NFT
Sotheby’s to auction more non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC), bringing high-value NFTs like Dmitri Cherniak’s Ringers #879 (often referred to as “The Goose”) out of the vault for the first time since 2021.
The second sale of 3AC collectibles from the “Grails” collection will take place in New York on June 15 and will feature 37 works by generative artists such as Dmitri Cherniak, Tyler Hobbs, Jeff Davis and more.
In a press release, the auction house said the sale will be the largest live auction of digital art ever.
“For the live auction, we wanted to focus specifically on exhibiting generative art, and the sale was curated to not only reflect the collection of some of the most sought-after and renowned generative artists in the movement, but also to draw attention to draw to the wider community of artists who are pushing the boundaries of algorithm-based art,” Micahel Bouhanna, Sotheby’s head of digital arts and NFTs, told CoinDesk.
Highlights from this batch of NFTs include Cherniak’s Ringers #879, a groundbreaking generative artwork that has come to be known as “The Goose” for its resemblance to the bird. The collectible was purchased in August 2021 by 3AC co-founders Su Zhu and Kyle Davies for approximately 1,800 ETH, worth approximately $5.8 million at the time.
Bouhanna called this piece a major highlight of Cherniak’s portfolio and “one of the most important works of the generative art movement”.
“What makes it so special is the unique variation caused by the randomness of the generation, creating the goose-like image at the center and perfectly encapsulating the richness of possibility inherent in algorithmic art,” he explains.
Additionally, Hobbs’ Fidenza #216, a swirling, colorful piece that last sold for 320 ETH (approximately $1 million) in 2021, will be made available for purchase.
The upcoming auction follows a successful initial NFT sale earlier this month that raised more than $2.4 million, including another Hobbs’ Fidenza NFT that sold for more than $1 million, well above its estimated sale price. Teneo, the liquidator of 3AC, issued a notice in February outlining its intention to sell an extensive list of NFTs estimated to be worth millions after the Singapore-based hedge fund filed for bankruptcy in July.
According to the press release, another group of works from the Grails collection also recently sold privately for a total sum of more than $3 million. To date, liquidation sales of the Grails collection have raised more than $6 million.
