Will NFTs replace art auction houses?

What role do NFTs play in making information more transparent in the art market? Will they change the future of art auctions?

Lately among news from the Venice Biennale and major art fairs including Frieze and Basel Hong Kong, art auction prices have received another moment in the spotlight including Warhol’s record-breaking US$195 million Shot Sage Blue Marilyn (1964) and Basquiat’s US$85 million Untitled (1982).

It looks like enthusiasm in the secondary market has returned to its golden days, but has there been any underlying shift to the sector when the global pandemic has prompted a re-evaluation of how we experience and value art?

Unlock Padlock Icon

Like this content?

Become a Member and unlock unlimited Access today

Celina Lei is an Arts Writer at ArtsHub. She acquired her masters in Art, Law and Business in New York with a B.A. in Art History and Philosophy from the University of Melbourne. She has previously worked across global art hubs in Beijing, Hong Kong and New York in both the commercial art sector and art criticism. Prior to joining ArtsHub, she was an editorial assistant at the Hong Kong based ArtAsiaPacific magazine and is an art host on independent Instagram platform Club Ambroise. Celina is based in Naarm/Melbourne, Victoria. Instagram: @lleizy_