Beeple Digital Artwork Auctioned For A Record $69 Million

CorD Recommends

Oxford University to Return Stolen 500-Year-Old Hindu Saint Statue to India

Oxford University in the UK has committed...

Chile to Install World’s Largest Astronomy Camera 

Chile is set to install the world's...

Geneva Motor Show Shuts Down After 119 Years

The Geneva International Motor Show, a century-old...

Milan-Cile Marinković, painter

A Life Dedicated to The Arts

Milan Cile Marinković, a visionary Serbian artist,...

Finland Leads EU in Uranium Extraction

In a pioneering move within the European Union, Finnish mining and chemical company Terrafame has begun extracting uranium, as...

World’s Oldest Liquid Wine Found in Roman Tomb in Spain

The world’s oldest wine in liquid form has been discovered in a Roman tomb, boasting a reddish-brown hue due...

Mickoski Proposes New Government for North Macedonia

Hristijan Mickoski, leader of VMRO-DPMNE and the designated Prime Minister of North Macedonia, has formally submitted his proposed cabinet...

King Frederick X Inaugurates First Section of Undersea Tunnel Connecting Denmark and Germany

King Frederick X of Denmark has inaugurated the first segment of the ambitious 18-kilometre Fehmarn Belt tunnel beneath the...

Belgrade Hotel Union Sold for €6.2 Million

Hotel Union, a historic landmark in Belgrade, has been sold for 727 million dinars (€6.2 million) at a public...

Christie’s auction house in London had until now only sold physical works of art. Beeple’s digital piece has become the third-most-expensive work sold by a living artist.

Art is always about the original. For many collectors, works of art are an investment, a prestige object — and also a tangible one.

For the first time, the renowned London-based auction house Christie’s auctioned off on Thursday a purely digital work of art — a collage of 5,000 pictures by US artist Mike Winkelmann, known as Beeple.

Back on February 25, the starting bid was $100 (€84); after 10 minutes, that sum hat reached $1 million, and just five hours before the auction closed on March 11, it topped $13 million. In the end, it was auctioned off for a baffling $69.3 million (about €58 million).

Art market turning point? 

Interest in digital art is on the rise. And thanks to technical achievements, you can now actually own digital works of art. NFT — short for “non-fungible tokens” — is the magic word. Put in simple terms, NFTs are certificates of authenticity attached to the digital artwork that identify the owner.

It is still “uncharted territory” for Christie’s, the British auction house’s specialist, Noah Davis, told the Reuters news agency — unlike on the internet, where NFTs are already used. For instance, people can buy and trade NBA digital trading cards — short video clips of highlights from basketball games. Clips of basketball pro LeBron James are particularly popular.

In mid-February, a 10-year-old cat meme sold for almost $600,000, causing a stir on the web.

The work on sale this week at Christie’s was not even Beeple’s first big sale. Last year, he sold a 10-second video clip for $67,000. In October 2020, Pablo Rodriguez-Fraile was listed as the owner of the original artwork registered in a blockchain database. A few months later, at the end of February, he sold it for $6.6 million on the Nifty Gateway platform — and Beeple pocketed 10% of the sales price.

NFT — hype or revolution?

Observers say change is coming on the art market. Skeptics fear NFTs are just a hype that will pass again, a fact hotly debated in detail on the Clubhouse social media app, writes Anika Meier in her column for Germany’s Monopol art magazine. Meier wonders what people do with digital art, how they show their collection. Beeple allegedly said in a conversation on Clubhouse he could imagine a print, but also an installation on the facade of a museum or a presentation on a screen.

Meanwhile, brisk bidding continues on platforms like Nifty Gateway, SuperRare and MakersPlace.

Just recently, Canadian singer Grimes, the wife of Tesla founder Elon Musk, auctioned off her War Nymphs collection of digital paintings, animations and video clips for almost $6 million.

Twitter CEO Jack Dorsey is currently auctioning off his very first tweet on the “Valuables by Cent” platform. In that famous tweet, available for anyone to see, he announces that he is setting up his Twitter account. Whoever ends up buying that tweet will receive a digital certificate. The highest bid had reached $2.5 million by March 9; the auction runs until March 21.

This article has been translated from German by Dagmar Breitenbach.

Related Articles

Milena Pavlović-Barili

A Luminous Legacy of Ethereal Art

Milena Pavlović-Barili's artistry weaves the mystical with the tangible, creating a tapestry of work that transcends the boundaries of time and convention, reflecting a...

Paja Jovanović

The Masterful Painter Who Wove History Into Art

Discover how this 19th-century artist’s masterful strokes in Realism and Academic art vividly depicted Serbian culture, history, and everyday life, leaving a lasting legacy In...

Olja Ivanjicki, Serbian Painter and Sculptor

The Visionary Fusion of Art and Cosmos

Olja Ivanjicki’s Artistic Mastery - A Fusion of Mythology, Surrealism, and Abstract Expressionism In the annals of Serbian art, few names shine as brightly as...

Century-Old Rembrandt Portraits Uncovered in the Netherlands

Two small 17th-century Rembrandt portraits are now exhibited in the Dutch National Museum of Art and History, after they were part of a private...

Nadežda Petrovic: Serbia’s Artistic Vanguard

Nadežda Petrović was a revered Serbian expressionist painter. A champion of women’s rights and a key figure in Serbia’s cultural sphere, her work poignantly...

Henry Moore: 125 Years of an Artistic Titan

In the pantheon of great British artists, the name Henry Moore stands tall, an indomitable figure whose influence remains undiminished 125 years after his...

Austrian National Library

A Symbol Of Austrian Identity

The Austrian National Library, also known as the Österreichische Nationalbibliothek, is a treasure trove of knowledge and history. Located at the heart of Vienna,...

The Rise of Online Art Platforms

Is the Gallery Dead?

In an age where virtually everything is digitised, from your shopping to your social life, the art world is no exception. As online platforms...