Christie’s Post-war Art Auction to Include Bitcoin NFT

By Philip Maina

2 months agoMon Sep 30 2024 10:51:48

Reading Time: 2 minutes

• Christie’s will feature a Bitcoin NFT in its post-war live art auction
• The NFT, dubbed “Ascend,” will be the only collectible in the auction
• The Christie’s Post-War and Contemporary Art Day Sale is scheduled for October 10

Popular art auction house Christie’s will feature a Bitcoin NFT during its live Post-War and Contemporary Art Day Sale on October 10. The NFT, “Ascend,” will be the only collectible in the sale and the first Bitcoin NFT to make it to the auction house’s live art sale. Christie’s has in the past featured other collectibles in its auction such as CryptoPunks which netted $14.5 million , an indication that conventional art houses and collectors are recognizing digital collectibles as a form of art.

Mimicking Time of Day in Georgia

Alice Wexell and Ryan Koopmans created the Bitcoin Ordinals artwork, which is part of a series that tries to bring back architectural ruins, but in digital format. Ascend rethinks Georgia’s Ivera Sanatorium built in the 1950s/60s and which was a favorite holiday destination for about 74 years starting in 1917.

Ascend’s creators have infused a futuristic aspect into the revamped architecture. The building’s NFT is also capable of mimicking the time of day in Georgia.

Speaking to Decrypt , Koopmans said that they shifted from the Ethereum blockchain because Bitcoin can handle “larger artworks through multiple inscriptions.” He added that turning to Bitcoin aligns with their mission of preserving architectural ruins.

Physical Artwork Will Also be Available

The person who will collect the Ascend NFT will also receive a printed representation of the collectible. Christie’s has in the past auctioned other Bitcoin-related items. In 2020, for example, the auction house was preparing to sell 40 pieces of art featuring Bitcoin’s launch code .

The art, dubbed “Potrait of a Mind,” contained Bitcoin launch codes on a hand-painted artwork. Other leading auction houses like Sotheby’s have in the past sold Bitcoin NFTs like a pixelated avocado that fetched $100,000 .

With Christie’s set to feature a Bitcoin NFT during the Post-War and Contemporary Art Day Sale, it’s to be seen how much collectors will be willing to spend on the artwork.