As part of a new generative art NFT programme, British auction house Sotheby’s will adopt a model that sees prices bid down rather than up.
This ‘Dutch auction’ approach – so called because it was used by flower traders in the country – means the highest price is introduced and then gradually decreased until someone bids or the lowest set price is met.
It’s a radical shift for the 300-year-old auction house as Sotheby’s will adopt this model for its on-chain Gen Art Program, which will sell NFTs via Ethereum, created by major digital artists. Vera Molnár, who’s often considered a pioneer in the field of computer – and algorithmically generated art – kickstarts the series on 26 July with a set of 500 typographic works collectively entitled, Themes and Variations.
The Hungarian artist was the first woman to incorporate computer-generated data and imagery into her practice, and at the tender age of 98, headlined the 2022 Venice Biennale main exhibition with her generative artworks created using the primordial programming language of Fortran. Molnár likens the works within Themes and Variations to the piano mutations of Bach.
Bidding will start at $37,000, or 20 ETH, and decrease from there. No other artists have been announced so far, but the auction house plans to dedicate its Gen Art Program to two or three high-profile individuals each year. Find out more via Sotheby’s Metaverse.
