Sotheby’s Attempts a New Auction Model
There may be nothing more conventional than the English auction system, which Sotheby’s has adhered to throughout its 300-year history. The bidders in that system compete with one another to raise prices or secure a transaction when there is minimal interest. But earlier this week, Sotheby’s revealed that it would start using a Dutch auction methodology for its new Gen Art Programme, a series of NFT auctions devoted to generative artworks created by renowned digital artists.
Sotheby’s has launched the Gen Art Program, featuring Vera Molnar, a 99-year-old generative art pioneer. The program, powered by Art Blocks Engine, will showcase two to three artists per year and offer on-chain purchases of works. The platform, which uses the Dutch auction model, will be used by collectors to purchase works on-chain. Molnar’s work gained popularity during the NFT gold rush of 2021 and was featured at the Venice Biennale. Sotheby’s credited Art Blocks for experimenting with the Dutch auction model in its own marketplace.
(With inputs from Shikha Singh)
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