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While a lot has been made about Christie’s sale in March 2021 as a breakthrough event in the art market, the traditional art world’s interest in NFTs can be traced back to that house’s October 2020 sale of a Robert Alice work with an accompanying NFT, the first time a major auction house sold one of these digital tokens.
The 2019 artwork, titled Block 21 (42.36433° N, -71.26189° E), uses gold leaf and acrylic to render a quarter-million code digits on a circular canvas; hidden among them are 32 gold-encrusted ones. The work sold past its $12,000 to $18,000 estimate, selling for $131,250.
According to Chu, Benjamin Gentilli, the artist who created the Robert Alice project, initially approached the collector about Gentilli’s bitcoin-themed artwork, and it was Chu who suggested the artist attach an NFT to the work before it was auctioned.
“I helped Gentilli get his work into Christie’s, and that was the first NFT sold in a major auction and that is what led to Beeple,” said Chu, who has since worked as an advisor with Beeple, , and a number of other top artists in the NFT space.
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