Sotheby's sells 500 pieces of generative art for $1.2 million in one hour

Odaily Planet Daily News Sotheby's sold 500 generated artworks for $1.2 million in one hour. Created by artist Vera Molnár, each digital artwork titled "Themes and Variations" is minted immediately upon purchase. The auction started with a top price of 20 ETH, and in the hours following the auction, secondary market volume totaled 400 ETH (approximately $754,000). Sotheby's announced the launch of its generative art program last month. Despite sluggish NFT sales, the auction house has been quite successful lately when it comes to auctioning off digital works, including collectibles that once belonged to Three Arrows Capital. (The Block) Prior to the news on July 20, Michael Bouhanna, Sotheby's vice president and co-head of digital art sales, tweeted that Sotheby's completed the third part of the auction of the Grails series, with a total of 17 lots and sales of more than 1.2 million US dollars. Among them, Fidenza, CryptoPunk, Ringers and Seerlight have the highest sales volume.