Is Nifty Gateway becoming the Gagosian Gallery for NFTs
The beautiful story of Herbert and Dorothy Vogel and what it teaches us about collecting NFTs.
The original title for this article was “FUCK THE WHALES!” with the subtitle “The beautiful story of Herbert and Dorothy Vogel and what it teaches us about collecting NFTs.”
An article about how to amass a world class collection with limited funds. However I shouldn’t be nasty to whales because whales and sardines can sort of coexist in the ART NFT world as it begins to mature and adopt traditional art world practices.
But first the story of Herbert and Dorothy Vogel
“Herb Vogel never earned more than $23,000 a year. Born and raised in Harlem, Vogel worked for the post office in Manhattan. He spent nearly 50 years living in a 450-square-foot one-bedroom apartment with his wife, Dorothy, a reference librarian at the Brooklyn Public Library. They lived frugally. They didn’t travel. They ate TV dinners. Aside from a menagerie of pets, Herb and Dorothy had just one indulgence: art.”
Read how the Vogels gradually accumulated over 3,900 artworks in the story below;
How the Vogels amassed a priceless collection
Also, there was a wonderful documentary made about them, well worth watching…
60 minutes did a story on them in 1995, add a zero to the prices for today, but they don’t care.
How does this apply to you, collectors of NFTs on a budget? Well it’s obvious, take your time, find good art, get to know the artists and slowly build a collection whilst everyone else is chasing the big bucks.
Meanwhile the NFT Art world is beginning to resemble the traditional art world in as much as the big bucks follow the big bucks who are then catered for by curation. In the traditional art world the mega-galleries such as Gagosian Galleries which has 16 venues around the world and sell 1 billion $ of art a year. That’s USD$3,000,000 a day for those who believe the NFT art sales will eclipse traditional art sales. For who are fixated on SuperRare’s lifetime sales, that’s 1 day, from this 1 gallery. On that point, NFTs will never sell more than traditional art sales because the art world will just incorporate NFTs as part of it.
It’s inevitable that the NFT ART WORLD will start to cater for collectors want.
In the traditional art world it’s common for collectors to gravitate towards galleries that sell art within the price zone they can afford. At the same time the more upmarket galleries actually restrict wannabe collectors entering the top tiers. Even if you have the money you’re probably not allowed to buy the best art from their most prestigious artists.
What’s more frustrating is prices are opaque, you might be allowed to purchase only if what you’re told is the price is accepted by you and in the process you eventually find out you’ve set a new record price which then becomes the next bargaining point for the next person to beat.
All praise the BLOCKCHAIN that allows CRYPTO ART to have price TRANSPARENCY.
NIFTY GATEWAY has what it takes to dominate the Cryptoart market the way Gagosian Gallery dominates the contemporary art market.
What are the chances that Nifty Gateway was double birthed (foundered and acquired) by 2 sets of Co-Joined Twins (co. as in company joined twins). Duncan and Griffin Cock Foster, the Founders of Nifty Gateway which was recently acquired by Cameron and Tyler Winklevoss'.
When you combine deep vision with deep pockets you can get to the top very fast, especially in a market that is crying out for genuine curation. Collectors and Artists both benefit from this process. Collectors need confidence and also don’t want to be swamped with tens of thousands of NFTs. Essentially they are busy and want to cut to the chase, “what’s good and how can I buy it”. Artists likewise spend a lot of time and effort to make their art and would like their NFTs be seen by collectors.
Nifty Gateway curates the art, curates the artist’s career, curates for collectors to buy and hosts a secondary market too. Nifty Gateway does the work for collectors, giving them assurance that what they present has been preselected as the best for them. Nifty Gateway does the work for the artists too as they cover their promotion and introduce them to their extensive collector base.
What better place for cashed up NFT collectors to gravitate to?
What better place for aspiring artists too.
The NFT market is maturing fast, the infrastructure is building to support it too. Today William Savas launched the CURATING CRYPTO youtube channel, watch episode 1 below and also subscribe.
It’s great to hear Nifty Gateway’s Duncan Cock Foster addressing “Flipping” which I believe will ultimately destroy the Crypto Art Market in the long run. In the traditional art market Flippers are ostracised, not allowed to buy. Instead the gallery, and artists prefer to sell to those who love the art and want to hang on to it for the long term. (I think I have to create a whole post on flipping, the good, the bad and the ugly).
In the traditional art world a quick flip by a collector is the best way to get you to the bottom of the buyers list. Reselling is excused for DEATH, DIVORCE & BANKRUPTCY.
It’s just a matter of time where some “drops” are no longer first come, first served, instead offered to the collectors who are serious about collecting NFTs and holding on to them.
The whales are coming, NFT prices are hitting new highs and they will dominate the NFT ART MARKET and price you out. It’s a blessing and a curse for the top “galleries” like Nifty Gateway as well as true collectors who are on a budget.
So going back to where I started, where does it leave you, the NFT ART lover who wants to build a collection? In a good position because this is still EARLY DAYS, not END OF DAYS.
Do your research and be like Herbert and Dorothy Vogel and collect what you can afford. There are major artists entering the NFT ART WORLD who haven’t priced their art up high. There are artists yet to be picked up up by the major curated platforms and there are established artists who want genuine collectors to hold their art so are willing to do deals/gifts to help out. It’s not always about the money, many artists want people who love they art to own it and try to make it possible.
Meanwhile more people are stepping up to contribute to the growing Crypto Art Community. In Australia Sats Moon is putting together FUTURE ART . If I cannot attend I’ll try to have someone there to do a write up here on NIFTY ART COLLECTOR. There’s a venue setting up in Melbourne for Physical and Digital Art. The whales can dominate the big money, but cannot stop anyone who wants to be part of the Crypto Art Scene from doing what they like.
FUTURE ART
For the first time, immersive rare digital art show Future Art will take place in the belly of Sydney’s legendary Paddington Town Hall in January 2021. The 3-day event will showcase the best of the rising local and global #CryptoArt scene..
For some reason there’s a glitch and I cannot remove the video below, so all I can say is watch it again. lol