Will NFTs replace art auction houses?

Lately among news from the Venice Biennale and major art fairs including Frieze and Basel Hong Kong, art auction prices have received another moment in the spotlight including Warhol’s record-breaking US$195 million Shot Sage Blue Marilyn (1964) and Basquiat’s US$85 million Untitled (1982).

We seem to be very good at building buildings here in Australia. We love to put money into infrastructure. We’re not quite so good at actually putting art collections together using public funds.