Le Random podcast

40: Kayvon Tehranian & Sebastian Sanchez—Digital Art Post Boom with Peter Bauman

2/13/2026
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Episode page and full transcript: https://www.lerandom.art/episodes/kayvon-tehranian-and-sebastian-sanchez-digital-art-post-boom


In this special episode, host Peter Bauman (Le Random's editor in chief) speaks with Kayvon Tehranian (CEO and co-founder of Foundation and Rodeo) and Sebastian Sanchez (formerly Christie's Manager of Digital Art Sales, now independent advisor and curator) about the structural challenges of the digital art market following the 2021 NFT boom.


They discuss Foundation's recent sale to Blackdove and how Christie's, Sotheby's, and Rodeo have had to dissolve departments or shut down entirely because growth models built on crypto speculation proved unsustainable. The conversation explores where growth actually stalled and why none of the business models worked. Tehranian and Sanchez discuss what their organizations achieved, what can endure, and the need to rebuild from scratch.


In the end, this conversation moves into the lofty topics of digital art becoming independent of volatile crypto cycles, moving into physical displays, and developing self-sufficient institutions built through slow, intentional work by committed participants.


Also in this episode: Kayvon Tehranian, Sebastian Sanchez, NODE, Mike Winkelmann (Beeple), Becky Kleiner, Micky Malka, MoMA, Tyler Hobbs, XCOPY


Read next: Micky Malka & Becky Kleiner on the Birth of NODE, NODE's 10,000: Fast Art, Slow Looking


Listen next: Ep. 27, Reviewing Digital Art in 3Q 2025, Ep. 38, 2025 Art in Review with thefunnyguys, Conrad House & Peter Bauman


Chapters 📖:

00:00 Introduction

01:40 Are These Isolated Incidents or Symptoms?

09:52 The Business Model Problem

14:13 Crypto Speculation vs. Art Collecting

19:13 Why Are Auction Houses Pulling Away?

25:45 The Role of Institutions

30:56 Anti-Establishment Energy and What Endures

36:00 The Physical Display Problem

38:40 What Will Endure: Rooted Practices

43:55 How Close Was It to Being Sustainable?

48:02 Leaner Models and the Future

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