Sotheby’s, the renowned auction house, recently concluded another successful sale of non-fungible token (NFT) artwork from the bankrupt crypto hedge fund Three Arrows Capital (3AC). The auction, held in New York, generated over $10.9 million in sales and featured pieces from the “Grails” collection. Notable highlights included “The Goose” by Dmitri Cherniak, which sold for an impressive $6.2 million. This article delves into the auction’s results and provides insights into the significance of the artworks.
The live auction at Sotheby’s featured 37 works from various generative artists, such as Dmitri Cherniak, Tyler Hobbs, and Jeff Davis. Among the collection, Dmitri Cherniak’s Ringers #879, affectionately known as “The Goose” due to its resemblance to the bird, garnered significant attention. Initially estimated to sell for $2-3 million, intense bidding resulted in a final sale price of $6.2 million. The buyer, an influential NFT investor known as 6529, considered it a culturally significant piece within the NFT community. Sotheby’s reported that it was the second-highest sale of generative art to date.
“The Goose” holds a prominent place in Cherniak’s portfolio and represents one of the most significant works from the generative art movement. According to 6529, the artwork epitomizes the act of faith involved in on-chain long-form generative art. Once an algorithm is committed to the blockchain, the resulting outputs remain unpredictable. The buyer emphasized that running the Ringers mint thousands of times would likely never reproduce something like “The Goose.” Its historical journey through key moments in NFT history has only just begun.
Alongside “The Goose,” the auction featured other notable works. Tyler Hobbs’ Fidenza #479 sold for $622,300, Snowfro’s Chromie Squiggle #1780 fetched $635,000, and both Larva Labs’ Autoglyph #218 and Kjetil Golid’s Archetype #397 sold for $330,200 each. Interestingly, most of the NFTs in the auction surpassed their initial estimated values, reflecting strong demand and investor interest.
Grails Collection Liquidation Sales: Sotheby’s multi-part sale of NFTs from Three Arrows Capital’s extensive collection has been a success. The Singapore-based hedge fund filed for bankruptcy in July, and its liquidator Teneo aimed to sell valuable NFTs to recover funds. The first Grails auction brought in nearly $2.5 million, while a separate private sale of Grails collection works amassed over $3 million. With the recent auction results, the Grails collection liquidation sales have collectively generated nearly $17 million.
Fun and Interesting Fact: Did you know that the highest-priced NFT ever sold at auction was Beeple’s artwork “Everyday: The First 5000 Days”? This piece fetched $69.3 million at a Christie’s auction in March 2021. The sale marked a significant milestone for NFTs, firmly establishing them as a legitimate form of art in the eyes of collectors and investors. This record-breaking auction propelled NFTs into the mainstream and cemented their position in the art world.
Sotheby’s successful auction of 3AC NFT artwork from the Grails collection reaffirms the growing prominence and value of.
Disclaimer: The above article is written for providing information and should not be treated as investment advice. The past performance of an asset is not an indication of future returns. Please do your own research (DYOR) before investing as digital assets like cryptocurrencies are volatile investment instruments.
