Sotheby’s Generative Art Auction Nets $1.2M in 24 Hours

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Powered by Art Blocks, Sotheby’s generative art auction witnessed a stellar debut. Showcasing 500 masterpieces under ‘Themes and Variations’, created by the 99-year-old artist Vera Molnár in collaboration with Martin Grasser, the celebrated bidding hub fetched $1.2 million worth of ETH in no time.

The artworks — featuring enticing algorithmic transformations by converting hand-drawn variations of letters into alluring color combinations — were purchased within one hour of being under the auction hammer, overriding the set baseline price of $2,825 (1.5 ETH).

On top of that, regardless of the initial bidding process having a ceiling cost of $37,000 (20 ETH), trading volumes on the secondary market soared as high as $859,347 (457 ETH).

I cannot tell you how much I love seeing them together and watching them bounce off each other.

I love the grouping, super simple, super wild, super graphic https://t.co/mYqOFTC04R

— martin grasser (@martingrasser) July 26, 2023

The Encore of Generative Art

Molnár’s contribution to Sotheby’s generative art auction is deemed a critical breakthrough in the saga of digital art, presenting the potential of progressive art mediums for innovative artistic expression.

The artist’s timeless and incomparable artworks stand tall as invaluable treasures in the generative and digital art world. Her recognition has been boosted through technology controlling the next generation of the internet, bringing ample financial gain as an added bonus. 

As the transformative approach for generative NFTs becomes more apparent and desirable, those eager to own a piece from this coveted collection, or similar algorithmic creative pieces, should remain alert on these secondary marketplaces. Themes and Variations are just an element of the captivating narrative of the art and technology intersection. 

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The post Sotheby’s Generative Art Auction Nets $1.2M in 24 Hours appeared first on NFT Plazas.

 

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