With Phillips closing its MDJ NFT auction today, the top three auction houses have now each experimented with NFTs over the past two months:
- Christie’s NFT auction, “Beeple, The First 5,000 Days” was the first NFT auction, arranged from February 25th to March 11th. It consisted in 1 lot offered for sale though a traditional bidding process (although the novelty was that Christie's accepted Ethereum (ETH) as a currency for payment), generated $69.4m for the auction house and registered 353 Bids.
- Sotheby’s NFT auction, “The Fungible Collection” by Pak was arranged over a period of 2 days from April 12th to 14th. Through multiples actions including more the 6,000 NFTs, it generated $16.8m overall, out of which only 2 NFTs (The Switch and The Pixel) were auctioned in a traditional auction process, while other NFTs were sold at fixed prices. The two auctioned NFTs brought in $2.8m to the auction house via respectively 11 bids and 42 bids.
- Phillips NFT auction, “Mad Dog Jones, Replicator” closed today, April 23rd after a week online. Like the Christie's sale, it consisted of one lot only. It generated $4.14m for the auction house and registered 67 bids.
Once again, first mover advantage served Christie's well!
Source: Pi-eX Research
Bella Nazarova contributed to this analysis