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On Wednesday, Sotheby’s, one of the world’s largest art and decorative arts brokers, announced its plans to auction a number of non-fungible token (NFT) assets previously owned by now-defunct crypto hedge fund Three Arrows Capital (3AC) ). Dubbed the “Grails” NFT collection, the auction will take place during Marquee Sale Week at the firm’s New York location.
Last July, crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy protection, and Teneo took over as liquidator for the firm. In February, Teneo announced its intentions to sell a significant non-fungible token (NFT) collection that the now-insolvent company had amassed. Sotheby’s, the luxury auction house founded in 1744, will auction several of 3AC’s blue-chip NFTs under the name “Grails Collection.”
On Wednesday, Sotheby’s tweeted about the upcoming auction, which starts 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 Dmitri Cherniak’s “Ringers #879,” also known as “Golden Goose”. The collection will include Autoglyphs, Cryptopunk #6,649, Tyler Hobbs’ small-scale Fidenza #725, and Snowfro’s full-spectrum Chromie Squiggle #1,780.
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 so on Wednesday it “7 handpicked works from the collection will come to auction for the first time during Sotheby’s Marquee Sale Week in May in New York, one of the most anticipated moments in the annual auction calendar with the most high-profile sale of Contemporary and Modern Art.”
Sotheby’s first entered the NFT market in autumn 2020 after an employee from the company’s contemporary art department suggested the idea. According to a Forbes article, NFTs helped drive the auction house’s highest revenue year ever in 2021. Michael Bouhanna, Sotheby’s head of digital art and NFTs, stated that the emergence of the Grails collection “marks a significant opportunity for collectors to celebrate the breakthrough generative artists.”
“This expansive collection marks an important moment in the emergence of generative art on the blockchain in 2021, and was guided by the 3AC ethos of sourcing some of the highest quality and rarest works available on the market,” Bouhanna added. “Since the defining moment, when digital art and NFTs became a true pop culture phenomenon, generative art has continued to gain attention from a growing audience, including from major international institutions.”
What are your thoughts on the popularity of NFTs and their impact on the art market? Share your opinion in the comments below.
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