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“For the delight of his spirit and the joy of his eyes, he had desired a few suggestive creations that cast him into an unknown world, revealing to him the contours of new conjectures, agitating the nervous system by the violent deliriums, complicated nightmares, nonchalant or atrocious chimeræ they induced.”

, its title was a compromise between the two men whose work was on show. They were scientists rather than artists, and they disagreed about whether the images they had created could be called “art”. Béla Julesz thought they were not art, and A. Michael Noll believed they might be, but they did agree on one inevitability: “the day when a computer can draw – or paint – almost any kind of picture in any one or combination of colors”. Invitations to

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Critic who declared that “the wave of the future crashes significantly at Howard Wise Gallery”. But it was low tide: of the 25 works displayed, some of which might have been made on an Etch A Sketch, none sold.

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Offered reassurances, which sounded empty in the face of market indifference. Artists who feared being automated out of existence might instead find a freedom “unburdened by the tedium of the mechanics”. Feeling more inhibited, executives from the telecom company AT&T tried to cancel the exhibition, fearful that regulators might punish an expensive waste of computing power. Noll was undeterred, and his experiments became more provocative. He reverse-engineered a Mondrian work, and created an algorithmic “original” Mondrian with a computer. When he showed the results to test subjects, they preferred them to the real thing. It was more “soothing”, respondents said, and more “imaginative”. Noll, whose programming had made “no attempt to communicate any emotions”, was fascinated.

With the Library of Congress copyright office, which rejected it. “A machine generated it, ” the library responded, beginning a bureaucratic dialogue about whether or not a computer could be original. “I explained that a human being had written the program that incorporated randomness and order, ” Noll wrote in his short memoir,

. “They again refused to register the work, stating that randomness was not acceptable. I finally explained that although the numbers generated by the program appeared ‘random’ to humans, the algorithm generating them was perfectly mathematical and not random at all. The copyright was finally accepted.”

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The work lasted decades as a novelty –almost a gimmick –rather than a harbinger. Thirty years after its creation, its creator had still “not noticed any major museum of modern art giving much attention to computer art”, mostly, he thought, because it was not very good. Instead, it has taken almost 60 years for the possibilities Noll and Julesz explored to reach fruition. A lot of computer art is still not very good; nevertheless their central question – will artists be emancipated or replaced by digital technology? – has become a much more urgent consideration. And like so many of the art world’s crises, this one is finding expression at the auction house.

Christie’s has handled art made with computers and art made by computers for some time, but in March 2021, it sold its first ever piece that exists on computers and nowhere else. This purely digital artwork is called

, and the artist responsible calls himself Beeple. It was minted exclusively for Christie’s as a non-fungible token (NFT), and comprises a collage of 5000 drawings that Beeple posted online, one per day, for 13 and a half years.

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Was part of Christie’s debut sale of NFTs, the first of its kind by a major auction house. It also marked the first occasion that the 256-year-old institution accepted cryptocurrency as payment. The work sold for the equivalent of $69 million, ranking it among the most expensive artworks by living artists. High prices for modern art have been tabloid fodder for nearly a century now, but “money for nothing” was an irresistible new variation, and the sale launched a flurry of both awed and despondent headlines.

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Prices like these provoke anxiety, especially when attached to objects that have no corporeal existence. NFTs are unique units of data, their provenance proved by lines of code on a blockchain. An artwork produced as an NFT exists only in the digital realm. The work is copyable, but the ownership isn’t. Some have suggested the copyrighting and sale of digital assets is not really new at all: video art, for example, has been sold in limited editions for decades. Brian Eno dismissed NFTs as artists’ own “cute little version of financialisation” that allowed them to “become little capitalist assholes as well”. Trevor Jones, a 51-year-old painter turned digital artist from Edinburgh, had more reason for gratitude. Before NFTs, he told

, he had been borrowing money to pay bills; afterwards, he made more than $4 million in a single day. The journalist noted that though this transition had transformed Jones’s bank account, his status still rested near anonymity.

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Much of Jones’s work is adorned with crypto-currency logos and paraphernalia. If these are intended ironically or as a critique, his fans pay it no mind. Contemporary galleries found these artworks objectionable and, instead, buyers arrived through online marketplaces such as Nifty Gateway and OpenSea, where speculation is feverish. Combined with a pandemic-induced decline in museum and gallery attendances, this amounted to a reversal of fortunes between traditional and non-traditional art-world institutions. In an

Piece titled “Why the Artworld Loves to Hate NFT Art”, the critic J.J. Charlesworth argued that “pop-cultural baubles” had become a viral threat to the established order. What did they mean for institutions? What did they mean for art criticism? “After all, ” Charlesworth wrote, “to this critic, Beeple’s and Grimes’s images suck.” Beeple himself had described much of his own work as crap. It didn’t seem to matter – the eventual owners of

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That “all nations characterised by the capitalist mode of production are periodically seized by fits of giddiness in which they try to accomplish the money-making without the mediation of production process”. (In the same discussion, the philosopher noted that the accumulation “appears in a form that leaps to the eye”.) But there is a sharper, less distant manifestation of this phenomenon: the art market of the 1980s, a time when, as Robert Hughes described it in

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, an “overstressed decade” became a “bullring of deranged fetishism”. Stratospheric prices mocked the idea of art as a socially shared medium and threatened to destroy it altogether. The art world subordinated itself to television, with its “ultrafast change of images, its throwaway cool, its predilection for banal narrative, and its fixation on celebrity”.

Artists such as Jeff Koons made work that was nasty but not cheap. It flaunted its own ephemerality and ran open lines of communication with fashion and street style. There was closer proximity to celebrity, and a diminished role for critics – Hughes’s own rearguard against a trend that he hated was unsuccessful. Then, as today, the whole hot, gauche period was buoyed by financial sector exuberance.

If NFTs have a Peggy Guggenheim, it might be Paris Hilton, who owns more than 150 digital works, some displayed on screens in her house. She has produced a series of her own, depicting both her dog and herself in a fairy floss, airbrushed style. In August 2021, she discussed NFTs on

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(she was invited back for more), and some months later Fallon purchased an NFT of a cartoon ape, minted by the art collective Bored Ape Yacht Club (BAYC), for 46.8 ethereum, a cryptocurrency, then worth around $250, 000.

Not the first or the most expensive NFTs, BAYC apes may be the most emblematic. Distinct from self-contained NFT works such as

, the BAYC is a collection of collectibles, exactly 10, 000 cartoon-style portraits, programmatically generated at random from a selection of different traits. Accoutrement such as glasses, or golden fur, are distributed throughout the primates; each has a predetermined rarity, which increases the value of the ape accordingly. All 10, 000 apes sold one day after the project launched, in what

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Called “a strange combination of gated online community, stock-shareholding group, and art-appreciation society”. (It could have added streetwear brand, baseball-card company and money laundering service.) “We want your Bored Ape to be your digital identity, ” Gargamel, one of BAYC’s anonymous founders, told the interviewer via video chat. Those who own these ape images, Fallon included, frequently use them as social media avatars.

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BAYC was inspired by an NFT project called CryptoPunks, and has in turn spawned its own menagerie of imitators and sub-projects. There are Desperate Apewives, the Fat Ape Club, the Mutant Ape Yacht Club, along with a host of other copycats producing cartoonish images of pugs, penguins, lions, ducks, whales (and cats). This ballooning animal kingdom has been compared to the Beanie Baby Bubble of the 1990s, where fortunes sank on ultimately unsaleable plush toys, but there are outright scams as well as delusions. In late 2021, both the Baller Ape and Evolved Ape NFT projects (the latter run by a developer known as “Evil Ape”) suffered multimillion-dollar “rug pulls”, where their originators disappeared with the money. There have also

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