On Thursday, renowned auction house Sotheby’s concluded the sale of non-fungible token (NFT) artwork seized from the bankrupt crypto hedge fund Three Arrows Capital (3AC), generating an impressive $10.9 million in sales. The live auction, which took place in New York, showcased a remarkable collection of 37 works from esteemed generative artists, including Dmitri Cherniak, Tyler Hobbs, and Jeff Davis.
One of the auction’s highlights was Dmitri Cherniak’s Ringers #879, affectionately dubbed “The Goose” for its uncanny resemblance to the beloved bird. Initially estimated to sell for $2-3 million, the piece garnered significant attention and fervent bidding, ultimately reaching a staggering $6.2 million. The buyer, a notable NFT investor identified as 6529, proudly secured the artwork, marking it as the second-highest sale of generative art to date.
The significance of “The Goose” within the NFT community cannot be understated. According to 6529, the artwork represents an act of faith by the artist and the minter, as the generative art movement hinges on the unpredictable outputs produced by blockchain algorithms. Its historic journey through pivotal moments in NFT history has elevated its cultural significance, with 6529 believing that its journey has only just begun.
The auction also featured other noteworthy pieces, such as Tyler Hobbs’ Fidenza #479, which sold for an impressive $622,300, and Snowfro’s Chromie Squiggle #1780, fetching $635,000. Additionally, Larva Labs’ Autoglyph #218 and Kjetil Golid’s Archetype #397 both achieved sales of $330,200 each. Remarkably, nearly all the NFTs on offer exceeded their estimated values, highlighting the burgeoning demand for digital art.
The sale of the Grails collection, part of Three Arrows Capital’s extensive NFT portfolio, continues to yield astounding results. With the most recent auction amassing over $10.9 million, the cumulative total from the Grails collection liquidation sales now stands at a remarkable $17 million. Sotheby’s has aptly described the collection as comprising “some of the most significant digital artworks ever assembled,” including groundbreaking works that have transformed the art world and culturally significant pieces.
This recent success underscores the evolving landscape of the NFT sector. Sotheby’s ongoing efforts to embrace digital art, previously demonstrated through their acceptance of Bitcoin and Ether as payment for a 101.38-carat diamond auction in July 2021, further solidify the industry’s growing acceptance and adoption of cryptocurrency. This forward-thinking approach not only expands the pool of potential buyers but also introduces a new era where high-value tangible assets can be acquired using digital currencies.
The impact of these developments on the NFT sector is profound. Despite initial concerns over a potential decline, the auction’s exceptional sales figures and the continued success of the Grails collection illustrate the enduring appeal and market demand for digital art. As more collectors and investors recognize the value and cultural significance of NFTs, it becomes evident that the industry is far from fading. Instead, it is experiencing a dynamic evolution that is reshaping the art world and challenging traditional perceptions of value and ownership.
Sotheby’s recent auction of the Three Arrows Capital NFT collection has captivated the art world and shattered expectations. With millions of dollars generated in sales, the event has not only redefined the perception of digital art but has also showcased the inherent potential of NFTs. As the NFT sector continues to thrive and