Sotheby’s Reports $100M in NFT Sales, Attracts ‘Younger Tech-Savvy Collectors’

The centuries-old institution said it earned a total of $6 billion in sales so far from its auctions in 2021, up 71% from the year before

article-image

Source: Shutterstock

share

key takeaways

  • Over half of NFT bidders were under 40 and over three-quarters had never before participated in its auctions
  • The auction house launched NFT marketplace, Sotheby’s Metaverse, in October

Sotheby’s auction house has had a “historic” year and, in part, credits “the meteoric rise of NFTs” for its record-breaking sales, according to its annual report sent to Blockworks on Wednesday. 

The centuries-old institution has netted $100 million from sales of the blockchain-based digital collectibles, according to the report.

Sotheby’s earned a total of $6 billion from its auctions so far in 2021, up 71% on the year. Dubbing its performance as “the strongest total in [the] company’s 277-year history,” the auction house has seen a surge of new bidders this year, specifically in its non-fungible token (NFT) sales, according to data in the report. Over 50% of NFT bidders were under 40 and 78% had never before participated in its auctions.  

“An influx of younger, tech-savvy collectors also saw a landmark crossover into purchases,” the report detailed.

The auction house launched its NFT marketplace, Sotheby’s Metaverse, in October, making it the first auction house to have an NFT-dedicated platform. Sotheby’s had previously auctioned off a single CryptoPunk for $11.8 million and a single Bored Ape for $3.4 million.

“Markets are clearly strong across the board, but collectors felt like it was smart to focus on art,” Sotheby’s CEO Charles Stewart told The Wall Street Journal. 

Competing auction houses Christie’s and Phillips are expected to release their annual results next week.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

We’re bullish on the PUMP token. We believe Pump.fun's brand strength, existing integrations, product roadmap, and strategic levers justify PUMP's TGE valuation, and expect the token to re-rate meaningfully higher in the months ahead.

article-image

Big blockers wasted a bitcoin fortune trying to prove a point

article-image

Coinbase’s newest acquisition includes the CEO and Head of Research from Opyn

article-image

Crypto’s highest purpose might be to make markets better by making them bigger

article-image

The non-profit’s “Project Open” seeks to let stocks trade directly on Solana

article-image

The acquisition is Pump.fun’s first, and comes just days before its planned ICO

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy