PARIS, March 31, 2022 /PRNewswire/ — Traditional auction houses have been playing a launchpad role in NFT trading, but they could provide greater stability for this growing market. By providing valuation estimates, they synthesize the current state of supply and demand; by selling an NFT, they provide a reference price that is independent of the prices practiced on peer-to-peer platforms (like Opensea, Nifty Gateway, SuperRare, etc.). In other words, with their expertise and their temporization of the market, the auction houses may well have a stabilizing effect on the effervescent NFT market.
Abdoulaye Barry, Globule blanc (2022). Paper print + NFT. Estimated €500 – €800, sold €1,080 by Fauve Paris auction house in Paris on 10 March 2022
thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department: “By preparing a sale, publishing a catalog several weeks in advance and by giving a range of estimates and guaranteeing the information long after adjudication, the auction house actually ‘moderates’ the NFT market. This does not prevent prices from soaring if demand is stronger than expected”.
Despite the transparency of blockchain technology, there are plenty of anomalies on major NFT marketplaces. Whether it’s fake accounts (like those that appeared around Takashi Murakami) or arbitrage opportunities (offered to those who manage to integrate the whitelists of the most coveted projects), NFT sales platforms have seen a large number of highly aggressive strategies contributing to price volatility and a degree of instability.
Takashi Murakami’s ‘overly’ anticipated NFTs
Since the announcement of his Flowers NFT project, Japanese artist Takashi Murakami (ranked 105th in our global ranking of artists by 2021 auction turnover, all periods of creation combined) has been the subject of numerous fraud attempts using Instagram and Twitter accounts with deliberately similar names, such as murekemi.flower2022. By inciting you to mint NFTs as quickly as possible (as most NFT drops do), these fake projects try to make you buy instantly, without checking the legitimacy of the creator.
It is clear that Murakami’s NFT project is attracting interest from both traditional collectors and from the crypto community. However, it is looking increasingly likely that his Flowers NFTs will not be launched until around the time of his solo show at the Gagosian in New York, scheduled for May 2022. We will therefore have to wait a little longer than was initially expected to buy into Murakami’s digital Flowers.
https://gagosian.com/exhibitions/2022/takashi-murakami/
Unfortunately, the lack of clarity that currently exists on NFT marketplaces as well as on social media is generating a large number of scams. Almost all of today’s most famous NFT projects have replicas circulating in large numbers on Opensea. This situation could be improved by a more active presence of stabilizing agents such as auction houses in the NFT ecosystem.
At last… a genuine reference price
Of the 10,000 items in the World of Women collection, only one copy went to public auction. Estimated between $400,000 and $665,000 by Christie’s, Woman #5672 was sold on 1 March 2022 in London for $600,000 (to which a 26% buyer’s fees was added, bringing the total purchase price to $755,000).
The value of this work fitted perfectly with the estimate provided by the auction house Christie’s. However, the price of this NFT has been very volatile: barely six months ago, Woman #5672 was acquired for $117,000 (37.95 eth) on the OpenSea platform, and the best offer for this NFT is today $70,000 (20 eth).
https://opensea.io/assets/0xe785e82358879f061bc3dcac6f0444462d4b5330/5672
Because it was outside the blockchain, data relating to Christie’s sale does not appear in the work’s activity log on OpenSea. On the other hand, the identity (or rather the pseudonym) of the buyer of Woman #5672 has been revealed by Opensea: it is the moonpay.eth account. In this way, the OpenSea platform and Christie’s auction house both provide two complementary bits of information.
Image: [https://imgpublic.artprice.com/img/wp/sites/11/2022/03/image1-Abdoulaye-Barry-Globule-Blanc-2022.jpg]
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See certified biography in Who’s who ©:
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Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 770,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 5.4 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).
Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.
Artprice by Artmarket’s 2020 Global Art Market Report published in March 2022:
https://www.artprice.com/artprice-reports/the-art-market-in-2021
Artprice’s 2020/21 Contemporary Art Market Report by Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
Index of press releases posted by Artmarket with its Artprice department:
serveur.serveur.com/Press_Release/pressreleaseEN.htm
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· L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o
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