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Koons Dada Beeple

from NEWSWEEK

Don’t Dismiss Digital Art

by MAX RASKIN, ADJUNCT PROFESSOR OF LAW, NEW YORK UNIVERSITY

A woman looks at a NFT
A woman looks at a NFT by Ryoji Ikeda titled “A Single Number That Has 10,000,086 Digits” during a media preview on June 4, 2021, at Sotheby’s for the Natively Digital: A Curated NFT Sale Online Auction to take place June 10, 2021. TIMOTHY A. CLARY/AFP VIA GETTY IMAGES

Art is now digital, and a debate is raging: Are non-fungible tokens (NFTs) worth the exorbitant prices they are selling for? The simple answer is yes. If someone voluntarily pays a huge amount for something, he values it more than the money he hands over. Others may disagree with his choice, but that’s what makes a free society.

How else could you explain an “invisible” sculpture that recently sold for over $18,000? Price is guided by scarcity and subjective valuation—not by the cost of raw materials and labor or objective truth. Sculpturist Jeff Koons broke a record several years ago selling a rabbit statue made of stainless steel for $91 million. If you broke down his creation into scrap, it’d be worth a few feet of train track. Yet this was heralded as a wise investment in the art world.

With money machines around the world humming, it is not surprising that pieces of digital art have been selling at record prices. More money is chasing fewer goods, which causes prices to rise. A virtual collage from the artist known as Beeple recently sold at Christie’s for $69 million.

[ click to continue reading at NEWSWEEK ]

Posted on June 9, 2021 by Editor

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