- The artwork exceeded the original price estimate by a margin of seven.
- This was Christie’s first blockchain-related auction.
- A total of eighteen bidders from around the world participated in the auction.
Share this article
Originally estimated to sell between $12,000 and $18,000, the auction of Robert Alice’s “Block 21” crypto NFT from his “Portraits of a Mind” collection managed to close at $131,250.
Christie’s NFT Goes Above and Beyond Expectations
The price was settled over the course of a 4-minute auction in which 18 bidders participated by bidding online and by phone.
— Robert Alice (@robertalice_21) October 7, 2020
Alice expressed his appreciation for having Satoshi’s codebase, a document he considers to be the most important in the 21st century, stand next to great artworks of modern civilization, including pieces from Warhol, Louise Bourgeois, Ed Ruscha, Martin Wong, and Yayoi Kusama.
“Christie’s is delighted to have been entrusted with this innovative work – part of which is the first NFT that we have ever offered at auction – and are very pleased that it culminated in such a fantastic price realized,” said Vivian Brodie, a post-war and contemporary art specialist at Christie’s.
Not only did the anonymous buyer acquire the physical artwork, but their purchase also includes the associated NFT. The NFT is a functional part of the piece, created by Async Labs, that tracks the artwork’s location. At the time of writing, the NFT is still in the ownership of Alice.
This auction is one of the most prolific sales of an NFT on one of the largest stages in the traditional art world. The event comes on the heels of a flash-trend NFT trend, which saw enthusiasts champion the niche for roughly a fortnight.
Welp top is in
NFT’s went through a whole crypto market cycle in 24 hours
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) September 22, 2020
Still, the sector has its long-term, die-hard fans. OpenSea, a popular marketplace for various NFTs, is regularly receiving daily volumes of more than 1,000 ETH. Other platforms like Rarible, KnownOrigin, SuperRare, and others.
Crypto Art Fraud on Rarible Sparks Governance Discussion
On Feb. 8, artist Karan Singh notified the blockchain-based art platform Rarible that some of his work had been fraudulently listed. Although the issue was quickly resolved, the NFT space…
Christie’s First Crypto Art Auction, 40-Piece Portrait of Satoshi Na…
Christie’s, a New York-based auction house, is scheduled to host the auction of “Block 21,” the first public piece of a Bitcoin-focused artwork collection called “Portraits of a Mind.” Consisting…
It’s All Fun and Games Until Ethereum Gets Congested
As crypto investors fled Ether for stablecoins and cash en masse, Ethereum’s gas prices skyrocketed. Meanwhile, those in the crypto art and gaming space suffered. Now, they’re looking for alternatives. NFT Projects Build a…