Voice of B2B, Daniel Litwin, hosted Asher Rubinstein, Partner at Gallet, Dreyer & Berkey LLP, whose primary practice is around asset protection, trusts & estates, as well as representing high net-worth individuals like art collectors, designers, wine importers & producers, on Marketscale TV to discuss the NFT market and how it compares to the traditional auctions that exist today.

“I think that both of them are realizing that competition is on the horizon,” he said of Sotheby’s and Christie’s. Rubinstein noted the competition comes in the form of smaller, newer auction spaces that are dealing in the digital art spaces.

NFTs are going to challenge the traditional auction houses. One of the main ways they will do this is to allow buyers that aren’t millionaires to make bids on art.

“I think what we’re seeing here is the democratization of the art world,” Rubinstein said.