26Mar/19Off
The Digital Art Market Heats Up
[NOTE: 2 photos of USC’s Perry Hoberman’s work are featured in the PRINT version of this story (but not in the online version)]
“Early digital works cost a few thousand dollars, like any new medium,” says Magda Sawon, co-founder of the Postmasters Gallery in New York, which has half of its inventory in digital work. “The artists I work with go up to $30,000 and in a few instances, a few hundred thousand.”
Blockchain technology also is helping to drive the market, as it provides a means to ensure a work’s scarcity and its provenance, or history of ownership, says Mac MacLellan, executive vice president at Northern Trust Wealth Management. “That’s driving even some traditionalists into digital collecting too,” he says.