Christie’S Going To The Chamber Of Secrets.

2021-02-25   |   by CusiGO

For the first time in its history, Christie’s auctioned a unique non expendable item (NFT), mainly digital items, which were made according to the code that made it unique. In mortal language: the artist creates a digital work and sells or auctions it online. Potential buyer’s cryptocurrency offer. In the NFT sector, the currency used is ether, which belongs to Ethereum, a blockchain. In Spanish, it is known as a blockchain, private database or account book, distributed among multiple participants outside traditional trading channels (such as banks). This system ensures the authenticity of the work, because all the people who form part of the blockchain keep a copy and agree that the work is unique, the purchase is recorded, and proof of ownership is provided. In this way, one of the world’s most traditional auction houses, founded in the 18th century, ushered in a new trend in the art market.

Christie’s auction house sold the work for $100 (about 82 euros) from Thursday to March 11. It’s called “the first 5000 days of the day” (every day: the first 5000 days). It’s a collage of 5000 images. The artist, known as bepur, has collected 5000 images in the past 13 years. “The price of output is very low,” admits ELISA Hernando, chief executive of art global Network collector This is an international consulting company specializing in art collection and cultural projects. “It’s a response to Christie’s business strategy to invest in digital, which is still an emerging market. This auction will draw the attention of potential buyers. ”

Mike Winkelmann, the original name of the creator, is one of the most popular figures in the new art field. He has been making a digital work every day since 2007. “It cannot be copied or plagiarized under any circumstances because it was created with blockchain technology,” the auction house warned in a statement. Unlike downloading images from the Internet (which can be printed, framed, or hung in the living room), in this case, all the code around bipur’s work prevents large-scale reproduction. “Although digital art has been a reality since the 1960s, the ease with which these works can be reproduced is almost impossible to determine the source and value of the media,” the auction house said

According to the financial times, Christie premiered in this market, and an artist sold 20 works on nifty’s professional platform for $3.5 million (more than 2.8 million euros) in 2020. Beeple works with brands such as Louis Vuitton, apple, Nike and Samsung, and produces pictures for concerts such as Ariana grand, Justin Bieber and childish Gambino.

The BBC is proving its luck in the NFT world with its who doctors series of digital card games. Paris Hilton painted a cat and sold it as an NFT for $17000 (about 14000 euros) and distributed the profits to several NGOs. Nike has allowed several designers to install security codes on certain models of its sneakers, with the aim of enabling them not only to stay online, but also to become material producers for the brand. Or a video of LeBron James, a Laker, who sold for more than 200000 dollars (more than 164000 euros). Perhaps one of the most famous examples is the artist mad dog Jones, who sold some Tokyo animations for $4 million (US $3.2 million) in a matter of minutes.

Most of these transactions took place in Ethereum, which was set up in 2015. The cryptocurrency Ethereum (similar to bitcoin) was quoted at US $1 (less than 1 euro) in 2016 and is currently US $1600 (about 1300 Euro). “This kind of blockchain system is very interesting. It can be applied to all types of works, not just digital works,” Hernando said. “It can avoid duplication, forgery, source, authentication and other problems that affect the price of works.”

Brands and creators have become part of Christie’s view that “the next subversive trend in the art market”. In this industry, compared with the prosperity of street art, street art is first devalued, and then becomes a collector’s treasure because it cannot be exchanged. “Art always wants to represent reality. In today’s society, this kind of interest in technology is normal. Another thing is that it has become a very powerful and powerful art movement. “That’s my question,” Hernando said.

Rarible and opensea are two platforms, not in addition to the traditional circuits operated and controlled by Christie, where more NFT object transactions have taken place. In both markets, he turned to pest supply, an artist who sold a series of non expendable works inspired by Banksy’s works for $900000 (more than 740000 euros), some of which has been donated to save the children. It was first tested on opensea, but was blocked by suspicions of embezzlement. Just after the deal, pest control, a non-profit organization founded by Banksy, denied that there was a relationship between the two artists. This market, like the new space that all people interested in this art come to in order to find works, must apply the intellectual property and copyright law, regardless of their support and marketing means for the works.

This case questions the sound guarantee system of non expendable project circulation. Banks thinks that his art is displayed outdoors without having to pay for it. Thousands of private collectors have been buying their work in an opaque way for years, even though many of them showed a 10 pound note with the face of Diana of Wales engraved on it, a piece of paper (inspired by a painting by banks) that released pest control to prove its authenticity. Now, his work is not only displayed in the agency without permission, but also copied and sold as an original signed by another author.

Pest supply, author of inspiration, explains that her work is based on the work of Elaine Sturtevant, who was famous for copying and reconstructing the work of other artists such as Andy Warhol in the 1960s, according to the professional media art. The author claims that his intention is “to test how to create value from satire.”. In this case, he has reason to argue that his reproduction of Banksy’s works is not “accurate”, but “uses a style inspired by British Artists”. That is to say, this is his way of questioning this trend, suspecting that a person may be the only author of an idea.