The Fort Worth Press - Auctioneer Sotheby's sees double benefit to crypto wave

USD -
AED 3.672975
AFN 70.750663
ALL 93.926316
AMD 387.755483
ANG 1.800994
AOA 855.500154
ARS 901.969227
AUD 1.51083
AWG 1.8
AZN 1.752774
BAM 1.826963
BBD 2.017711
BDT 117.438254
BGN 1.826963
BHD 0.376639
BIF 2872.342413
BMD 1
BND 1.352707
BOB 6.905055
BRL 5.359638
BSD 0.999327
BTN 83.484942
BWP 13.605537
BYN 3.269906
BYR 19600
BZD 2.014348
CAD 1.374035
CDF 2845.000062
CHF 0.890505
CLF 0.033243
CLP 917.273848
CNY 7.255298
CNH 7.271855
COP 4147.143444
CRC 526.846766
CUC 1
CUP 26.5
CVE 103.001345
CZK 23.110297
DJF 177.93222
DKK 6.96904
DOP 59.33565
DZD 134.838209
EGP 47.715978
ERN 15
ETB 57.155121
EUR 0.934065
FJD 2.238696
FKP 0.784602
GBP 0.788305
GEL 2.870044
GGP 0.784602
GHS 15.041288
GIP 0.784602
GMD 67.749866
GNF 8603.295595
GTQ 7.762583
GYD 209.094646
HKD 7.811955
HNL 24.699212
HRK 7.018438
HTG 132.561746
HUF 371.849505
IDR 16486.5
ILS 3.724175
IMP 0.784602
INR 83.55025
IQD 1309.083436
IRR 42099.999854
ISK 139.619862
JEP 0.784602
JMD 155.52255
JOD 0.708902
JPY 157.435014
KES 129.423084
KGS 87.859905
KHR 4115.756828
KMF 457.478349
KPW 900.000131
KRW 1383.270408
KWD 0.30672
KYD 0.832866
KZT 451.789784
LAK 21825.841647
LBP 89501.176998
LKR 303.927063
LRD 193.8684
LSL 18.3494
LTL 2.95274
LVL 0.60489
LYD 4.845309
MAD 10.04269
MDL 17.793222
MGA 4448.305496
MKD 57.55147
MMK 2613.441131
MNT 3450.000098
MOP 8.040298
MRU 39.363113
MUR 46.75298
MVR 15.409629
MWK 1732.709338
MXN 18.505765
MYR 4.719502
MZN 63.694988
NAD 18.3494
NGN 1495.500564
NIO 36.785861
NOK 10.68065
NPR 133.576206
NZD 1.629267
OMR 0.384981
PAB 0.999327
PEN 3.77695
PGK 3.894369
PHP 58.705244
PKR 278.359395
PLN 4.086399
PYG 7515.973546
QAR 3.644397
RON 4.656595
RSD 109.355734
RUB 88.970465
RWF 1311.231925
SAR 3.752289
SBD 8.4616
SCR 14.340349
SDG 586.00039
SEK 10.525605
SGD 1.35394
SHP 1.26345
SLE 22.847303
SLL 20969.501917
SOS 571.124313
SRD 31.571973
STD 20697.981008
SVC 8.744349
SYP 2512.530426
SZL 18.338751
THB 36.695504
TJS 10.687703
TMT 3.5
TND 3.127826
TOP 2.35645
TRY 32.773027
TTD 6.791092
TWD 32.345801
TZS 2623.491387
UAH 40.663229
UGX 3712.214625
UYU 39.167881
UZS 12606.023241
VEF 3622552.534434
VES 36.372315
VND 25455
VUV 118.721975
WST 2.800615
XAF 612.746142
XAG 0.033837
XAU 0.000429
XCD 2.70255
XDR 0.757389
XOF 612.746142
XPF 111.403804
YER 250.299074
ZAR 18.403933
ZMK 9001.220298
ZMW 26.157381
ZWL 321.999592
  • SCS

    0.0700

    12.4

    +0.56%

  • AZN

    0.0600

    79.59

    +0.08%

  • NGG

    0.4000

    56.55

    +0.71%

  • RIO

    -0.4100

    66.51

    -0.62%

  • BTI

    0.0300

    30.63

    +0.1%

  • RBGPF

    0.0000

    56.5

    0%

  • CMSD

    -0.1000

    24.36

    -0.41%

  • GSK

    -0.4600

    40.65

    -1.13%

  • CMSC

    0.0400

    24.54

    +0.16%

  • BCE

    -0.3754

    32.88

    -1.14%

  • RELX

    -0.4300

    45.22

    -0.95%

  • BCC

    -3.9000

    126.6

    -3.08%

  • RYCEF

    -0.1700

    5.81

    -2.93%

  • VOD

    -0.0100

    8.74

    -0.11%

  • BP

    -0.3000

    34.89

    -0.86%

  • JRI

    -0.0865

    11.89

    -0.73%

Auctioneer Sotheby's sees double benefit to crypto wave
Auctioneer Sotheby's sees double benefit to crypto wave

Auctioneer Sotheby's sees double benefit to crypto wave

Sotheby's auction house is almost three centuries old but its top brass want to embrace the cutting edge of technology and all of its buzzwords -- metaverse, NFT and crypto among them.

Text size:

"The reason Sotheby's has existed for 277 years is because we have a history of embracing innovation and so NFTs is no different," Charles Stewart, the firm's American chief executive, tells AFP in an interview.

He is talking about non-fungible tokens, the ubiquitous digital objects that are linked to pieces of art or other items, some of which the ancient auction house has sold for millions of dollars over the past year.

And even better for Stewart's business, he says there is plenty of cross-pollination between the old and new art worlds.

"The traditional art world is hearing a lot about NFTs. Many don't understand it. Some have embraced it. But there's absolutely a curiosity," he says on the sidelines of the Mobile World Congress in Barcelona.

"The same is true the other way around. (For) a lot of young technology investors -- in particular founders, entrepreneurs -- NFTs has been a gateway into the broader art market."

By way of example, crypto entrepreneur Justin Sun shelled out more than $70 million at Sotheby's for a work by Swiss-born 20th artist Alberto Giacometti last year.

Over at rival auction house Christie's, a collector paid a similar amount for an NFT by a US artist known as Beeple.

- 'Explosion of interest' -

Opinions on the merits of NFT art vary wildly.

The most famous collections -- Bored Ape Yacht Club and CryptoPunks -- feature cartoon images replicated 10,000 times with algorithm-generated variations.

They are often pilloried for blocky graphics or tacky animation style.

Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain -- essentially a piece of computer code.

The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements.

Stewart is unruffled by such criticisms -- Sotheby's has sold both CryptoPunks and Bored Apes for millions of dollars -- and he expects the market to continue to boom.

"This year we're seeing the overall NFT market could be $40 or $50 billion," he says.

For comparison, the traditional art market raised around $50 billion in total last year.

"It was only a year ago that NFTs burst onto our collective awareness and consciousness, and you've seen an explosion in interest since then," he says.

But Stewart says there is more to the NFT trade than hard cash.

"We're not looking at it so much as a specific dollar or euro amount as we are just the engagement of an audience," he says.

"Whether the prices rise or fall, if the interest is there, if the engagement is there, if new creators are connecting with audiences through NFTs and crypto, that's an important trend that we're going to invest behind."

L.Davila--TFWP