I’m helping guys from Auction of Computer Arts on the tech side.
They work with several artists and curators.
They are now preparing their first auction with tokens issued via Manifold creator contracts.
In future they are looking for opportunities to sell tokens from any ERC-721 powered NFT collection via Manifold Marketplace contract, like Christies did.
I see! Will take this up with the team. Is the Auction of Computer Arts selling on the artists behalf? Or rather, who currently owns the tokens that will be for sale?
Hello, Manifold team. For the upcoming auction, we will use the contract as it is. It means that we can only sell on the artist’s behalf (that is not right!), but as for the future auction, we should be able to sell tokens from the owners (collectors). As for the traditional action market principles, auction curators usually negotiate with the collectors (rarely with the artists directly), and every auction is considered the second market.
The auction house is a different entity (compared to the NFT marketplaces where artists mint the first time). We have to work with the tokens that already have the provenance (traction).
Here is the typical digital art market structure:
NFT marketplaces - artists mint tokens for the first time. (art Gallery level)
Digital Auction houses - second-level art institutions that should only work with the minted tokens with the provenance.
It would be great if we could find the solution to this last-mile friction!