How Sotheby’s Sold $17 Million of NFTs in a Bear Market
Michael Bouhanna is the Vice-President, Up to date Artwork Specialist, and Head of Digital Artwork and NFTs at Sotheby’s. In June 2021, he facilitated Sotheby’s first curated NFT public sale, Natively Digital, leading to a complete sale of $40 million throughout three editions. The sale included the first-ever NFT, Quantum by Kevin and Jennifer McCoy, and items by Snowfro, Dmitri Cherniak, Pak, Sarah Zucker, Fvckrender, XCOPY, Mad Canine Jones, Justin Aversano, and extra. That very same 12 months, Bouhanna conceived, launched, and curated Sotheby’s Metaverse — an immersive digital gathering area for collectors and NFT lovers.
Bouhanna is coming recent off of the $11 million Grails Half II Sale, that includes works acquired by the now-defunct hedge fund, Three Arrows Capital. Cut up into two components and totaling more than $17 million, the auctions included notable outcomes and injected some much-needed optimism into the present bear market.
On this episode, we cowl the intersection of the normal and digital artwork markets, the backstory of the Grails Half II public sale, classes realized from Natively Digital: Glitch-ism, and extra.
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