer expert curation and authentication to help our collectors confidently navigate this new medium with confidence with our brand.
Has Sotheby’s held NFT -themed auctions elsewhere? How can you come up with a specific lot price for an untested asset?
Over the past year, Sotheby’s – and the art world in general – has witnessed a massive increase in NFTs. Since its first auction in April 2021, Sotheby’s sales in this category have reached approximately $ 100 million for 100 NFT, setting several benchmarks along the way, including records for a CryptoPunk ($ 11.8 million) and the maximum total for an NFT auction here, which includes 101 Bored Ape Yacht Club NFTs ($ 24.39 million for a lot).
We evaluate the art we offer for its artistic quality —- as well as its verification from a compliance perspective. The policies for NFTs are no different than the ones we have for anything we offer. All NFTs featured on Sotheby’s Metaverse or sold at Sotheby’s auctions are carefully selected by Sotheby’s NFT specialists.
For Saudi Arabia, how do you curate selected artists and their digital offerings? Which is the most expensive NFT offered at the event in Saudi?
The first Kingdom showcase of NFTs will showcase two of the most popular ways of displaying digital art – a physical display (with projectors and screens), and a metaverse display. Curated as a full -fledged survey of NFTs to those who may not be familiar, the artwork covers key aspects – from Early NFT to the Pop Digital genre and Collectibles. These are loans from international collectors, as well as a gallery.
We are excited to be part of Saudi Arabia’s first foray into the world of NFTs and digital arts, a step that positions Saudi Arabia as a hub for digital innovation. Because of this, it is important that we pay attention to local artists.
We were joined by an NFT of emerging Saudi artist Ahaad Al Amoudi, who lives and works in Jeddah. Panel discussions also included two Saudi artists, Al Amoudi himself, but also local visual artist Rashed Al Shashai.
Will it be an annual event?
Vision 2030 and the Ministry of Culture have set an ambitious roadmap for the country’s cultural and artistic development. As part of this, the Visual Arts Commission is engaged in progressive arts education programs for which we provide our support – because for many years, we have been committed to investing in education.
The circumstances surrounding this partnership were particularly unintentional. In late 2021, a delegation from Sotheby’s visited Riyadh for the opening of the Diriyah Biennale and they were very impressed with what they saw. It seemed like the perfect setting for the launch of the first showcase of NFTs in the Kingdom.