Sotheby's NFT sale, expected to hit $30 million, suddenly canceled

economictimes.indiatimes.com:

CryptoPunks — was expected to sell for as much as $30 million. But after a delay of 25 minutes past the auction's expected start time, the sale was off. The consignor had withdrawn the pixelated collectibles and posted a meme on Twitter mocking the auction house. Audiences inside a packed Sotheby's salesroom were shocked, according to two attendees. The evening began with people drinking Champagne and ended with a stunned shuffle back home.

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Derek Parsons, a Sotheby's spokesperson, said in a statement Wednesday night that «the lot was withdrawn prior to the sale following discussions with the consignor, but he did not share details of how the deal fell apart. »People were extremely upset, said Kent Charugundla, a telecom investor and NFT collector who attended the event. «This is so bad for the NFT community, he added, explaining that the market needed strong sales to continue its momentum. Until a year ago, sales of NFTs (nonfungible tokens), a type of blockchain-based collectible, were exceedingly rare. But after artists like Beeple and Pak sold them for tens of millions of dollars, gallerists, collectors, celebrities and even thieves took notice. The NFT boom, which some estimate to have generated more than $25 billion in sales last year, has also raised questions of an eventual NFT bust as Bitcoin and other cryptocurrencies see their values drop. Todd Levin, an art adviser who has worked for the auction house, said that auction withdrawals typically happen when there are legal concerns or a fear that a lot's reserve price will not