World's prominent auctioneers join NFT craze after Beeple sale

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Sotheby's and Phillips launch NFT auctions as traditional auction houses seek to capitalise on the craze shaking up the art market

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Artworks are seen at the Superchief Gallery NFT, the first permanent gallery space in the world, in the Union Square neighborhood of Manhattan, New York City, US, April 7, 2021.

The exchanges happen in cryptocurrencies on specialist sites such as Nifty Gateway and OpenSea, on the fringes of the art world. Phillips is selling a unique work by Canadian artist Mad Dog Jones during an auction running from Monday until April 23. The sales should help Sotheby's attract new collectors who may not have interacted with the house before, said Moore.Some 91 percent of people who bid for Beeple's "Everydays" had never bid at Christie's before. More than half of them were between 25 and 40 years old."My primary focus right now is establishing these roots, these connections, establishing these relationships, understanding what drives their collecting habit, what interests them," said Moore.

Sundaresan defended the price he paid for the collage of 5,000 pieces of art created on consecutive days, which has transformed its creator, real name Mike Winkelmann, into the "As a piece itself it's awesome. But there is this signalling and symbolic intention also to show the world that... there's this whole thing that's going on underground."

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