Sotheby’s continues its streak of auctioning non-fungible tokens (NFTs) owned by the now-bankrupt Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC).
During the GRAILS: Part II auction held yesterday, one of the highlights was the sale of Dmitri Cherniak’s Ringers #879 (The Goose) NFT, which fetched an impressive $5.4 million. This sale marked the second-highest price ever achieved for a piece of generative art.
Several other NFT artworks were also put up for auction during this event. Art Blocks’ Chromie Squiggle #1780 sold for an astounding $635,000, more than three times its estimated value. Kjetil Golid’s Archetype #397 was sold for $330,200, and Tyler Hobbs’ Fidenza #216 fetched $609,600.
With these latest sales, the total amount generated from the auctions stands just shy of $11 million. In the previous Part 1 auction, Sotheby’s reported sales of nearly $2.5 million.
Three Arrows Capital (3AC) was ordered by a court in the British Virgin Islands to liquidate on June 27, 2022, following a bankruptcy case. As part of the liquidation process, global advisory firm Teneo announced plans in February to auction off a significant NFT collection, and Sotheby’s took on the task of selling the “GRAILS” collection in April.
The GRAILS collection represents a remarkable assembly of the most iconic digital artworks to date.
After the introduction of Sotheby’s Metaverse in 2021, which served as an exclusive online hub for rare non-fungible tokens (NFTs), the renowned British auction house has been a prominent host for various NFT auctions. One noteworthy event took place in August 2022 when Sotheby’s partnered with Tiffany Dubin to announce their unique fusion of physical and digital art in the “Art as Jewelry as Art” auction.
