Sotheby’s and the Visual Arts Commission of the Saudi Arabian Ministry of Culture have collaborated to create a forum on digital arts in the Kingdom. Tracing the history of NFTs, from their first debut seven years ago to today, the lecture program has seen the pioneering artists, collectors and curators who are defining the contemporary landscape speak. Was reported in a press release released on Monday.
Over the course of three days, participants had the opportunity to attend a series of conferences attended by art experts, blockchain technology experts and NFTs. Sotheby’s also presented a selection of innovative NFTs and organized several workshops every day, part of the public program of the Diriyah Biennale.
“We are delighted to host this project, the first of its kind, at the Diriyah Biennale as a partner of the Visual Arts Commission and Sotheby’s.” – said Aya Al-Bakree, Chief Executive Officer of the Diriyah Biennale Foundation – “La Biennale is a center of artistic involvement and learning that encourages creative dialogue across cultures, while developing the local ecosystem. This collaboration is part of the our public program and will lead to a growing local interest in NFTs and the development of best practices in the field, thanks to the participation of authoritative personalities “.
The forum was held during the inauguration of the Diriyah Biennial of Contemporary Art in Saudi Arabia which will take place until 11 March and will exhibit some of the most important artists in the world. Operating as an accessible and engaging platform aimed at promoting global dialogue and exchange, the Biennale will bring together both Saudi and international artists in a celebration of contemporary culture.
“Digital Art allows emerging and established artists and art collectors to develop new ways to experiment, collect and create together with colleagues from around the world.” Dina Amin, CEO of the Visual Arts Commission of the Ministry of Culture commented. “The visual arts sector continues to progress rapidly and we are therefore thrilled to be able to collaborate with Sotheby’s, the leading global expert in the sector, to discuss the issues of NFT and Digital Art in Riyadh,” she added.
Over the past year, Sotheby’s – and the art world in general – has seen an incredible rise in NFTs. Since their debut auction in April 2021, Sotheby’s sales in this category have reached approximately $ 100 million per 100 NFT, setting multiple benchmarks along the way, including records for a single CryptoPunk (11.8 million dollars) and a single Bored Ape ($ 3.4 million).
In June 2021, Sotheby’s also launched a digital replica of its New Bond Street location in London at a strategic location in Decentraland’s Voltaire Art District. Within this venue, five spaces have been set up to exhibit both purely digital works of art and digital replicas of physical works sold. More recently, prior to its auction as “Master Paintings” at Sotheby’s New York, Sandro Botticelli’s The Man of Sorrows transformed one of Sotheby’s virtual galleries into a chapel.
“The world of Digital Art is an ever-changing space and we are thrilled to be able to bring the international NFT community to the Kingdom of Saudi Arabia. The Digital Arts Forum represents an incredible opportunity for the next generation of collectors as it allows them to explore the new NFT technology and other great innovations: all this can only start from training “. Sebastian Fahey, CEO of Sotheby’s Emea commented.
An NFT can be thought of as a certificate that exists only once, is unique, immutable and cannot be exchanged. When a collector buys an NFT, she is buying a token (or certificate) and therefore the single digital artwork or photograph attached to it. The purchase of NFTs is recorded on a decentralized database and provides a permanent record of that purchase and proof of ownership. Payment is usually made in cryptocurrency which Sotheby’s accepts on designated lots.
With the launch of Sotheby’s Metaverse, Sotheby’s has become the first auction house, and one of the only organizations in the world, to create its own platform dedicated to NFTs. In parallel, the dedicated Twitter profile and Discord channels were created in order to provide a space for dialogue for NFTs and crypto communities.
