Sotheby's to sell CryptoPunk and Beeple NFT at digital auction

Fine arts auction house Sotheby’s will sell a CryptoPunk and Beeple non-fungible token (NFT), among other pieces, at a digital art auction set to go live on Aug. 15. 

In an email sent to Cointelegraph, Sotheby’s said it would launch the online event at 2:00 pm Eastern Time (7 pm UTC) and end on Aug. 22. The auction house said the sale would highlight the “interplay between artistic expression and technological novelty.”

The auction house said the digital art sale would feature artworks targeted at emerging buyers and seasoned collectors. 

Merging creativity with technology

Sotheby’s added that the sale will feature themes like generative art, merging creativity and technology with algorithmic processes. The auction house added that it celebrates women pioneers who contributed to the art landscape. In addition, the auction also highlights emerging artists who aim to “push the boundaries” with new technology. 

Preview document featuring pieces included in the auction. Source: Sotheby’s

According to Sotheby’s, the sale will feature pieces from blue-chip digital art collections like “GRAILS: Property from An Iconic Collection” and “GRAILS: Starry Night.” Sotheby’s wrote: 

“This momentous occlusion marks a significant event in history as Sothey’s brings together blue chip-quality works from prominent series, exceptional arrays of works by individual creators and rare works hitherto virtually unseen on the public market.”

In a preview sent to Cointelegraph, the auction included pieces from the popular NFT collection CryptoPunks and a piece from Mike Winkelmann, also known as Beeple. 

Related: Buyer of Beeple’s $69M NFT on Christie’s discloses identity

The auction includes CryptoPunk #491, a digital collectible part of the popular blue-chip NFT collection CryptoPunks. In 2021, Sotheby’s set a world record for selling a CryptoPunk NFT for millions of dollars. The auction house sold CryptoPunk #7523 , also known as the “COVID Alien” Punk, for $11.8 million. 

Meanwhile, the auction will also include a piece from artist Beeple, who remains a prominent figure in the art and NFT space. In 2021, a Beeple NFT titled “Everydays: The First 5000 Days” was auctioned for a record-breaking $69.3 million.

NFT sales volume face downward trend

Despite previous records set by NFT auctions, interest in digital collectibles based on the blockchain is not the same as it used to be. At the end of June 2024, NFTs faced a 45% quarter-on-quarter decline in sales volumes. In July, NFTs had their lowest monthly sales since November 2023. 

Magazine: ‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early