Artmarket.com: the NFT phenomenon - a market 'disruptor' - Artprice asks: what does it mean for the art market?

Everydays: The First 5000 Days by Beeple
Estimated unknown
Starting price: $100
Price achieved: $69,346,250.

Between art and technology

"NFTs are such innovative inventions that some people are comparing them to the greatest masterpieces in the history of art," explains thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department.

"When Sina Estavi bought the NFT of the very first "tweet" (for $2.9 million) and compared it himself to Da Vinci's Mona Lisa, he expressed what NFTs mean to him, and to many other aficionados of this technology: the advent of a new world of extraordinary artistic talent... a renaissance."

Obviously, not all NFTs are works of art; but some have been created as true digital artworks and propelled to the forefront of the art market by the biggest auction houses on the planet. Artprice is keen to integrate these new forms of art into its databases in order to study their development and provide its members (with Basic, Advanced and Professional subscriptions) with all the necessary information relating to this new market. 

'Red-chips' and NFTs

The arrival of NFTs in the auction sphere seems to be the extension of a recent shift in the traditional art market which has seen collectors increasingly focusing on the latest trends… i.e. 'red-chip' artists.

"Today, the rules have been overturned," explained Isabelle Paagman, Sotheby's Head of Private Sales in Europe during the presentation of the TV show The Next Big Thing.

"Traditionally, an artist first built his reputation and his audience with the help of galleries, building a primary market, then slowly progressing towards the secondary market. Today an artist creates his audience via Instagram and suddenly becomes one of the most desired artists on the planet. The result is we are now seeing at auction artists who are still very young and at the start of their careers." 

This transformation fits perfectly with the NFT technology: digital works circulate freely on the web, on Instagram, on Youtube, etc. while their digital property is secured in a cryptowallet.

Image:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/05/The-Great-Wave-of-Kanagawa-by-Hokusai-Katsushika.png]

Copyright 1987-2021 thierry Ehrmann www.artprice.com - www.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.

Discover Artmarket and its Artprice department on video: www.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who's who ©:
imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 770,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million 'members log in' users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code).

Artmarket with its Artprice department, has been awarded the State label "Innovative Company" by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket's 2020 Global Art Market Report published in March 2021:
https://www.artprice.com/artprice-reports/the-art-market-in-2020

Index of press releases posted by Artmarket with its Artprice department:
serveur.serveur.com/press_release/pressreleaseen.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 5 million followers)
twitter.com/artmarketdotcom 
twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum "The Abode of Chaos" (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o

www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 
(4.5 million followers)

https://vimeo.com/124643720

Contact Artmarket.com and its Artprice department - Contact: Thierry Ehrmann, [email protected]

Photo - https://mma.prnewswire.com/media/1506653/Artmarket_The_Great_Wave_of_Kanagawa.jpg
Logo – https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg