Sotheby's Inaugural Bitcoin Ordinals Auction Wraps Up, Draws Strong Interest

Sotheby's concluded its inaugural Bitcoin Ordinals online auction, showcasing four collections from the renowned Ordinals Maxi Biz (OMB) series. Despite falling short of estimated prices, the auction garnered global interest, with the Red, Blue, Green, and Orange Eye OMB Set fetching $441,000, Artist's Journal $75,600, This is Me $126,000, and Recording in Progress $88,200, totaling $730,800.

Sotheby's Inaugural Bitcoin Ordinals Auction Concludes, Generating Considerable Interest

On February 22, 2023, Sotheby's, the renowned global auction house, concluded its first-ever Bitcoin Ordinals online auction, an unprecedented offering that showcased the convergence of traditional art and digital innovation. The auction featured four exclusive collections from the highly acclaimed Ordinals Maxi Biz (OMB) series, a collection renowned for its dominance within the Bitcoin NFTs market.

The OMB series, a limited-edition compilation of 5,141 unique artworks, has consistently ranked among the top five in market capitalization for Bitcoin NFTs. Its market cap currently stands at an impressive $53.4 million (856.80 BTC). The artworks presented at the auction included the "Red, Blue, Green, and Orange Eye OMB Set," the "Artist's Journal" and "This is Me" by renowned digital artist Tony Tafuro, and "Recording in Progress" by Berkin Bags.

While the anticipated high prices projected for the artworks did not fully materialize, each item attracted substantial global interest from avid collectors, resulting in a total sum of $730,800.

The auction commenced with an opening bid of $100 for each artwork, accepting bids in both USD and BTC, effectively merging the worlds of traditional art auctions with modern digital transactions.

The "Red, Blue, Green, and Orange Eye OMB Set," a visually striking collection of hand-drawn artworks, emerged as the auction's highlight, garnering a final bid of $441,000, narrowly missing its estimated range of $450,000 to $650,000.

Tony Tafuro's "Artist's Journal," a two-page spread from his studio notebook created during the 2020 lockdown, sold for $75,600, falling short of its estimated value of $120,000 to $180,000.

Another piece by Tafuro, titled "This is Me," a digital self-portrait capturing mood and energy, fetched a bid of $126,000, slightly below its targeted price of $150,000.

Berkin Bags' "Recording in Progress," an artwork that explores the dynamic nature of web3 and Bitcoin through themes of surveillance and innovation, sold for $88,200, falling within its estimated range of $100,000 to $150,000.

Despite the artworks not reaching their ambitious price goals, the auction generated significant global attention and secured substantial sums for each piece, emphasizing the growing acceptance and allure of crypto art within traditional auction spaces. This positive reception bodes well for the future of digital art as fundamental Bitcoin-centric milestones approach, including the upcoming Bitcoin Halving event and the introduction of the Rune Protocol.