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Sotheby's Moves Into 'New World' of Digital Art and NFTs

"There's a lot here that's really exciting and, we think, has staying power," said CEO Charles Stewart.

Updated May 9, 2023, 3:17 a.m. Published Mar 16, 2021, 1:54 p.m.

Charles Stewart, CEO of Sotheby’s, has announced a partnership that will see the top auction house hold a sale of NFT-based digital art from anonymous artist Pak.

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In an interview on CNBC’s "Squawk Box" on Tuesday, Stewart said his firm has been following the non-fungible token space for some time.
"There's a lot here that's really exciting and, we think, has staying power," he said.
Sotheby's chose to hold its first NFT art sale with Pak because it wanted to work with one of "the most established artists" in the space, according to the CEO.
Talking to CoinDesk, a Sotheby’s representative said the firm will accept cryptocurrencies for the artworks.
Max Moore, Sotheby’s co-head of the Contemporary Art Day Sale in New York, will be heading the sale.
The news comes days after the Christie’s auction house auctioned an NFT artwork by Beeple that sold for a record $69.3 million.

See also: What Are NFTs and How Do They Work?

Art NFTs Non-Fungible Tokens CoinFlash

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.