The Auction Market as a Builder and Buffer for the NFT Market

PARIS, October 1 /PRNewswire/

Traditional auction houses are at the forefront of NFT trading, but could bring more stability to this growing market. By providing estimates for evaluation, they summarize the current state of supply and demand; by selling an NFT, they provide a reference price independent of the quoted prices peer-to-peer (P2P)platforms (Opensea, Nifty Gateway, SuperRare, etc.). In other words, the auction houses can certainly have a stabilizing effect on the troubled NFT market thanks to their expertise and the time limitation of the market.

Abdoulaye Barry, White globule (2022). paper printing + NFT. Estimated between €500 and €800, sold for €1,080 by the FauveParis auction house (Paris) on March 10, 2022

Thierry Ehrmann, CEO and founder of and the Artprice department: “By preparing an auction, publishing a catalog several weeks in advance, providing a series of estimates, and providing information long after the auction, the auction house essentially “moderates” the NFT market. . However, this does not prevent prices from skyrocketing if demand is greater than expected.”

Despite the transparency of blockchain technology, irregularities abound in major NFT markets. Whether it’s fake accounts (like those that have sprung up around Takashi Murakami) or arbitrage opportunities (offered to those who succeed whitelists to be included in the most desirable projects): A large number of extremely aggressive strategies have already existed on NFT trading platforms, contributing to price fluctuations and some instability.

Takashi Murakami’s “too” expected NFTs

Since the announcement of his NFT project Flowers Japanese artist Takashi Murakami (105th in our 2021 world ranking of artists by auction, all periods combined) has been the subject of numerous scam attempts via Instagram and Twitter accounts with deliberately similar names, for example murakami. flower2022. By tricking people into creating NFTs as soon as possible (like most NFT drops), these bogus projects attempt to incentivize an immediate purchase without verifying the legitimacy of the author.

It is clear that Murakami’s NFT project is attracting interest from traditional collectors and the crypto community. However, it is becoming more and more likely that his Flowers-NFTs won’t be launched before his solo exhibition at the Gagosian Art Gallery in New York, scheduled for May 2022. So it will take a little longer than initially planned to enter Murakami’s digital Flowers invest.

Unfortunately, the current ambiguity in NFT marketplaces and social networks leads to a large number of scams. A large number of replicas of almost all of today’s most well-known NFT projects are circulating on Opensea. This situation could be improved by a more active presence of stabilizing players such as auction houses in the NFT environment.

Finally… a real subscription price

Among the 10,000 pieces in the collection women’s world Only one copy was publicly auctioned. The one estimated by Christie’s between 400,000 and 665,000 dollars Woman #5672 was sold in London on March 1, 2022 for $600,000 (plus 26% buyer’s premium for a total purchase price of $755,000).

The value of this work corresponded exactly to the estimate of the auction house Christie’s. However, the price of this NFT has been very volatile: just six months ago Woman #5672 for $117,000 (37.95 BTC) on the OpenSea platform, and the best offer for this NFT today is $70,000 (20 BTC).

As the sale took place off-chain, data relating to the sale at Christie’s does not appear in the factory’s activity log on OpenSea. However, OpenSea revealed the identity (or rather the pseudonym) of the buyer of Woman #5672: This is the moonpay.eth account. Thus, the OpenSea platform and the Christie’s auction house provide two additional pieces of information.

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Artmarket is a global player in the art market; the company has, among other structures, the Artprice division, world leader in the collection, management and exploitation of historical and contemporary information on the art market in databases containing more than 30 million indexes and auction results on more than 770,000 artists.

Artprice by Artmarket, the world leader in art market information, aims to become the world’s leading NFT platform for the fine arts with its Global Standardized Marketplace.

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Artmarket, through its Artprice division, continuously collects data from 6300 auction houses and generates key market information for major news agencies and media (7200 publications). Its 5.4 million “accredited members” have access to ads posted by other members on the web and to a network (Global Standardized Marketplace®) which is today the world’s leading standardized marketplace for buying and selling. works of art (fixed price or auction price). ); auctions are governed by paragraphs 2 and 3 of article L 321.3 of the Commercial Code.

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