Artnet Auctions’ love affair with crypto pays off

Business

Simon Freeman

ONLINE dealer Artnet Auctions saw revenues rise 23% in the first half of the year as it taps into the growing market for digitally-encrypted artworks. The group, founded in 2009 and listed in Frankfurt and New York, reported record fee income of $3 million from its role as a bridge between what CEO Jacob Pabst calls the “traditional art business and the crypto world”. Non-fungible tokens — entirely digital creations held within the internet’s blockchain — will be offered alongside physical counterparts in its next season of sales, which includes one of Robert Indiana’s rare-to-market LOVE sculptures, pictured, which goes under the hammer next month with an estimate of around $300,000. The sale closes alongside 21st Century Prints featuring new and old works by widely renowned artists and printerpublishers, such as Banksy, Damien Hirst and Nicolas Party.