Sotheby's Bored Ape lots sold for $26 Million, a new recrod for Sotheby's

Only days after the auction went live, Sotheby’s lots of NFTs from the Bored Ape Yacht Club has exceeded the auction house’s expectations. After its closing on September 9, 2021, the two lots were sold for a combined total of $26.2 million. The first lot, which contained 101 Bored Ape NFTs, raked in the equivalent of $24.4 million. The second lot, with 101 NFTs from the Bored Ape Kennel Club, was sold for a total of $1.8 million. 

This sale marked one of the biggest sales of NFTs ever, along with Beeple’s $69 million Everydays, and a set of CryptoPunk sold for $16.9 million in May 2021. While the sales of these NFTs are momentous, it is hard to directly compare these works. Beeple sold his work as one NFT, while CryptoPunk sold a set of nine and Bored Ape sold a lot of 101. Nevertheless, this shows that the enthusiasm for NFT is still alive and well.

Besides the general newness of NFTs being sold at Sotheby’s, it is also worth mentioning that of the 23 bidders for the lots, many were new to Sotheby’s. As stagnant as the art auction house could be, this signals that NFTs are attracting a new group of people to the art world.

The powerhouses of the auction houses are not slowing down any time soon. Later this week, Christie’s Hong Kong will become the first major auction house to offer NFTs. Titled No Time Like Present, the online auction will feature NFTs from CryptoPunks, Bored Ape, and Meebits.

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