Sotheby's, the oldest fine art auction house in the world, is launching a blockchain-based program for generative artists called the Gen Art Program.
Sotheby's Will Feature the Work of Two to Three Generative Artists Each Year in Fully On-Chain Auctions
Sotheby's, the oldest fine art auction house in the world, is launching a blockchain-based program for generative artists called the Gen Art Program.
Sotheby's will feature the work of two to three generative artists each year in fully on-chain auctions using the generative asset creator Art Blocks Engine. The first-ever auction for the program will take place on July 26, 2023, where 500 pieces from generative artist Vera Molnár will be auctioned.
Only Ether (ETH) payments will be accepted, and the sale will take place entirely on-chain using the auction house's curated NFT platform Sotheby's Metaverse. According to Michael Bouhanna, Head of Digital Art and NFTs at Sotheby's, generative art has been prominently included throughout the auction house's digital art products and has played a crucial part in the development of digital art.
A generative artwork called "The Goose," an NFT created by Dmitri Cherniak, was recently sold by Sotheby's for $6.2 million. It was initially bought for $5.8 million by the now-defunct cryptocurrency hedge fund Three Arrows Capital.
