Catch a Rising Star at the Auction House

No longer does museum validation or scholarly attention determine a painting’s value. Now, the collectors’ hunger comes first, and institutions must follow.

#art, #auctions, #basquiat-jean-michel, #christies, #museums, #phillips-auctioneers-llc, #pollock-jackson, #sothebys, #warhol-andy, #weyant-anna-1995, #weyant-paul-1984, #wong-matthew-1984-2019

Spring Auction Sales for Two Blockbuster Weeks Top $2.5 Billion

Eleven auction records for artists — six by women — were smashed on Thursday night in two sales at Sotheby’s.

#art, #auctions, #christies, #leigh-simone-1968, #phillips-auctioneers-llc, #quarles-christina-1985, #sean-scully, #sothebys, #venice-biennale

Ernie Barnes’s ‘Sugar Shack’ Painting Brings Big Price at Auction

An iconic image sells for $15.3 million at Christie’s to Bill Perkins, an energy trader, who says he’s been waiting his whole life to buy that work of art.

#art, #asawa-ruth-1926-2013, #auctions, #barnes-ernie-1928-2009, #christies, #finances, #gaye-marvin, #hartigan-grace, #monet-claude, #pindell-howardena

Dinosaur Skeleton Sells for $12.4 Million at Christie’s

The remains of a Deinonychus antirrhopus, the beast that inspired the velociraptor in “Jurassic Park,” are believed to be the first of their kind sold at a public auction.

#auctions, #christies, #deinonychus-antirrhopus, #dinosaurs, #hector, #jurassic-park-movie, #paleontology, #skeletons

When a Warhol for $225 Has More Heft Than One for $195 Million

Unlike the Christie’s retread, the Pop Master’s 1962 “Green Marilyn” was crudely silk-screened, with blotches that convey the decay of a fallen star. It was a pathbreaking original.

#art, #auctions, #christies, #monroe-marilyn, #shot-sage-blue-marilyn-exhibit, #warhol-andy

Warhol’s ‘Marilyn’ Sells for $195 Million, Shattering Auction Record for an American Artist

At Christie’s sale for charity, the glamorous silk-screen beat out Basquiat’s skull painting that set a record in 2017.

#art, #auctions, #basquiat-jean-michel, #christies, #finances, #monroe-marilyn, #philanthropy, #picasso-pablo, #rotter-alex, #warhol-andy-museum

Warhol’s $200 Million ‘Marilyn’ Could Test Art Market’s Health

The painting is poised to wrest the auction high for an American artwork from Jean-Michel Basquiat.

#art, #auctions, #basquiat-jean-michel, #christies, #marilyn-monroe, #monroe-marilyn, #phillips-auctioneers-llc, #picasso-pablo, #rotter-alex, #sothebys, #warhol-andy

New York City Eliminates the Rules That Govern Art and Other Auctions

Auction houses like Sotheby’s and Christie’s will no longer need to be licensed as part of a sweeping package designed to promote a business-friendly climate.

#art, #auctions, #christies, #city-council-nyc, #consumer-protection, #department-of-consumer-and-worker-protection-nyc, #law-and-legislation, #phillips-auctioneers-llc, #regulation-and-deregulation-of-industry, #sothebys, #united-states-politics-and-government

‘Washington Crossing the Delaware’ Will Be Sold at Auction

It’s a smaller version of the giant painting at the Met in New York, and it hung in the White House for years. Christie’s thinks it could sell for at least $15 million next month.

#art, #christies, #germany, #museums, #revolutionary-war-american-1775-83, #washington-george-1732-99

Mystery Solved: Stan, the T. Rex, Went to Abu Dhabi

A Tyrannosaurus rex fossil known as “Stan” that drew a record price at auction in 2020 — $31.8 million — will be part of a new natural history museum in the United Arab Emirates.

#abu-dhabi-united-arab-emirates, #auctions, #christies, #dinosaurs, #fossils, #museums, #paleontology, #saadiyat-island-united-arab-emirates

Christie’s to Offer a Marilyn Monroe by Warhol for an Estimated $200 Million

Proceeds from the sale, in May, of “Shot Sage Blue Marilyn,” will benefit the Thomas and Doris Ammann Foundation Zurich.

#ammann-thomas-and-doris-foundation-zurich, #art, #auctions, #christies, #monroe-marilyn, #philanthropy, #warhol-andy

Magritte Sets Record With $79.7 Million Sale at Sotheby’s

“L’empire des lumières” (1961), one of a series by the Surrealist, was auctioned during a bustling London art week.

#art, #auctions, #christies, #lempire-des-lumieres, #magritte-rene, #phillips-auctioneers-llc, #sothebys

Experts Share Some Tips on How to Buy Vintage Jewelry

How do you go about buying online? Should a piece be signed? And what’s good value right now?

#a-la-vieille-russie, #christies, #content-type-service, #jewels-and-jewelry, #luxury-goods-and-services, #new-york-city, #phillips-auctioneers-llc, #shopping-and-retail, #sothebys, #your-feed-fashion

Leading Bookseller’s Private Collection Goes Up for Sale

Christie’s will auction the personal Americana collection of William Reese, which carries an estimate of $12 million to $18 million.

#americana, #auctions, #books-and-literature, #christies, #collectors-and-collections, #reese-william-s, #united-states

Sneaker Sellers Wrestle With Price Spikes After Virgil Abloh’s Death

When unexpected tragedy, unsatiable hypebeasts and the rapidly growing resale market collide.

#abloh-virgil, #auctions, #christies, #fashion-and-apparel, #nike-inc, #off-white-fashion-label, #prices-fares-fees-and-rates, #sneakers, #stockx

Cutting a Banksy Into 10,000 (Digital) Pieces

A former Christie’s executive has joined cryptocurrency experts to create a company that purchases art and sells the fragments as NFTs.

#art, #auctions, #banksy, #christies, #gouzer-loic, #love-is-in-the-air, #nonfungible-tokens-nfts, #particle-foundation, #virtual-currency

At Frieze London, the Art World Inches Toward Normalcy

The fairs, exhibitions and auctions of “Frieze Week” are in-person events once more. But the art world has changed, and so has Britain.

#art, #banksy, #christies, #cohan-james, #collectors-and-collections, #frieze-art-fair, #hauserwirth, #london-england, #myers-christopher, #pi-ex-ltd, #sothebys

Van Gogh Watercolor, Once Seized by Nazis, to be Sold at Auction

Christie’s estimates the work could fetch as much as $30 million, and is being sold under the terms of an agreement between the current owner and the heirs of Jewish collectors who once owned it.

#art, #arts-and-antiquities-looting, #auctions, #christies, #cox-edwin-1921-2020, #holocaust-and-the-nazi-era, #meules-de-ble, #van-gogh-vincent, #world-war-ii-1939-45

CryptoPunks creator inks representation deal with major Hollywood talent agency

One of Hollywood’s biggest talent agencies is getting into the NFT game.

Larva Labs, the creator of CryptoPunks, just signed with United Talent Agency (UTA) in a representation deal that will bring one of the earliest and most iconic NFT projects into the entertainment and branding worlds.

“I would say that it is one of the first opportunities for an IP that fully originated in crypto-world to enter a broader entertainment space, and they earned it,” head of UTA Digital Assets Lesley Silverman told The Hollywood Reporter. “They really have hit the zeitgeist in a tremendous way.”

The deal could see CryptoPunks popping up across film, TV, video games and other licensing areas. Larva Labs’ other art projects, Meebits and Autoglyphs, will also be represented by UTA moving forward. The terms of the deal weren’t disclosed.

As speculative investment in NFTs explodes, CryptoPunks remain one of the most recognizable — and valuable — pioneers in the space. Larva Labs launched 10,000 of the individual algorithmically-generated pixelated figures on the Ethereum blockchain back in 2017.

To the untrained eye, and arguably to the trained eye too, CryptoPunks are just little pixelated portraits of different characters, some wearing pirate hats, others in aviator glasses smoking pipes. But to the crypto world, punks are a social signifier, communicating early investment into NFTs, personal style and, importantly, wealth.

The value of CryptoPunks skyrocketed from zero (they were initially given away for free) and now even the least expensive collectible punks run for hundreds of thousands of dollars, with the most valuable selling for millions. In May, a bundle of nine CryptoPunks sold for just under $17 million in an auction run by Christie’s. And last week, even Visa got in the game, spending $150,000 on CryptoPunk #7610, a digital illustration sporting a mohawk and green face makeup.

It’s noteworthy that a traditional talent agency best known for representing A-list celebrities is getting into the NFT game, but it’s not the group’s first time getting its feet wet in the wild world of crypto. Earlier this month, UTA signed a company called Rally that runs a platform that helps creators issue branded social tokens that fans can spend on merch and exclusive content.

#blockchain, #blockchains, #christies, #cryptocurrencies, #cryptopunks, #ethereum, #larva-labs, #nfts, #tc, #united-talent-agency

A Leonardo da Vinci the Size of a Post-it Sells for $12.2 Million

“Leonardo is the magic name,” a dealer said as the Renaissance master’s works, and even copies of his works, continue to fetch eye-popping prices.

#art, #auctions, #christies, #da-vinci-leonardo, #london-england, #prices-fares-fees-and-rates, #sothebys, #tajan-sa

Dapper Labs backs art hardware startup Infinite Objects in $6 million seed raise

The NFT world is all about reshaping the idea of digital ownership, but art hardware startup Infinite Objects sees a big opportunity in making physical copies of those assets as it looks to reshape digital art and collectibles.

The startup makes screens that show a single video from a single artist and don’t do anything else. You can’t download apps to the screens or upload your own photos to them or check the time or weather. If you even want another piece of art from Infinite Objects, you can’t just download it, you have to actually go to their site and buy another display with that artwork on it. Each screen boasts information about the work, edition numbers and serial numbers etched on the back of it, inextricably tying the physical display to the work that it displays.

Infinite Objects CEO Joe Saavedra tells TechCrunch they’ve raised $6 million in seed funding from a host of backers including Courtside VC, which led the deal, and NBA Top Shot creator Dapper Labs.

For the longest time, Infinite Objects was an NFT platform without the NFTs. The company has worked with artists since 2018 to make (often limited run) series of physical display frames highlighting a specific digital work of the artist that looped forever. Sure, users could watch that looping video on the Infinite Objects website whenever they wanted, but the value was in owning an official copy of that artist’s work. Sound familiar?

When the wider popularity of NFTs as a speculative asset hit earlier this year, Saavedra saw a huge opportunity as internet users began discussing the future of digital art and digital scarcity. His team had already flirted with NFTs, partnering with artist Beeple back in December — months before he would spring out of relative obscurity in art circles with a $69 million sale at the Christie’s auction house — to release “physical tokens” of NFTs he was selling on the platform Nifty Gateway.

Saavedra sees a bigger opportunity for companies and creators in the NFT world to make their assets more approachable and understandable to a general audience with what his company is building, but he also sees a chance to transform NFTs from blind ownership to something more focused on actually appreciating the digital art that’s been purchased.

“When it comes to ownership, it’s exciting to be buying an NFT for $500 or $5,000, but what’s not exciting is having to open Safari on your phone to show it off,” Saavedra tells TechCrunch. “This physical vessel that we’ve designed is just so understandable for people who maybe don’t even understand what the blockchain at all, but they certainly understand limited edition physical merchandise.”

Saavedra is dismissive of other digital displays that cycle through artwork and says that art owners could also just toss images of their NFTs onto the TV if they wanted to, but that they all only serve up art as “glorified screensavers.”

The team at Infinite Objects sees broader opportunities in the NFT world but they’ve been tight-lipped on exactly what these efforts will look like. You can see some potential hints in the list of backers in this round, including most interestingly NBA Top Shot creator Dapper Labs. The startup has been building out its own blockchain called Flow and Saavedra was quick to sing its praises in our conversation, noting that its more scalable and sustainable than the Ethereum network. Dapper Labs recently announced its first major third-party NFT platform, partnering with avatar startup Genies –another investor in this round — for a digital accessories storefront that’s being launched this summer.

Serena Ventures, Betaworks, Brooklyn Bridge Ventures, GFR Fund, Kevin Durant & Rich Kleiman, Genies, and Ashton Kutcher’s Sound Ventures also participated in the round.

 

#articles, #artist, #beeple, #blockchain, #blockchain-art, #blockchains, #brooklyn-bridge-ventures, #ceo, #christies, #cryptocurrencies, #cryptocurrency, #dapper, #dapper-labs, #ethereum, #national-basketball-association, #nba, #nft, #nifty-gateway, #serena-ventures, #tc, #ventures

What Kenzo Left Behind

An auction of the estate of Kenzo Takada, who died last year, was a lot more popular than anyone expected.

#art, #artcurial, #auctions, #christies, #design, #fashion-and-apparel, #paris-france, #takada-kenzo, #wills-and-estates

CryptoPunks NFT bundle goes for $17 million in Christie’s auction

A lot of 9 CryptoPunks portraits ended up selling for just under $17 million in a Christie’s auction Tuesday evening, marking another substantial moment for NFT art sales. The lot of pixelated portraits were from the collection of the NFT platform’s co-creators Matt Hall and John Watkinson.

The CryptoPunks platform is one of the first NFT projects on the Ethereum blockchain. Back in 2017, ten thousand of the procedurally generated characters were given away for free. In the years since, a vibrant NFT community has developed around the ‘Punks. In recent months, on the back of a broader NFT boom, prices exploded.

Last month, TechCrunch profiled the community and some of its buyers who have paid tens and hundreds of thousands of dollars each to join the exclusive club of CryptoPunks owners.

Tuesday’s sale marks a substantial payday for the creators of the project, but comes just days after a much more substantial one: the release of their new project called Meebits which garnered nearly $80 million in sales in just a few hours.

The final Christie’s bid was for $14.5 million, $16.96 million after fees.

Many inside the crypto community had expected the sale to reach an even higher premium in recent weeks, something that had led to a substantial run-up in prices of CryptoPunks in the weeks ahead of the auction. Though the lot sold for a significantly higher dollar amount, when priced in denominations of the surging Ethereum cryptocurrency, the entire bundle sold for slightly less than the sale price of the last alien figure, which sold in March for 4,200 Eth (some $7.2M USD at the time).

#articles, #auction, #blockchain, #blockchains, #christies, #cryptocurrencies, #cryptocurrency, #cryptography, #cryptopunks, #decentralization, #ethereum, #joseph-lubin, #matt-hall, #nft, #tc

Space Aged: Bottle of Wine From Space Station Could Sell for $1 Million

The bottle of Pétrus from 2000 — which is being sold by Christie’s — comes with a second bottle of “terrestrial” wine, a custom trunk, a decanter, glasses and a corkscrew crafted from a meteorite.

#anson-jane-journalist, #auctions, #bordeaux-france, #christies, #france, #international-space-station, #space-and-astronomy, #space-exploration-technologies-corp, #space-stations, #wine-spectator-magazine, #wines

CryptoPunks maker Larva Labs launches their new NFT project, Meebits

The creators behind CryptoPunks, one of the most popular NFT projects on the web, just revealed their latest project called Meebits. The project boasts 20,000 procedurally generated 3D characters that are tradeable on the Ethereum blockchain.

There have been hundreds of 3D avatar NFT platforms popping up over the past several months hoping to gain momentum and capture the enthusiasm of crypto buyers, but the traction of the Larva Labs team whose pixel portrait CryptoPunks project has netted more than $550 million in lifetime sales will likely make this platform another hit. Meebits arrives at a time of peak hype for their first effort CryptoPunks which is weeks away from a Christie’s auction that many are expecting to see fetch a price in the tens of million of dollars. It also arrives as Ethereum has had one of its best weeks on record, punching through all-time-highs nearly every day this week. Ethereum is currently trading at just shy of $3,300.

In a blog post, the Larva Labs creators posit that they hope that Meebits will eventually serve as avatars for “virtual worlds, games and VR.” Meebits not only boast a revised art style, but Larva Labs has made some underlying changes to the no-fee marketplace, the most significant of which is likely the ability to customize trades allowing users to swap Meebits with each other in a more complex manner.

In my profile of the company’s CryptoPunks project last month, the team’s founders hoped that their new project would lower the barrier of entry as CryptoPunks prices reached stratospheric heights, it seems that even by doubling the total supply (20,000 avatars versus CryptoPunks 10,000 figures) Meebits are poised to still be an expensive affair.

The company is distributing the Meebits avatars through a Dutch auction, meaning the price for buying and minting a Meebit will lower to zero Eth (plus Ethereum gas fees) over the course of a week. Currently users are paying 2.49 Eth to mint a Meebit a random, a nearly $8,500 investment at current prices. Nevertheless, around 2,000 of them have already sold, meaning the creators have already pulled in nearly $20 million worth of Eth after just over two hours on the market.

 

#blockchains, #christies, #cryptocurrencies, #cryptocurrency, #cryptopunks, #distributed-computing, #ethereum

Lobus raises $6 million for an art management platform on the blockchain

Reshaping ownership proofs in the fine art markets has been one of the blockchain’s clearest real-world use cases. But in recent months as top auction houses have embraced NFTs and popular artists experiment with the crypto medium, that future has seemed more tangible than ever before.

The ex-Christie’s and Sotheby’s team at Lobus is aiming to commoditize blockchain tech with an asset management platform that they hope can bring creator-friendly mechanisms from NFT marketplaces like SuperRare to the physical art world as well, allowing art owners to maintain partial ownership of the works they sell so that they can benefit from secondary transactions down the line. While physical art sellers have grown accustomed to selling 100% of their work while seeing that value accrue over time as it trades hands, Lobus’s goal is for artist’s to maintain fractional ownership throughout those sales, ensuring that they earn a commission on sales down the road. It’s a radical idea and a logistical nightmare made feasible by the blockchain’s approach to ownership.

“We’re really on a mission of making artists into owners,” Lobus CEO Sarah Wendell Sherrill tells TechCrunch. “We are really leveraging the best of what NFTs are putting out there about ownership and asking the questions of how to help create different ownership structures and interrupt this asset class.”

The startup is encapsulating these new mechanics in a wide-reaching art asset management platform that they hope can entice users of the aging legacy software suites being used today. Teaming robust ownership proofs with a CRM, analytics platform and tools like dynamic pricing, Lobus wants to give the art market its own Carta-like software platform that is approachable to the wider market.

Lobus tells TechCrunch they have raised $6 million from Upside Capital, 8VC, Franklin Templeton, Dream Machine, Weekend Fund and BoostVC, among others. Angels participating in the round include Rob Hayes, Troy Carter, Suzy Ryoo, Rebecca and Cal Henderson, Henry Ward and Lex Sokolin.

A big goal for the team has been removing the complexities of understanding what the blockchain is and instead focus on what their tech can deliver to their network of art owners. While the NFT boom of the past few months has already produced billions in sales, efforts like Lobus are attempting to cross-pollinate the mechanics of crypto art with the global art market in an effort to put stakeholders across the board on the same footing. In addition to having partnerships with around 300 active artists, Lobus has also sold their platform to collectors, artist estates and asset managers.

At the moment, Lobus has around 40,000 art objects in its database, encompassing about $4.4 billion in asset value across physical and digital objects.

#articles, #artist, #asset-management, #bitcoin, #blockchain, #blockchain-art, #blockchains, #boostvc, #cal-henderson, #ceo, #christies, #crm, #crypto-art, #cryptocurrencies, #cryptocurrency, #decentralization, #digital-art, #franklin-templeton, #henry-ward, #software-platform, #sothebys, #tc, #technology, #troy-carter, #weekend-fund

A ‘more honest’ stock market

Hello friends, and welcome back to Week in Review!

Last week, I talked about Clubhouse’s slowing user growth. Well, this week news broke that they had been in talks with Twitter for a $4 billion acquisition, so it looks like they’re still pretty desirable. This week, I’m talking about a story I published a couple days ago that highlights pretty much everything that’s wild about the alternative asset world right now.

If you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny.


The big thing

If you successfully avoided all mentions of NFTs until now, I congratulate you, because it certainly does seem like the broader NFT market is seeing some major pullback after a very frothy February and March. You’ll still be seeing plenty of late-to-the-game C-list celebrities debuting NFT art in the coming weeks, but a more sober pullback in prices will probably give some of the NFT platforms that are serious about longevity a better chance to focus on the future and find out how they truly matter.

I spent the last couple weeks, chatting with a bunch of people in one particular community — one of the oldest active NFT communities on the web called CryptoPunks. It’s a platform with 10,000 unique 24×24 pixel portraits and they trade at truly wild prices.

This picture sold for a $1.05 million.

I talked to a dozen or so people (including the guy who sold that one ^^) that had spent between tens of thousands and millions of dollars on these pixelated portraits, my goal being to tap into the psyche of what the hell is happening here. The takeaway is that these folks don’t see these assets as any more non-sensical than what’s going on in more traditional “old world” markets like public stock exchanges.

A telling quote from my reporting:

“Obviously this is a very speculative market… but it’s almost more honest than the stock market,” user Max Orgeldinger tells TechCrunch. “Kudos to Elon Musk — and I’m a big Tesla fan — but there are no fundamentals that support that stock price. It’s the same when you look at GameStop. With the whole NFT community, it’s almost more honest because nobody’s getting tricked into thinking there’s some very complicated math that no one can figure out. This is just people making up prices and if you want to pay it, that’s the price and if you don’t want to pay it, that’s not the price.”

Shortly after I published my piece, Christie’s announced that they were auctioning off nine of the CryptoPunks in an auction likely to fetch at least $10 million at current prices. The market surged in the aftermath and many millions worth of volume quickly moved through the marketplace minting more NFT millionaires.

Is this all just absolutely nuts? Sure.

Is it also a poignant picture of where alternative asset investing is at in 2021? You bet.

Read the full thing.


an illustration of a cardboard ballot box with an Amazon smile on the front

Other things

Here are the TechCrunch news stories that especially caught my eye this week:

Amazon workers vote down union organization attempt
Amazon is breathing a sigh of relief after workers at their Bessemer, Alabama warehouse opted out of joining a union, lending a crushing defeat to labor activists who hoped that the high-profile moment would lead more Amazon workers to organize. The vote has been challenged, but the margin of victory seems fairly decisive.

Supreme court sides with Google in Oracle case
If any singular event impacted the web the most this week, it was the Supreme Court siding with Google in a very controversial lawsuit by Oracle that could’ve fundamentally shifted the future of software development.

Coinbase is making waves
The Coinbase direct listing is just around the corner and they’re showing off some of their financials. Turns out crypto has been kind of hot lately and they’re raking in the dough, with revenue of $1.8 billion this past quarter.

Apple share more about the future of user tracking
Apple is about to upend the ad-tracking market and they published some more details on what exactly their App Tracking Transparency feature is going to look like. Hint: more user control.

Consumers are spending lots of time in apps
A new report from mobile analytics firm App Annie suggests that we’re dumping more of our time into smartphone apps, with the average users spending 4.2 hours a day doing so, a 30 percent increase over two years.

Sonos perfects the bluetooth speaker
I’m a bit of an audio lover, which made my colleague Darrell’s review of the new Sonos Roam bluetooth speaker a must-read for me. He’s pretty psyched about it, even though it comes in at the higher-end of pricing for these devices, still I’m looking forward to hearing one with my own ears.


 

Image Credits: Nigel Sussman

Extra things

Some of my favorite reads from our Extra Crunch subscription service this week:
The StockX EC-1
“StockX is a unique company at the nexus of two radical transitions that isn’t just redefining markets, but our culture as well. E-commerce upended markets, diminishing the physical experience by intermediating and aggregating buyers and sellers through digital platforms. At the same time, the internet created rapid new communication channels, allowing euphoria and desire to ricochet across society in a matter of seconds. In a world of plenty, some things are rare, and the hype around that rarity has never been greater. Together, these two trends demanded a stock market of hype, an opportunity that StockX has aggressively pursued.”

Building the right team for a billion-dollar startup
“I would really encourage you to take some time to think about what kind of company you want to make first before you go out and start interviewing people. So that really is going to be about understanding and defining your culture. And then the second thing I’d be thinking about when you’re scaling from, you know, five people up to, you know, 50 and beyond is that managers really are the key to your success as a company. It’s hard to overstate how important managers, great managers, are to the success of your company.

So you want to raise a Series A
“More companies will raise seed rounds than Series A rounds, simply due to the fact that many startups fail, and venture only makes sense for a small fraction of businesses out there. Every check is a new cycle of convincing and proving that you, as a startup, will have venture-scale returns. Moore explained that startups looking to move to their next round need to explain to investors why now is their moment.”

Until next week,
Lucas M.

And again, if you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny.

#alabama, #amazon, #app-annie, #apple, #bessemer, #blockchain, #bluetooth, #bluetooth-speaker, #christies, #coinbase, #cryptocurrency, #e-commerce, #extra-crunch, #gamestop, #google, #operating-systems, #oracle, #real-time-web, #smartphone, #software, #software-development, #sonos, #stockx, #supreme-court, #tc, #techcrunch, #text-messaging, #twitter, #week-in-review

Turkey Fights for Return of a Work It Says Was Looted

A bench trial in Federal District Court in Manhattan concerns an ancient idol held by Christie’s.

#arts-and-antiquities-looting, #auctions, #christies, #collectors-and-collections, #manhattan-nyc, #politics-and-government, #suits-and-litigation-civil, #turkey

Rahul Kadakia, an Auctioneer Who Regularly Sets Records

Rahul Kadakia of Christie’s has sold the most expensive wristwatch, the priciest blue diamond and even, early on, a salad.

#auctions, #christies, #content-type-personal-profile, #curiel-francois, #jewels-and-jewelry, #kadakia-rahul, #watches-and-clocks, #your-feed-fashion

As NFTs Soar, Experts Warn of an Unsustainable Bubble

As the prices of blockchain-secured works skyrocket and speculators swoop, experts are warning of an unsustainable bubble.

#art, #auctions, #blockchain-technology, #christies, #collectors-and-collections, #ethereum-foundation, #finances, #hirst-damien, #metakovan-entrepreneur, #nonfungible-tokens-nfts, #rogoff-kenneth-s, #virtual-currency, #winkelmann-mike-beeple

Basquiat Sells for $41.9 Million at Christie’s in Hong Kong

“Warrior,” a 1982 painting by Jean-Michel Basquiat, leads a week of 20th and 21st century livestreamed auctions at Christie’s and Sotheby’s.

#art, #auctions, #basquiat-jean-michel, #christies, #finances, #hong-kong, #rosen-aby-j

The $69 Million Beeple NFT Was Bought With Cryptocurrency

“It feel like I got a steal,” the buyer, who calls himself Metakovan, said in an interview about the “nonfungible token,” or NFT, he bought at an online auction.

#art, #christies, #collectors-and-collections, #computers-and-the-internet, #metakovan-entrepreneur, #nonfungible-tokens-nfts, #virtual-currency, #winkelmann-mike-beeple

Beeple Has Won. Here’s What We’ve Lost.

Welcome to the new frontier, the junction of internet culture and financial libertarianism. What’s art got to do with it?

#art, #auctions, #christies, #nonfungible-tokens-nfts, #winkelmann-mike-beeple

What Are NFTs, Anyway? One Just Sold for $69 Million.

“Nonfungible tokens” and blockchain technology are taking the mainstream art world by storm, fetching huge prices. We explain, or try to.

#art, #auctions, #christies, #computers-and-the-internet, #nonfungible-tokens-nfts, #winkelmann-mike-beeple

Beeple’s $69 million NFT sale marks a potentially transformative moment for the art world

Today, the auction of an NFT digital art collage from a relatively unrecognized digital artist ended with a purchase price above $69 million. The work, called Everydays – The First 5000 Days, chronicled several years-worth of daily sketches from the artist Mike Winkelmann — known online as Beeple. Unlike every other work the auction house Christie’s has listed in its 250+ year history, this was a purely digital work.

It’s a crazy dollar amount sure, but it’s also a tacit endorsement from the stratospherically wealthy patrons of the fine art world that blockchain-minted digital art is an acceptable medium. Beeple may have attracted a higher premium than other artists of his class thanks to crypto-enthusiasts aiming to use this wave of enthusiasm to prop up a new market for crypto assets and a new medium for blockchain, but it’s still a historic moment for the art world.

Christie’s auction notes that the sale makes Beeple one of the world’s three most valuable living artists. Christie’s detailed that the bids exploded in the artwork’s final two hours at auction, moving from nearly $14 million to over $69 million as the bids poured in.

Beeple had embraced NFT artwork for months, making several million dollars off the artwork late last year before a slightly more mainstream embrace of the tech by the art world drove his works’ valuations to the moon. NFTs — or non-fungible tokens — are essentially minted assets with mathematically defined contracts that can indicate true ownership of a digital good. For digital artists who had struggled to define a sense of scarcity for digital files that could be downloaded, uploaded and shared freely, NFTs seem to be a coup of the medium that feel custom-built for the art world.

Internet-embracing meme art has been fusing with street art and eating the fine art world over the past decade, much to the chagrin of many of the existing tastemakers and stakeholders in that world who have struggled to find a shared definition of what these works mean in terms of artistic value. Christie’s embrace of the NFT for this singular sale is perhaps the most impactful evolution here. The FOMO for other auction houses may push them to quickly embrace a technology they otherwise would have been more reticent to.

The impact of the blockchain may have long-term effects on art auction houses beyond pure NFTs sales, namely it’s highly possible that these entities embrace NFTs as a trusted solution for indicating and transferring proof of ownership. The future of NFTs in the art world is certainly far from certain, but this is an explosive start.

#articles, #artist, #auction, #blockchain, #christies, #cryptocurrencies, #decentralization, #tc, #technology

JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace

“Everydays — The First 5000 Days,” by the artist known as Beeple, set a record for a digital artwork in a sale at Christie’s.

#art, #auctions, #christies, #collectors-and-collections, #computers-and-the-internet, #virtual-currency, #winkelmann-mike-beeple

Angelina Jolie’s Churchill Painting Fetches $11.5 Million

The painting, “Tower of the Koutoubia Mosque,” was a gift to Jolie by Brad Pitt and is believed to be Churchill’s only World War II-era landscape.

#art, #auctions, #christies, #churchill-winston-leonard-spencer, #jolie-angelina, #london-england, #m-s-rau-antiques-new-orleans-la-retailer, #roosevelt-franklin-delano, #world-war-ii-1939-45

Congress Poised to Apply Banking Regulations to Antiquities Market

Regulators have long worried that the secrecy of the antiquities trade, where buyers and sellers are seldom identified, made it an easy way to launder money.

#art, #arts-and-antiquities-looting, #auctions, #banking-and-financial-institutions, #christies, #financial-crimes-enforcement-network-treasury-department, #law-and-legislation, #money-laundering, #national-defense-authorization-act, #regulation-and-deregulation-of-industry, #senate, #united-states-politics-and-government, #vetoes-us

What Will Become of a Tycoon’s Art Gems?

It’s the art world’s new guessing game: Will Sheldon Solow’s paintings and sculptures, conservatively valued at $500 million, be heading to a private museum or to auction?

#acquavella-galleries, #art, #arttactic-ltd, #auctions, #botticelli-sandro, #christies, #collectors-and-collections, #finances, #fonssagrives-solow-mia, #giacometti-alberto, #heller-leila-gallery-manhattan-ny, #income-tax, #manhattan-nyc, #metropolitan-museum-of-art, #picasso-pablo, #solow-sheldon-h

T. Rex Skeleton Brings $31.8 Million at Christie’s Auction

A 40-foot-long dinosaur fossil named Stan was the headliner at an auction of Impressionist and Modern art worth more than $300 million.

#art, #christies, #dinosaurs, #fossils, #paleontology, #quarantine-life-and-culture

Seen Jurassic Park? T-Rex Skeleton Brings $31.8 Million at Christie’s

A 40-foot-long dinosaur fossil named Stan was the headliner at an auction of Impressionist and Modern art worth more than $300 million.

#art, #christies, #dinosaurs, #fossils, #paleontology, #quarantine-life-and-culture

Brooklyn Museum to Sell 12 Works as Pandemic Changes the Rules

Museums selling their art has long been frowned upon, but recent financial pressures have sent works to the auction block at Christie’s. The proceeds would pay for the care of the collection.

#art, #assn-of-art-museum-directors, #auctions, #brooklyn-nyc, #brooklyn-museum, #christies, #corot-jean-baptiste-camille, #courbet-gustave, #finances, #museums, #pasternak-anne, #quarantine-life-and-culture, #storr-robert

Auction Prices That Take Your Breath Away

Prices for works by some relatively new artists have skyrocketed, seemingly overnight.

#armitage-michael-1984, #art, #auctions, #boafo-amoako-1984, #christies, #curtiss-julie-1982, #davis-noah-1983-2015, #hauserwirth, #party-nicolas, #phillips-auctioneers-llc, #sothebys, #wong-matthew-1984-2019

Senate Report: Opaque Art Market Helped Oligarchs Evade Sanctions

Congressional investigators said companies tied to two Russians under sanctions were able to buy art using shell companies and an intermediary.

#art, #auctions, #baltser-grigory, #baltzer-llc, #christies, #embargoes-and-sanctions, #highland-ventures-ltd, #money-laundering, #moscow-russia, #new-york-state, #portman-rob, #putin-vladimir-v, #rotenberg-arkady-r-1951, #rotenberg-boris-1957, #senate, #senate-permanent-subcommittee-on-investigations, #sothebys, #steamort-ltd, #united-states-politics-and-government

Disputed African Artifacts Sell at Auction

A Princeton art history professor said the figures were stolen and called on Christie’s to halt the sale, but it went ahead in Paris on Monday.

#art, #arts-and-antiquities-looting, #black-people, #christies, #nigeria, #okeke-agulu-chika, #paris-france, #quai-branly-museum, #republic-of-biafra

As the Art World Goes Online, a Generation Gap Opens

Young collectors are still viewing and buying pieces, but they’re spending far less time and money than their older counterparts once did. That’s a problem for the industry.

#art, #art-basel-festival, #christies, #coronavirus-2019-ncov, #coronavirus-reopenings, #sothebys

The National Anthem’s Path to Fame Began With Little Fanfare

The song that became “The Star-Spangled Banner” had a modest debut in a newspaper. That first dated printing will be auctioned online at Christie’s.

#auctions, #christies, #key-francis-scott, #national-anthems, #the-baltimore-patriotevening-advertiser, #the-star-spangled-banner-song

Auction Houses Postpone Live Sales and Pivot to Online

In response to Covid-19, Sotheby’s, Christie’s and Phillips are stepping up digital selling, but the prices don’t yet come close to those in the auction room.

#art, #auctions, #cerutti-guillaume, #christies, #computers-and-the-internet, #coronavirus-2019-ncov, #e-commerce, #phillips-auctioneers-llc, #rm-sothebys-inc