Auction of 3AC’s NFT Collection by Sotheby’s
Famed auction house Sotheby’s will sell an “unparalleled collection” of non-fungible tokens (NFTs) that were acquired by bankrupt crypto hedge fund Three Arrows Capital and later taken over after the company’s collapse.
Sotheby’s is set to auction a digital art collection called “Grails,” which includes “some of the rarest and most significant works” by notable NFT artists, said a press release. The artworks in the collection will be offered globally via direct auctions, private sales and other sales channels throughout 2023.
According to Sotheby’s, seven NFTs from the Grails collection are set to be auctioned at Marquee Sale Week on May 19 in New York. They include Zombie CryptoPunk #6649 by Larva Labs, Chromie Squiggle #1780 by Snowfro, Ringers #879 (or “Golden Goose”) by Dmitri Cherniak, Fidenza #725 by Tyler Hobbs, and Autoglyphs.
“This expanded collection marks an important moment in the rise of generative art on the blockchain in 2021, and has been guided by 3AC’s idea of sourcing some of the highest quality and rarest works available on the market.”
Michael Bohana, President of Digital Arts and NFTs at Sotheby’s
The group, which was acquired by Singapore-based crypto hedge fund Three Arrows Capital, or 3AC, was later taken over by liquidators after the company collapsed. Teneo, the advisory firm responsible for 3AC’s liquidation, said in February 2023 that it plans to sell the NFT to a crypto hedge fund, which was said to be worth $22 million.
Meanwhile, Teneo said the sale did not include NFTs in Starry Night Capital’s portfolio, which are subject to “an application before the Supreme Court of the Eastern Caribbean in the BVI High Court of Justice.” According to a statement from Teneo regarding the recent auction, the liquidators chose Sotheby’s to auction the NFT to “maximize the value of the assets.”
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