Sotheby's Moves Into 'New World' of Digital Art and NFTs

Charles Stewart, CEO of Sotheby’s, has announced a partnership that will see the top auction house hold a sale of NFT-based digital art from anonymous artist Pak.

In an interview on CNBC’s "Squawk Box" on Tuesday, Stewart said his firm has been following the non-fungible token space for some time.
"There's a lot here that's really exciting and, we think, has staying power," he said.
Sotheby's chose to hold its first NFT art sale with Pak because it wanted to work with one of "the most established artists" in the space, according to the CEO.
Talking to CoinDesk, a Sotheby’s representative said the firm will accept cryptocurrencies for the artworks.
Max Moore, Sotheby’s co-head of the Contemporary Art Day Sale in New York, will be heading the sale.
The news comes days after the Christie’s auction house auctioned an NFT artwork by Beeple that sold for a record $69.3 million.

See also: What Are NFTs and How Do They Work?

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