cointelegraph.com
Sotheby’s is making moves. The same fine art auction house behind several recent major nonfungible token (NFT) sales has just made the Met Breuer’s old Madison Avenue building its home, and on July 26, it’s launching an on-chain Gen Art Program powered by generative art platform Art Blocks.
A sale of NFTs by early algorithmic artmaker Vera Molnár will christen the program. She worked with artist and coder Martin Grasser to produce Themes and Variations, the sale’s series of 500 unique generative artworks. Altogether, it “expresses the seamless integration of letters as pure abstract forms,” a release says, “as well as Molnár’s affinity for embracing disorder.”
“The Sotheby’s Gen Art Program is powered by Art Blocks Engine,” Art Blocks founder and CEO Erick Calderon told Cointelegraph, “which gives access to Art Blocks’ smart contracts and rendering infrastructure for partners to create their own generative projects.”
“All Gen Art Program sales will be fully on-chain and in ETH only,” Sotheby’s head of digital art and NFTs, Michael Bouhanna, told Cointelegraph. “With the integration of the Art Blocks Engine, the Gen Art Program will mark our first digital art auctions to be held exclusively in ETH. Since moving Sotheby’s metaverse to fully on-chain in May, when we announced our new secondary market, it felt like a natural progression to begin exploring more sale options that can be fully on-chain,” he added. Last week’s announcement also predated a Web3 summit at Christie’s by just days.
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Art Blocks has previously partnered with traditional art heavyweights like the New York gallery Pace. The platform connected with Sotheby’s last fall “but didn’t immediately have a project in mind,” Calderon said. “It came to light that [Art Blocks] Engine would be a perfect fit for building out their [Sotheby’s] generative art platform after they committed to working with Vera Molnár early this year.”
Sotheby’s will conduct this inaugural sale as a Dutch auction for the first time in the house’s 300-year history. Art Blocks has historically used that model across its platform. Unlike a more traditional auction, where prices start low and climb high, a Dutch auction’s prices start high and go low. The first offer wins the lot, so there’s no dramatic bidding wars here. Sotheby’s say the model introduces new psychologies. The ceiling price for works across this week’s Molnár sale is 20 Ether (ETH).
With high-profile strategic partnerships, Art Blocks has built a business strong enough to withstand NFTs’ noted volatility. Sotheby’s, meanwhile, has transformed the downfall of one of crypto’s largest institutions into huge profits. This spring, it hosted a series of sales auctioning off Three Arrows Capital’s fabled blue chip NFT collection, which smashed estimates.
Most notably, Ringers #879 “The Goose” by Dimitri Cherniak — who made his auction debut with Phillips last summer — sold for $6.2 million, despite its $3 million high estimate. Many take those estimates with justified skepticism, but Cherniak’s work proved to be the second-most expensive digital art ever sold. “Editions from the same series sold for less than $200,000 each only moments later,” Forbes pointed out.
This Spring’s financial successes showed that now’s the time to launch the Gen Art Program, Bouhanna said. “We held our first auction dedicated to generative art in April 2022, and given the strong results from that sale, it was clear that collectors could see the art historical lineage of generative art and why it is so important not only to digital art but to contemporary art.”
“The Gen Art Program will open up many new opportunities for us, namely the ability to now work directly with leading artists to present exclusive new sales,” he continued.
The initiative also expands the house’s growing Web3 presence. Specifically, this program will focus on elevating long-form generative art — large series of works from a central algorithm.
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Calderon believes respect for the medium is rapidly increasing across the art world: “Part of the reason for that is blockchain technology itself is taking a back seat to the content that’s being created [...] We will see less and less talk about the technology behind generative art and more about the art itself.”
“After decades of exploring how systems and computers can generate artistic outputs, I see this collaboration with Sotheby’s and Art Blocks as a culmination of those efforts,” Molnár herself said, “providing a new way to generate never-before-seen, unique abstract forms that are defined by the controlled randomness of machine programming — the essence of the algorithm.”