New reports indicate that Pace Gallery, which recently scored a huge win by scooping up Jeff Koons for their roster, will launch a platform exclusively dedicated to selling NFTs made by different artists. Additionally, the gallery will now also accept cryptocurrency as payment for all physical or digital artworks.
The NFT platform will be accessible via the gallery’s website and will be run by Christiana Ine-Kimba Boyle. It will debut in September with an inaugural group of NFTs made by the artist Lucas Samaras. The NFTs will be pulling from Samaras’ extensive archive of digital prints. NFTs have proven to be hugely profitable and novel for auction houses in the short term, even though some skeptics have speculated that the non-fungible tokens will not always be so hot on the market.
“By offering artists’ work on our own platform, we can better support them in setting appropriate prices and by managing the sales process more seamlessly than through third parties,” Marc Glimcher, Pace Gallery’s CEO, told Artnet. “We work with a number of artists who want to make NFTs, so building a dedicated platform where they can show their work is an obvious solution.” Indeed, Sotheby’s recently came out with a virtual gallery, Decentraland, where NFTs can have an ongoing independent platform at the auction house.
Christie’s also recently scored a huge win with the $16.9 million sale of 9 Cryptopunks NFTs manufactured by Larva Labs. The NFT craze arguably kicked off with the astronomically high sale of an NFT work by the artist Beeple back in March, and since then, some of the oldest institutions in the art world have been bending over backwards in record time in order to adapt. Glimcher is certainly one of the main figures on board: “I’m a crypto person,” he told Bloomberg News. “I’ve had crypto for a while. It’s really painless to accept crypto. It’s just: Why would you not?”