As digital art finally takes its well-deserved spot in the limelight, there is a growing curiosity about not just the art form’s legitimacy but its viability as a worthwhile investment. Being a contemporary artist who has been creating digital artwork for the past decade, I am witnessing an influx of people who are readily investing in digital art as they try to partake in the fastest growing art movement in the world right now.
Digital art is not a movement that took place overnight and the recognition of its artistic credibility and potential was not immediate. It has been around since the Swinging Sixties recognized by different names such as media art or computer art. It has been years of the artform constantly shifting, changing and evolving with the advancement of technology and the fluctuations of the art market. Over the past couple of years, with the advent and popularity of smart technology and subsequently social media platforms, digital art has finally found its footing in the cultural landscape and mainstream media.
Why should I invest in digital art right now, you might ask? That is a fairly legitimate question and as a digital artist, let me present to you three major reasons why this is the right time to buy your first digital painting.
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At this point, we are all aware of the very publicised consolidation of blockchain technology and the digital artworld in form of Non-Fungible Tokens, otherwise known as NFTs. With art NFTs emerging into the market with their tokenization of digital artwork, the publicity that it has gained over just the past couple of months has been palpable mainly due to lucrative digital art auctions that have generated millions of dollars. The growing popularity of art NFTs as lucrative investments has led to quite the disruption in the art world.
With the interest in art NFTs continuing to grow and the market still in its relative infancy, this would be the right time to start researching and reading up on this fascinating development in the art world. It is always advisable to do your homework on a potential investment before you put your money down. I have also written a blog about NFTs that you should definitely check out (LINK).
As mentioned earlier, the digital art market is still growing and evolving with the pandemic acting as a catalyst in driving art investors to go online for their next big art purchase. As everything becomes more accessible, the market is adjusting itself to be inclusive of investors with varying budgets and risk appetites. This has resulted in a spectrum of digital art price points where people are able to acquire art from emerging digital artists that is affordable and has the potential of appreciating over the years.
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Therefore, the accessibility and economic convenience of acquiring digital artwork is considerably higher than its traditional counterpart. This will not only drive up the numbers in digital art investments but will also help break the mould that has been set up in the art world that to buy art is only for the wealthy and famous.
As someone who has now minted art NFTs of their own, the digital marketplace was quite intimidating initially. This was mainly due to the learning curve that everybody experiences when getting into cryptocurrencies and investing in digital art online. However, as I discovered various platforms that dealt with the buying and selling of NFTs such as OpenSea and Foundation, the user-friendliness of their interface and their online community helped incredibly in bridging my knowledge gaps. These platforms are constantly being refined and updated to be more accessible who are looking to invest in art NFTs.
I would highly recommend visiting my profiles on Foundation and OpenSea to get an understanding of what these platforms offer and how easier it can be to start exploring the digital art realm and acquiring pieces that connect with you and also provide you with an investment opportunity.
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In conclusion, with art NFTs and the growing economy around them, artists and art collectors are being presented with a viable opportunity to research, explore and potentially acquire digital art that can not only satiates their artistic impulses but could also be a wise financial move. I hope with this blog, I have sparked your curiosity and encouraged you to go online and be a part of the new art age.
Award-winning contemporary artist best known for her dynamic patterns and expressive colours. Her artwork demonstrates the revolutionary creation of photographic imagery with oil, acrylic and giclée printmaking mediums to depict emotion.Get in on the new craze for digital artAuction houses are hoping to lure the Reddit mob with digital art. Chris Carter reports.
Last month, younger adults with time and money on their hands rocked the investing world when they descended en masse on GameStop and AMC Entertainment, taking on the hedge funds and investment banks. Christie’s is hoping to lure this rabble into shaking up the traditionally staid world of art auctions. It is offering
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, an artwork by Mike Winkelmann, known as Beeple to his 1.8 million Instagram followers. In 2007, Winkelmann began creating an image a day, which he has collected together into this one piece (pictured right). It was 13 years in the making and was “minted” on 16 February.
Is a “non-fungible token” (NFT) and this is the first time a major auction house has offered a solely digital NFT, with online bidding due to run until 11 March. But what on earth is an NFT?
It’s the art equivalent of a bitcoin. The winning bidder in the auction will receive an encrypted file, bearing the artist’s digital signature and information such as time of creation. The transaction will then be registered on the blockchain, a public digital ledger that cannot be tampered with. It is a technology more often associated with cryptocurrencies, such as bitcoin and ether (ethereum). This latter “crypto” has become the means of exchange most closely associated with the fledgling NFT market. One anonymous bidder on 14 February, as Anny Shaw points out in The Art Newspaper, paid 10.8 WETH (a form of ether), equivalent to $18, 600, for “a glitchy rendering of a flower”. Recognising the popularity of ether among NFT collectors, Christie’s has even said it will accept ether in payment for the principle of
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Low at $100 and, as “this is a new medium”, Christie’s has listed its estimate for the artwork as “unknown”. It is keen to find out what will be raised. Beeple, it says, is “one of the most sought-after digital artists within this market, having sold a collection of 20 works at auction for $3.5m on another blockchain-based platform”. He has worked with brands, including Apple and SpaceX, as well as music artists, such as Ariana Grande and Childish Gambino. It is the younger generation associated with these brands that the auction house is out to attract. “I think we are going to see an explosion of not only new [NFT] artwork, ” says Winkelmann, “but also new collectors and I am very honoured to be a part of this movement.”
It’s not just new technology that is getting collectors excited. Old “retro” computers are too. “‘Retrocomputing’, [as] the hobby is called, is hardly just a way to pass the time, ” says Kim Key in The New York Times. “Instead, as enthusiasts see it, it’s a means of communing with the past.” Demand for cumbersome, old vintage kit is rising, with collectors flocking to online message boards to trade spare parts. “You get into this mind-set of what it must’ve been like to be somebody in the late 1970s, having spent thousands of dollars on this thing that barely does anything more than a calculator, ” Clint Basinger, who runs YouTube channel Lazy Game Reviews, tells the paper. “It’s like a time machine to me.” Before the pandemic struck, vintage computing conventions were springing up across the US. But its not just an American phenomenon.
“The retro-computing scene is huge and growing in the UK, ” Martin Cooper, of the British Computer Society, tells Elisabeth Perlman in The Times. “Look no further than eBay. There you’ll see machines including Amigas, Spectrums, and Acorn BBC Micros all eagerly changing hands for hundreds of pounds.” Nostalgia is driving demand. The Acorn BBC Micros, for example, were widely used in schools and they have become favourites among collectors, says Katrina Bowen, design officer at the Centre for Computing History in Cambridge. And because these computers used fairly standard components, “many enjoy the challenge of learning basic electronics and repairing non-working machines”, she says. But it is the Apple-1, created in 1976 by Steve Wozniak, Steve Jobs and Ron Wayne, that occupies the high end of the market. In March last year, a rare, fully functional one sold for $458, 711.
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(above) will become the most valuable Western artwork ever offered in Asia, when it goes up for auction with Christie’s on 23 March in Hong Kong. The painting carries a HK$240m (£22m) upper estimate. It was, says the auction house, painted at the
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