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

"There's a lot here that's really exciting and, we think, has staying power," said CEO Charles Stewart.

Mar 16, 2021 at 1:54 p.m. UTC
Updated Sep 14, 2021 at 12:27 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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