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Sotheby’s First Bitcoin Ordinals Auction Fetched Over $730K

The art powerhouse Sotheby’s concluded its first-ever Bitcoin Ordinals online auction yesterday, featuring four collections from the Ordinals Maxi Biz (OMB) series. 

Renowned in the digital art market, the OMB series frequently ranks among the top five in market caps for Bitcoin NFTs. It includes a limited edition of 5,141 works and boasts a market cap of approximately $53.4 million (856.80 BTC), underscoring dominance in the crypto art market.

The OMB artworks auctioned off included ‘Red, Blue, Green, and Orange Eye OMB Set’, ‘Artists Journal’ and ‘This is Me’ by Tony Tafuro, alongside ‘Recording in Progress’ by Berkin Bags.

Although their anticipated high prices fell short, each item garnered substantial global interest from collectors and fetched a handsome total sum of $730,800.

Source: Sotheby's
Source: Sotheby’s (Red, Blue, Green, and Orange Eye OMB Set)

The OMB Auction’s Outcome

Sotheby’s auction began at $100 each, welcoming bids in both USD and BTC, merging traditional art sales with modern digital transactions.

The Red, Blue, Green, and Orange Eye OMB Set, comprising strikingly colored, hand-drawn artworks, was a highlight. The collection fetched $441,000, just shy of its hefty $450,000 to $650,000 estimate.

Additionally, ‘The Artist’s Journal’, a two-page spread from Tony Tafuro’s studio notebook during the 2020 lockdown, sold for $75,600. While still a nice chunk of change, this was well below the $120,000 to $180,000 projection. 

Tafuro’s other piece, ‘This is Me’—a digital self-portrait capturing mood and energy—sold for $126,000, slightly missing its $150,000 target. 

Finally, Berkin Bags’ ‘Recording in Progress’, which reflects the dynamic nature of web3 and Bitcoin through themes of surveillance and innovation, sold for $88,200—under its anticipated $100,000 to $150,000 range.

Given the hype surrounding the upcoming Bitcoin Halving event and the introduction of the Rune Protocol, numerous art enthusiasts expected the Ordinals artworks to meet Sotheby’s forecasted prices.

Despite not achieving these ambitious price goals, each piece drew significant global attention and generous sums, emphasizing the continued allure of crypto art entering traditional auction spaces as fundamental industry milestones approach.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

leah nft plazas

Digital art fanatic who brings a unique perspective to NFT news.

The post Sotheby’s First Bitcoin Ordinals Auction Fetched Over $730K appeared first on NFT Plazas.

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