1. Experiment Shows Majority of Collectors Prefer Physical Artwork to NFTs.
British artist Damien Hirst recently conducted an experiment to test the value of physical artwork versus its digital version in the form of an NFT (non-fungible token). Hirst sold 10,000 unique NFTs, each associated with a corresponding physical artwork he made in 2016, through a lottery system for $2,000 each. The digital tokens were titled based on Hirst's favorite song lyrics and each physical artwork was an enamel dot-painted work on handmade paper, stamped with a microdot and hologram of Hirst's visage.
Hirst then gave collectors the choice to keep the physical artwork or the NFT, setting a one-year deadline for them to decide. Between July 30 and August 31, 2021, just a month into the project, 2,036 sales of "The Currency" generated $47 million. However, over the following 11 months, the project saw a decline in both floor prices and trading volume. In June 2022, only 170 sales took place, generating $1.4 million. This decline has been attributed to the "crypto winter" that hit the market for NFTs in spring of this year, leading platforms like OpenSea to lay off staff in anticipation of a downturn.
In the lead-up to the final deadline, collectors debated the pros and cons of each medium. Some argued that NFTs were faster and easier to sell, but others pointed out that the NFT and crypto markets are volatile and it is unclear if NFTs are a fad. Meanwhile, the pros of keeping the physical prints included their aesthetics and potential for increased value, while the cons included the need for insurance and the loss of the "wild ride" of NFT trading.
In the end, Hirst's project generated around $89 million in sales. The majority of collectors (5,149) chose to keep the physical artwork, while 4,851 chose the NFT. Hirst has said that he personally kept 1,000 of the remaining NFTs to show his "100% support and confidence in the NFT world." The physical artworks will be exhibited at London's Newport Street Gallery, starting September 9, 2022, and a burning of the NFT-selected works will take place at a designated time every day during the exhibition, as well as at a closing event during Frieze week in October.
2. Monika Sprüth, Founder of Sprüth Magers Gallery, Wins ART COLOGNE Prize for Promoting the Work of Contemporary Artist.
Art dealer Monika Sprüth, founder of Sprüth Magers gallery, has won this year's ART COLOGNE Prize, an award that recognizes the work of gallerists and collectors in the art world. Sprüth, who was born in Bavaria in 1949 and founded her gallery in Cologne in 1983, is known for promoting the work of contemporary artists, particularly women, and has presented the work of notable artists such as Cindy Sherman, Barbara Kruger, and Jenny Holzer. Sprüth has also been a champion of female artists throughout her career, bringing their practices to the forefront through exhibitions and interviews and articles in her magazine, Eau de Cologne.
In addition to showcasing the work of female artists, Sprüth has also supported the careers of young artists early in their careers, presenting important works by George Condo, Walter Dahn, Alighiero Boetti, and John Baldessari in the 1980s. Later, in partnership with fellow Cologne dealer Philomene Magers, Sprüth Magers welcomed more young female artists like Sylvie Fleury, while also presenting American minimalists like Dan Flavin, Donald Judd, and Robert Morris. In recent years, the gallery has also presented the work of artists such as Bridget Riley, Gilbert & George, Thomas Demand, Anne Imhof, and Ed Ruscha.
Sprüth Magers has expanded significantly since its founding, with additional offices in Berlin, London, Los Angeles, and New York, as well as across Asia. Sprüth will receive her award in a special ceremony at Cologne's Historic Town Hall on November 17. The ART COLOGNE Prize, which is presented by the German association of galleries and art dealers and ART COLOGNE organizers Koelnmesse, has been awarded annually in conjunction with the eponymous art fair since 1988. Sprüth is the tenth female recipient of the prize, joining a roster of influential art dealers and art world figures such as Ileana Sonnabend, Denise René, and Annely Juda. Other recipients include Swiss curator Harald Szeemann, former Director of the Tate Nicholas Serota, Art Cologne co-founder Rudolf Zwirner, German art historian Werner Spies, and Cologne gallerist Michael Werner.