Beeple & NFTs: what is going on in the art market?
In the week of the one-year anniversary of the pandemic, history was made again. This time, in the art market with a new ground-breaking auction record. On 11th of March 2021, the first ever auction sale of an NFT (Non-Fungible Token) took place at Christie’s auction house. The work in question Everydays: The First 5000 Days is by an artist Mike Winkelmann, better known as Beeple in the digital art world. The work is a collage of 5000 individual artworks which Beeple has been releasing daily since 2007 (he hadn’t missed a day since he set out to achieve the goal of 5000 works). The auction was open for two weeks on Christie’s website and the bids started at $100; however, they escalated to $15 million by the morning of the closing day, skyrocketing to $40 million in the last 15 minutes of the auction. After almost crashing Christie’s website, the work hammered at $60.25 million (adding the fees to that made the final price $69.3 million). This has made Beeple the third most expensive living artist sold at auction, following Jeff Koons ($91m) and David Hockney ($90m). So, why is this particular sale important for art history and what does it mean for the art market?