Israel’s First NFT Art Auctioned as Tiroche Auction House Makes Metaverse Debut

Israeli family-owned auction house Tiroche is making its metaverse debut with the country’s first ever NFT art headed for auction.
Image source: Tiroche

Quick take:

  • Israel’s first NFT art is heading to the auction block.
  • Family-owned Tiroche Auction House is debuting 3 NFT art pieces in the metaverse.
  • The actioned pieces include Ariel Sharon’s cowboy boots, gifted to him by George Bush.

Tiroche an Israeli family-owned auction house is making an entry into the metaverse craze. The Herzliya Pituah-based art collectors have auctioned off the first Israeli NFT art pieces, comprising Chagalls and Gutmans, Yitzhak Rabin’s Rolex and Ariel Sharon’s cowboy boots, gifted to him by George Bush.

Tiroche auction house is co-owned by Amitai Hazan Tiroche and his father Dov Hazan. Commenting on the art gallery’s latest venture, Tiroche said the family had been thinking about NFTs and the metaverse for a while now, but they didn’t want to jump in into something that they didn’t completely understand. 

The Israeli creators behind the NFT work going on Tiroche’s auction block include Shira Barzilay “Koketit”, known for her coquettish line drawings often focused on the female figure and female empowerment, video artist Shirley Shor; as well as, popular street artists known for his focus on technology and social media, Tag, and violinist Moran Victoria Sabag, who combines her music and art.

All the art pieces are valued in the range of $3,000 to $15,000, something that Tiriche attributed to a lack of visibility compared to other popular artists abroad.

“Auction does work on demand, and people are testing the market,” said Tiroche. “We have no idea what it will be like.”

Tiroche lauded the belief shown by several entrepreneurs and companies that expressed an interest in working with the auction house on NFT sales. 

NFTs have emerged as an exciting option for artists and musicians to make income from blockchain technology. However, with the industry still in its nascent stage, some remain artists remain cautious.

“Every time NFT would come up, my father would say, ‘I don’t understand it, talk to my son, it’s not for me,’” said Tiroche, adding that “there’s a lot more interest from people under 30. And often those who are over 50 say, ‘Don’t talk to me about it.’”

The art industry has surprisingly been one of the few sectors that seem cautious to embrace NFTs. Yet, the most expensive NFTs are inspired by popular artwork, rather than collectibles, which seem to be what companies and brands are more interested in.

Nonetheless, Tiroche remains optimistic about the future of NFTs, saying: “instead of an expensive watch, an NFT is another way to show off what you have — and it costs half a million dollars,” said Tiroche. “The world is changing and people will be in the metaverse to get the things they want.”

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