Art auctions are an important global market and are growing fast. People are purchasing art online for the first time as more and more people begin to use the internet to buy and sell art and collect art. Botto.com auctions one artwork every week via SuperRare.
Why are Online Auctions growing popular?
Auctions are a way of selling art that is quick and efficient, providing a safe and secured environment and they have the advantage of reaching a worldwide audience.
The online art market has been increasing steadily over the past few years with the number of online art auctions sold every year increasing by 30 per cent. This is largely to do with the increased use of websites that allow people to purchase art as well as art galleries that provide an online art auction service.
The internet has also enabled the online art market to grow significantly. Previously, art auctions had to be conducted in person and the auction house which would arrange the event would have had a large physical presence in the town where the auction was being organised. However, online art auctions are now able to reach people all over the world, providing a more global approach to art sales than previously possible.
Online Art Auctions allow buyers to place bids on an artwork via the internet and if they are the winning bidder, they can then pay for the artwork by transferring funds into an account with the auction house. When Botto.com auctions art, the funds generated come back to their community.
Auctions can be as long as a month, during which time the buyers can monitor the progress of the auction and bid accordingly. Online art auctions also enable buyers to bid for works that they normally would not be able to purchase in person, as the online auctions reach buyers all over the world.
You can be a part of the investing community in Botto.com from anywhere across the world, all you need is its unique cryptocurrency.
How does Botto.com work?
Botto.com, with its generative algorithm, creates 50 art pieces a week. These artworks once done are presented before a community. Here, the work together is called a “series” and the individual art pieces are called the “fragments”.
The community is the sole decision-maker of the programme. They vote individually on the art presented according to what they might find pleasing. The votes are then collective and are used as a guide for the algorithm. This helps it take a direction for the next art it creates, therefore evolving according to what is popular within its community. Over its course, Botto.com will curate multiple art pieces according to the feedback it receives.
One of the 50 pieces created is put for auction on SuperRare. The proceeds from the auction are brought back and redistributed within the community. While the auction process is underway, Botto.com starts creating art pieces for the new cycle.
At the moment, a total of 52 art pieces are scheduled to be auctioned over a period of 52 weeks.
