NFT Markets Stiffen The Competition For Legacy Auction Houses

When it comes to legacy auction houses, two dominate the market – Sotheby’s and Christie’s. But, as the NFT market starts challenging some of these traditional structures, it will be interesting to see how they compete. Two memorabilia companies, Funko and Topps, also just entered the NFT market.

Voice of B2B, Daniel Litwin, hosted Asher Rubinstein, Partner Gallet, Dreyer & Berkey LLP, whose primary practice is around asset protection, trusts & estates, as well as representing high net-worth individuals like art collectors, designers, wine importers & producers, and other professionals in wine & hospitality, on Marketscale TV to discuss the structure NFT market and how it compares to the traditional auctions that exist today.

“I think that both of them are realizing that competition is on the horizon,” he said of Sotheby’s and Christie’s. Rubinstein noted the competition comes in the form of smaller, newer auction spaces that are dealing in the digital art spaces.

Wealthy buyers worldwide, such as Russia and the Persian Gulf, often bid on prestigious art. A lot of those bids come in anonymously. The newer auction and NFT spaces allow anonymous bids from wealthy and non-wealthy buyers. If the collectors don’t want to be known publicly, the larger auction houses will also accommodate.

Profitability is difficult in this world. Deals are often made by prominent dealers, even if that means missing out on their cut. NFTs are unlikely to change this, as they will also have to incentivize these deals.

NFTs are going to challenge the traditional auction houses. One of the main ways they will do this is to allow buyers that aren’t millionaires to make bids on priceless art.

“I think what we’re seeing here is the democratization of the art world,” Rubinstein said.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

england veteran series
Honoring Service Through Sport: The New England Veteran Series
April 25, 2025

The New England PGA REACH Foundation is opening new doors for veterans with its inspiring New England Veteran Series. Designed exclusively for those who have served, this golf tour offers competitive opportunities at premier courses across New England, blending the spirit of service with the love of the game. Veterans will not only sharpen their…

Read More
Education R&D
Will the New Education R&D Bill Spark the Innovation Schools Desperately Need?
April 25, 2025

In a rare show of bipartisan cooperation, Senators Michael Bennet (D-CO) and John Cornyn (R-TX) have introduced the New Essential Education Discoveries (NEED) Act, aimed at revolutionizing how the U.S. invests in education innovation. The bill proposes a new National Center for Advanced Development in Education—akin to DARPA but for schools—within the Institute for…

Read More
How Verizon Business Utilizes UGC for Sales Enablement
How Verizon Business Utilizes UGC for Sales Enablement
April 24, 2025

In this episode of UGC for B2B, host David Dabney welcomes Cesar Teran, Verizon’s Sales Enablement Lead for Channel, to explore how user-generated content (UGC) is transforming training and team engagement at Verizon Business. Cesar shares the journey of introducing UGC into Verizon’s training initiatives, emphasizing the importance of authenticity, collaboration, and celebrating contributions….

Read More
digital freight invoicing
ODeX Is Leading the Charge in Digital Freight Invoicing
April 24, 2025

Global shipping continues to grapple with fragmented billing processes, often delaying cargo movement. According to McKinsey, adopting an electronic bill of lading could save $6.5 billion in direct costs and enable $40 billion in global trade. As vessels carry goods for thousands of shippers per voyage, the administrative burden of managing and reconciling invoices…

Read More