A digital artwork by renowned crypto artist Beeple has been sold at a Christie’s auction house for $69.3 million. The staggering sum makes the non-fungible token (NFT) artwork the most expensive crypto artwork ever sold. It also becomes the third-highest selling artwork from a living artist ever to go at auction.
The ‘Milestone’ Sale of Beeple’s 5000 Days
On Thursday morning, prestigious auction house Christie’s sold their first fully digital artwork for a record sum. Everydays – The First 5000 Days is a collage of 5000 pictures that had been uploaded by artist Beeple, whose real name is Mike Winkelmann, every day since 2007. The images, some tongue in cheek, are a commentary on our modern technology crazes, wealth and political unrest.
Beeple’s crypto artwork had already made history by breaking into the world of physical and traditional auction houses. Christie’s had called the sale “an important milestone in the development of the market for digital art.” Having now sold for an eye-popping $69.3 million, it seals its reputation as a groundbreaking artwork both for the digital world and for the wider art sphere.
Beeple Becomes Third Most Valuable Living Artist
The photo collage is now on the podium of the most expensive artworks by a living artist sold at auction. It comes after David Hockney’s “Portrait of an Artist (Pool with Two Figures)”, which sold for $90.3 million in 2018, and Jeff Koons’ stainless-steel Rabbit sculpture that went for $91.1 million in 2019.
The auction of Beeple’s 5000 Days began at $100. With only 30 minutes left in the auction, it had only reached $15 million. However, a last-minute rush of bids saw the price shoot up to nearly $70 million as 350 prospective buyers fought for the iconic piece. The buyer remains, as yet, unnamed. In the tense final minutes, millions of viewers were glued to the drama from 11 countries across the world. Beeple’s response on Twitter to the final sum was a two-word expletive.
The Boom of the Crypto Art Market
Given the record-breaking price and the interest generated, Christie’s has shrewdly already said that it intends to hold more digital art auctions in the future. Christie’s had also made history with the sale of the Beeple artwork by accepting payment in the cryptocurrency Ethereum.
In a statement after the unprecedented sale, Noah Davis, a specialist in post-war and contemporary art at Christie’s, said, “The last year has been an extraordinary period for the art market, and today’s result is a fitting tribute to the significant digital transformation that has taken place at Christie’s. And just as our business has evolved, so has the way in which art is being made.” He added, “Beeple’s success is a testament to the exciting possibilities ahead for this nascent marketplace. Today’s result is a clarion call to all digital artists. Your work has value. Keep making it.”
NFTs Explode in Popularity
The world of crypto art and NFT has exploded over the last six months. Already in 2021, sales have topped $400 million, which is considerably more than all of last year. The mainstream media has recently been flooded with astonished reports on the rise of crypto art and the jaw-dropping sums they are selling for. Christopher Torres recently sold his Nyan Cat meme, a retouched 10-year old GIF of a flying cartoon cat, for nearly $600,000.
Just a couple of days ago, a CryptoPunk, a wildly popular crypto collectible, changed hands for $7.5 million. This makes it the second most expensive NFT after Beeple’s photomontage. Canadian musician Grimes has also just sold a collection of digital artworks for $6.3 million. Grimes is not the only celebrity to venture into the world of NFTs. US rock band Kings of Leon announced they are releasing their new album as an NFT. YouTuber Logan Paul and actress Lindsay Lohan have also been trading their own tokens. Billionaires Jack Dorsey and Mark Cuban have transformed their tweets into NFTs and flogged them. Dorsey, who is the CEO of Twitter, has received bids up to $2.5 million for his first-ever tweet, “just setting up my twttr”. He intends to donate the proceeds to charity.
The Future of Digital Art
It is likely traditional art markets and collectors will now be scrambling to get in on the lucrative digital art market. But all eyes are also on how crypto art will develop as a movement and its potential for radical change. The sphere of digital art is proving refreshingly inclusive for both creators and collectors struggling to break into the traditional art world.
In a statement released by Christie’s Beeple said, “Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it. With NFT’s that has now changed. I believe we are witnessing the beginning of the next chapter in art history, digital art.”
