24 HOURS OF ART: Friday Highlights

Digital Art Headlines, Market Highlights, and Analysis from 8/22 - 8/23

Aug 23, 2024

‘Digital Art Day Sale’ concludes at Sotheby’s as 57/60 Lots sell for a combined total of $798,000 USD.

Via VP and Head of Digital Art Michael Bouhanna, the sale receives a record setting 1,165 bids and 160 unique bidders, the latter exceeding the previous record by 50%.

10 Highlights:

‘MOTHER OF EVOLUTION’ by Beeple | Madonna: 84,000 USD
‘Fidenza #795’ by Tyler Hobbs: 72,000 USD
‘Fidenza #859’ by Tyler Hobbs: 72,000 USD
‘CryptoPunk #244’ by Larva Labs: 72,000 USD
‘CryptoPunk #491’ by Larva Labs: 66,000 USD
‘The Innovator’s Dinner’ by FEWOCiOUS: 36,000 USD
‘Group of 10 Opepen’ by Snowfro | Jack Butcher: 33,600 USD
‘Ringers #372’ by Dmitri Cherniak: 33,600 USD
‘A Big Band, and All That Jazz’ by Dmitri Cherniak | Helena Sarin: 31,200 USD
‘Burning Hearts’ by OtherWorld: 28,800 USD

Doomed Deal

Lostwisdom acquires an edition of ‘The Doomed’ /100 by XCOPY via OTC deal with Farokh, assisted by Oliver Morris.

The collector goes on to share logic behind the deal and 8 XCOPY considerations. An excerpt:

“XCOPY is resilient to any negative events in the crypto market; he doesn’t care about the bear market. This makes him a fascinating investment for those who know how to appreciate and wait.”

Red Ringer

‘Ringers’ /1k by Dmitri Cherniak sees a 48 ETH sale of Red Background, Bullseye ‘Ringers #400’ to GVG. It is one of only 6 Ringers with that trait combination.

Via GVG:
“seemed cute, might delete later”

Collection: Highlights

ClickCreate: ‘Masquerade’ by Oelhan mints out 104 editions at 0.02969 ETH each
LIVE (Expanded Art) - ‘PIXEL GRAIN’ by Patrick Lichty
LIVE (Fellowship) - ‘The End of History’ by Mowgly Lee
LIVE (Foundation) - ‘Two Burdens’ by MintFace: 1/1/35 Collection, 10 sales at 0.2 ETH each thus far
LIVE (Verse) - ‘100X100 VOID’ by Scerbo
INCOMING (The Memes by 6529) - ‘Place All Your Bets’ by RAM Dezin

1/1: Highlights

Stillframe from Red Foxes in the Henhouse, the GANimal Planet by Helena Sarin

‘Red Foxes in the Henhouse, the GANimal Planet’ (Dec 2021 FND) by Helena Sarin: 6 ETH to Seedphrase
‘Resignation’ (Nov 2020 SR) by Osinachi: 4 ETH to mogazine
‘Smoke & Neons: La Sagrada Família’ by Guillem H. Pongiluppi: 2 ETH to ethena.master
‘Malibu’s Most Wanted’ by Brendan North: 1.65 ETH to mymoda
‘Les Immortelles’ (Nov 2022 FND) by Helena Sarin: 0.8 ETH
‘Gentle Being’ by Indra Gondi: 0.4 ETH
‘Passionate Mind’ by Indra Gondi: 0.4 ETH to
‘Dreams’ by Moses Love Boniface: 0.35 ETH to sendrock
‘MOONN O))) VI’ by Jrdsctt: $550 to Odinseye
‘Polarized’ by Oak: 0.2 ETH to Batz
LIVE (SuperRare) - ‘Mothers Amidst Morphing Forms’ by Botto: 2.9 ETH bid, ends 4:00pm ET
LIVE (SuperRare) - ‘Black Mesa x’ by Selin Çınar: 2.222 ETH bid, ends 5:37pm ET

1/1/X: Highlights

Grifter #061 by XCOPY | Chromie Squiggle #2379 by Snowfro

‘Grifters’ /666 by XCOPY: 7.76 ETH to brinksinvestments.eth
‘Chromie Squiggle’ /10k (Art Blocks) by Snowfro: 7 (Ribbed), 4.9, 4.5 & 4.4 ETH
‘Orbit’ /500 by Jiannan Huang: 3.66 ETH
‘Life In West America’ /500 (BrainDrops) by Roope Rainisto: 2.45 ETH
‘boldinals’ /100 by Bold: 0.08249 BTC
‘Genesis’ /500 (BrainDrops) by Claire Silver: 1.75 WETH
‘Terraforms’ /9,911 by Mathcastles: 1.49 ETH to osnipe.eth
‘Seize CTRL’ /404 by CTRL: 0.053 BTC
‘JPEG’ /275 (Art Blocks) by Jan Robert Leegte: 0.99 ETH to rege_eth
‘The Currency’ /2,026 by Damien Hirst: 0.8 & 0.6488 ETH

Edition: Highlights

‘BeastMode’ /150 (Kolectiv) by XCOPY: 2.5 ETH to dkline
‘Afterburn’ /870 by XCOPY: 2, 1.99, 1.67, 1.4955 & 1.49 ETH (5 separate collectors)
‘SH_MASH_MA’ /64 by XCOPY: 1.49 ETH
‘XOMBO’ by XCOPY: 0.6529 ETH
‘CRAWLER’ /244 by XCOPY: 0.58 ETH to antxx24
‘MAX PAIN’ /5,740 by XCOPY: 0.4792 ET
‘Station3 Patron’ /947 by Grant Yun: 0.4 WETH
‘An Old Soul’ /150 (Iconic) by Grant Yun: 0.3 ETH
‘The Great Color Study’ by Alpha Centauri Kid: 0.2495, 0.1995 & 0.18 ETH, 0.11 WETH
‘la nuit étoilée’ /300 by Alpha Centauri Kid: 0.2 WETH to Ghibli1979
‘A Cube’ by Pak: $526 to eternalyst

Closing Thoughts

These events put a bow on one of the most impactful weeks of Summer, 2024.

Something I’ve discussed before but is worth saying again: in a theoretical art bull, capital first enters consensus grails. This is how most (not all) funds behave. This is how most (not all) large collectors behave. Why? Well remember most (not all) of these participants are engaging via an investment lens. Consensus will stay most liquid. Consensus will be most resilient.

What happens “next” or alongside that as an art market breaks out of a bear? Some capital ventures outside of that, funnels down, and takes more chances. This can come in many forms. We’re starting to see a little more of it. Seedphrase is someone in particular that I admire. Yes, he’s collecting top artists and projects, but he’s also painting outside the lines. That’s fun to observe.

Catch Up:

Yesterday Bryan Brinkman and I counted down the Sotheby’s auction during this 24 Hours of Art X Spaces. It was an enjoyable time full of stories and discussion across the 60 Lots and tangential topics. Three participants won Ledgers, which was a nice touch from Sotheby’s (thanks Michael!)

Live Today:

1:30PM ET: ‘This Week in ART’ recording in the 24 Hours of Art Telegram. See you soon.

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