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Painting by digital artist Beeple sold at auction for $ 69 million
Until October last year, the maximum value for the works of Mike Winklemann — digital artist known as Beeple — was $ 100. Already today, his work, titled «Everydays — The First 5000 Days» (Every day — the first 5000 days) was sold at Christie’s auction for $ 69 million, which, according to the auction house, places Beeple in the top three most expensive living artists.
To begin with, it is worth noting that virtual paintings are one of the types of NFT or non-fungible tokens. These are unique files that represent a chain of blocks and can prove ownership of a digital artwork. Their buyers usually get the undivided right to use and display digital art, but often they only use the NFT as a bragging item or an asset that can be resold later. NFTs can be any digital files such as images, audio recordings and more.
Record sale in the world of NFT took place after several months of rising prices for Winkelmann’s works. In October, Beeple sold its first series of digital paintings for $ 66,666.66 per unit. In December, the artist sold a series of works for $ 3.5 million. One of the NFTs originally sold for $ 66,666.66 was resold last month for $ 6.6 million.
Several factors explain why “Everydays — The First 5000 Days” is so valuable. Winkelmann has been creating and publishing new digital art every day for 14 years, impressing fans with his productivity. It was these works that were collected in a collage sold for $ 69 million. Beeple currently has 2.5 million social media followers. In addition, the cost of Winkelmann’s work was also influenced by the sharp rise in the popularity of non-fungible assets over the past month. Many believe that the value of digital art will only grow over time.
Noah Davis, post-war and contemporary art specialist at Christie’s, said he immediately understood the importance of the Everydays — The First 5000 Days collage, provided by Beeple.
It is also worth noting that the fact of selling Beeple’s work through Christie’s increases the importance of the artist’s work and NFT in general. During its 255-year history, the auction house has sold some of the most famous paintings in history, including the only known portrait of Shakespeare, earning an excellent reputation.
However, NFTs have tons of opponents. Many are concerned about the impact of such art on the climate, as NFTs are based on blockchain technology known for its low energy efficiency. In addition, many of the opponents of technology point to the dubious artistic value of such works. Collectors disagree with them and argue that NFT is not a temporary phenomenon, but a way to sell and buy works of art of the future.