On Wednesday, Sotheby’s, one of the world’s largest fine and decorative arts brokers, announced plans to auction off a number of non-fungible token (NFT) assets previously owned by the now-defunct cryptocurrency hedge fund Three Arrows. Capital (3AC). ). The auction, dubbed the NFT “Grails” collection, will take place during Marquee Sale Week at the firm’s New York location.
Sotheby’s presents NFT ‘Grails’ collection
In July of last year, cryptocurrency hedge fund Three Arrows Capital (3AC) filed for bankruptcy and Teneo took over as liquidator of the company. In February, Teneo announced its intentions to sell a significant collection of non-fungible tokens (NFTs) that the now-insolvent company had amassed. Sotheby’s, the luxury auction house founded in 1744, will auction several top-of-the-line NFTs from 3AC under the name “Grails Collection.”
On Wednesday, Sotheby’s tweeted about the upcoming auction, which will begin on May 19, 2023. The auction house’s metaverse division Twitter account noted that the collection was primarily curated by 3AC in 2021. One of the NFTs up for auction will be “Ringers # 879” by Dmitri Cherniak. also known as the “Golden Goose”. The collection will include Autoglyphs, Cryptopunk #6649, small-scale Fidenza #725 by Tyler Hobbs, and full-spectrum Chromie Squiggle #1780 by Snowfro.
Sotheby’s stated that the collection will be sold at various live and online auctions, as well as private sales, throughout the year. The company saying Wednesday that “Seven carefully selected works from the collection will go up for auction for the first time during Sotheby’s Marquee Sale week this May in New York, one of the most anticipated moments in the annual auction calendar with the most prominent sales of contemporary and modern art. . Art.”
Sotheby’s first entered the NFT market in the fall of 2020 after an employee of the company’s Contemporary Art department proposed the idea. according to a Forbes ArticleNFT helped fuel the highest-grossing year in the auction house’s history in 2021. Michael Bouhanna, Sotheby’s director of digital art and NFT, said the emergence of the Grails collection “marks an important opportunity for collectors to celebrate to pioneering generative artists”.
“This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and was guided by the 3AC ethos of acquiring some of the highest quality and rarest works available on the market,” Bouhanna added. “Since that watershed moment, when digital art and NFTs became a bona fide pop culture phenomenon, generative art has continued to attract the attention of a growing audience, including from major international institutions.”
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