The Pak x Sotheby's Collab - TokenSmart NFT Humpday Report #25
Welcome to the 25th issue of the NFT Humpday Report, a weekly column covering and providing embedded analysis on the NFT economy’s biggest topics du jour. Brought to you by WIP meetup collaborators and nft42 community hub TokenSmart.
This week, auction house giant Sotheby’s revealed it has entered into a collaboration with Pak, a prolific and highly-conceptual creator who’s currently the fifth highest-grossing cryptoartist to date with over $12M worth of NFT sales.
What’s Sotheby’s: Like Christie’s, which is currently riding high from its recent $69M Beeple NFT auction, Sotheby’s is one of the largest auction houses and art businesses in the world.
This reality makes Sotheby’s and Christie’s definite rivals, so it’s no surprise both are turning to NFTs now. Sotheby’s had $5B to Christie’s $4.4B in sales last year, in no small part because of the company’s growing digital savviness. The auction house’s leadership now aims to grow this savviness that much further into the realm of NFTs.
What we know for now: In Sotheby’s main “Coming Soon” announcement, the company avoided specifics, simply noting they were currently working with Pak. Along with a crypto 24-second teaser video, Sotheby’s said:
“Pak is an omniscient designer/developer/wizard. A leading figure in the design scene and on social media, Pak is the creator of Archillect, the synthetic curator.
Pak is now exploring uncharted territories, experimenting with new forms of creation and communication.”
Sotheby’s CEO Charles Stewart later confirmed during an appearance on CNBC’s Squawk Box program that Pak’s coming NFT project would be launched next month, so April 2021.
Worth noting: Pak’s current profile picture on Twitter matches the imagery seen in the teaser video posted on Sotheby’s website.
Why the collab matters: This collaboration between a titan of the old art world and a titan of the new art world will, like Christie’s Beeple auction, do much to legitimize NFTs and to bring them further in front of mainstream audiences.
What they’re saying:
Pak said on Twitter: “Oh no. Don't get too excited yet. Or you won't be able to handle what's about to unfold, and I need you all alive to witness it.”
Sotheby’s CEO Charles Stewart told CNBC: “We wanted our first sale as a market leader to be with one of the most established cryptoartists, which is we’ve chosen to collaborate with Pak here. And we’re going to be selling both 1/1 works of art, but also what are called open editions in the NFT world, where many people can buy tokens for the same work. And there will be some other surprises along the way over the next few weeks.”
Noted American art critic Jerry Salz blasted the move, tweeting out in the wake of the Sotheby’s + Pak announcement: “Rubes & mooks conning fellow fools & boobs with zippy NFT screensavers that take less time to make than look at: Carbon footprint of an NFT equals a jet flying 1500 hrs. NFTs are tools; no one's done much original with the tool yet. Except grift & hype. Have fun; stay distracted.”
In a separate tweet, Salz directly accused Christie’s and Sotheby’s of grifting around NFTs on the heels of the Pak news: “Hi @Sothebys and @ChristiesInc. You know I love you. Keep grifting. XXo”
Attention growing: Expect to see secondary markets around Pak’s cryptoart to see plenty of activity between now and the Sotheby’s auctions. For example, Pak’s remaining Rarible pieces sold out within hours of the Sotheby’s announcement.
The bottom line: Pak’s highly-conceptual style has earned them considerable respect, and no shortage of controversy, within the cryptoeconomy.
Factor in how NFTs are increasingly gaining respect and generating controversy in mainstream circles, and the coming Pak x Sotheby’s collaboration — Sotheby’s first foray into NFTs — is surely going to create all sorts of intrigue and artistic dialogues in the weeks ahead.
Thanks for reading the 25th NFT Humpday Report! Check back this time next week for more excellent NFT ecosystem coverage! Cheers🌠