The buyer of a digital artwork sold for US$69 million was named as a crypto asset investor known by the pseudonym “Metakovan,” auction house Christie’s confirmed on Friday.
“Everydays: The First 5000 Days” — the first virtual Non-Fungible Token (NFT) artwork to be sold at a major auction house — closed at $69,346,250 during an online auction on Thursday.
On Friday, Christie’s announced that Metakovan, founder and funder of Metapurse, the largest NFT fund in the world, was behind the astronomical purchase.
Chinese cryptocurrency creator Justin Sun revealed on Twitter that he was outbid on the artwork, having put down a final effective bid of $60 million, only to be “outbid by another buyer in the last 20 secs by $250k.”
Sun said he had been leading the bidding throughout most of the last 20 minutes of the auction — but his attempt to update his bid failed during the last 30 seconds.
The record-breaking sale catapults the artwork’s creator, Mike Winkelmann, who goes by Beeple, near the summit of the most expensive living artists to date, placing him just below David Hockney and Jeff Koons. Hockney’s painting “Portrait of an Artist (Pool with Two Figures)” sold for $90.3 million in 2018, while Koons’ stainless steel sculpture “Rabbit” topped the list at $91.1 million in 2019.
Winkelmann’s collage of 5,000 images that took 13 years to make had a starting bid of just $100, but the high-profile auction drew fevered bidding from over 350 prospective buyers.
Its sale drew heightened attention in the past weeks as more NFT works, including digital art, GIFs and even tweets, have been thrust into the spotlight in what many are calling a digital art boom.
The musician Grimes recently sold a collection of digital artworks for $6.3 million, while Christopher Torres, the creator of the decade-old GIF “Nyan Cat,” was able to cash in on the flying Pop Tart cat animation for almost $600,000.
An NFT is a digital token encrypted with the artist’s signature on the blockchain — a digital ledger that is the backbone of cryptocurrencies like Bitcoin and Ethereum — allowing sellers and buyers to verify authenticity and ownership. Virtual art faces unique challenges that physical art does not, as it can be copied and disseminated any number of times on the internet, reducing its value. NFTs ensure that a buyer has the true original directly from the artist. They also allow artists to sell works directly to buyers on their own, which some have asserted will democratize the art market.
“Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it,” said Winkelmann in a press statement following the sale. “With NFTs that has now changed.”
Winkelmann, a graphic designer from Charleston, South Carolina, told CNN in an interview ahead of the sale’s closing that when he began the “Everydays” project in 2007, he had no intention of selling the work. As a freelancer who works on concert visuals for artists like Katy Perry and Deadmau5, and with no gallery representation, he is not the usual blue-chip artist to sell his work for tens of millions at a major auction house. He has nearly 2 million followers on Instagram and his bizarre and often dystopian-tinged pop culture mashups play on the same notes as street artists like KAWS.
“It’s a bit surreal, because (digital imagery) wasn’t really something that I pictured, in my lifetime, being able to sell,” said Winkelmann, ahead of the sale. “So it (has) come out of nowhere. But at the same time, I also really feel like this is going to be the next chapter of art history.”
The sale also comes at a time when auction houses like Christie’s and Sotheby’s are having to rely on virtual auctions and more online bidders in light of the ongoing pandemic. While individual artists can utilize NFTs to break from the traditional art market, so too can the market to drive more sales and tap into the digital art world.
“The last year has been an extraordinary period for the art market, and today’s result is a fitting tribute to the significant digital transformation that has taken place at Christie’s. And just as our business has evolved, so has the way in which art is being made,” said Noah Davis, a specialist in post-war and contemporary art at Christie’s, in a press statement.
“I’m honored to welcome all the of the remarkable new clients, who not only bid with us, but reached out to share their brilliant ideas on how to further the crypto art movement. Beeple’s success is a testament to the exciting possibilities ahead for this nascent marketplace. Today’s result is a clarion call to all digital artists. Your work has value. Keep making it.”
LONDON (AP) — With a few daubs of a paintbrush, the Brontë sisters have got their dots back.
More than eight decades after it was installed, a memorial to the three 19th-century sibling novelists in London’s Westminster Abbey was amended Thursday to restore the diaereses – the two dots over the e in their surname.
The dots — which indicate that the name is pronounced “brontay” rather than “bront” — were omitted when the stone tablet commemorating Charlotte, Emily and Anne was erected in the abbey’s Poets’ Corner in October 1939, just after the outbreak of World War II.
They were restored after Brontë historian Sharon Wright, editor of the Brontë Society Gazette, raised the issue with Dean of Westminster David Hoyle. The abbey asked its stonemason to tap in the dots and its conservator to paint them.
“There’s no paper record for anyone complaining about this or mentioning this, so I just wanted to put it right, really,” Wright said. “These three Yorkshire women deserve their place here, but they also deserve to have their name spelled correctly.”
It’s believed the writers’ Irish father Patrick changed the spelling of his surname from Brunty or Prunty when he went to university in England.
Raised on the wild Yorkshire moors, all three sisters died before they were 40, leaving enduring novels including Charlotte’s “Jane Eyre,” Emily’s “Wuthering Heights” and Anne’s “The Tenant of Wildfell Hall.”
Rebecca Yorke, director of the Brontë Society, welcomed the restoration.
“As the Brontës and their work are loved and respected all over the world, it’s entirely appropriate that their name is spelled correctly on their memorial,” she said.
In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.
Alleged Fraud Scheme
Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.
Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.
Massive Seizure of Artworks
In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.
Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.
Artwork Returned, but Some Remain Unclaimed
In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.
Court Proceedings Ongoing
The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.
Impact on the Local Art Community
The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.
For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.
As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.
While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.
Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.
As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.
