Home 2021 Mystery Buyer Who Paid $69.3-M for a Digital Artwork Revealed

Mystery Buyer Who Paid $69.3-M for a Digital Artwork Revealed

by Paul Ebeling

#art #digital #buyer #Christie’s

‘Everydays: The First 5,000 Days’ by Beeple aka Mike Winkelmann, now ranks as 1 the Top 3 most valuable living artists with Jeff Koons and David Hockney. the piece exists only in a jpg file.

A blockchain entrepreneur has revealed himself as the mystery buyer who paid a record $69.3-M for a digital artwork last wk.

Programmer Vignesh Sundaresan, who is based in Singapore, said in a blog post Thursday that he had purchased the most expensive digital artwork ever sold to “show Indians and people of color that they too could be patrons” of the arts.

Around 22-M viewers tuned in to Christies.com on 11 March for the final moments of a bidding process that saw Mr. Sundaresan win the rights to digital artist Beeple’s “Everydays: The First 5000 Days”.

Bidding for the virtual collage of 5,000 image, the 1st purely digital NFT-based artwork ever sold by a major auction house started at $100 then the price skyrocketed.

An NFT, or a non-fungible token, uses the same blockchain technology behind cryptocurrencies to turn anything from art to sports trading cards into virtual collector’s items that cannot be duplicated.

They have recently taken the art world by storm with many seeing them as an opportunity to monetise digital art of all kinds.

These strings of virtual code offer wealthy collectors the rights to ultimate ownership, even if the work can be endlessly shared and viewed online.

Investors meanwhile see digital art as a new commodity to be traded.

When you think of high-valued NFTs, this one is going to be pretty hard to beat,” Mr. Sundaresan said anonymously via Christie’s, just after winning the bid.

In the detailed blog post Thursday, he credited his rise from an engineering student with “no money” to a millionaire serial entrepreneur to his discovery of cryptocurrencies in Y 2013.

“This is the crown jewel, the most valuable piece of art for this generation,” Mr. Sundaresan said of the piece, that now ranks 3rd among the most valuable artworks ever sold by a living artist, following works by Jeff Koons and David Hockney.

Have a healthy weekend, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.