Paintings by Vera Molnár sold out in just one hour. In total, the artist raised 631 ETH ($1.2 million) for them. In addition to geometric shapes such as squares and triangles, Molnar used the letters “N,” “F” and “T” in her work.
For the first time in its 300-year history, Sotheby’s auction house held the sale in a Dutch auction format – bidders bid the highest price at which an item will be sold, and then lower it until a buyer bids on it. The maximum set price in this auction was 20 ETH ($37,506).
Molnar was born in Hungary in 1924. She has been living and working in France for a long time. The artist pioneered computer art, and was one of the first women to use computers in her artistic practice.
Meanwhile, the NFT market has fallen on hard times. It was recently reported that Jack Dorsey’s first NFT tweet depreciated nearly 100% in value. And the value of the NFT bought by Justin Biber from the BAYC collection has dropped tenfold. Nansen’s analysts also found that the advent of platforms like Blur and OpenSea have caused NFT creators to receive far fewer royalties.