Sotheby’s sells record $ 7.3 million this year, NFT raises $ 100 million | Art and Culture News

The nearly 300-year-old auction house reported $ 100 million in sales from its new non-fungal tokens (NFT) categories.

Sotheby’s had a record year in 2021, aided by its entry into non-fungal tokens.

The nearly 300-year-old auction house reported $ 100 million in sales from its new NFT category, the first time bidders approached its Decentraland virtual gallery and went in search of Bored Ape Yacht Club and CryptoPunk collectors, according to an annual review. report published on Wednesday.

The launch of Sotheby’s Metaverse – the web-enabled NFT market – helped attract a wider audience this year, with 78% of NFT bidders at auction being new to Sotheby’s and more than half under 40, according to its report. Sales contributed to the company’s $ 7.3 billion combined sales.

Sotheby’s entered the NFT ring in April with its first sale in collaboration with digital creator Pak, where three-day sales of a collection called “The Fungible” generated $ 16.8 million.

Among its other notable sales, a bunch of NFT Bored Ape Yacht Club – one of NFT’s most popular collections – grossed $ 24.4 million and set a record for the largest lot sold online at the auction house. Banksy’s “Love is in the Bin” also broke the record after tripling its high estimate, while Kanye West’s 2008 “Airmy-wearing” Nike Air Yeezy sample became the most valuable sneaker sold.