Sotheby’s has announced a series of auctions throughout 2023 that will feature one of the most significant collections of digital art ever assembled. The GRAILS collection, formed in 2021 by crypto hedge fund Three Arrows Capital (3AC), boasts some of the best works of Contemporary Digital Art and Generative era.
The GRAILS collection will be offered globally through various live and online auctions, private sales, and additional sales channels to showcase groups of works in different contexts and formats. Seven hand-picked works from the collection will be auctioned off for the first time during Sotheby’s Marquee Sale Week, starting May 19th at Sotheby’s New York. What’s interesting is that Sotheby’s website doesn’t mention NFTs at all, except for the following quote. It is clear that they and others are moving away from using the term NFTs and embracing digital art, digital collectibles, etc.
“Collections are often representative of the time and the place from which they were formed, telling a unique story through their artworks. 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 the some of the highest quality and rarest works available on the market. Since that defining moment, when digital art and NFTs became a genuine pop culture phenomenon, generative art has continued to gain attention from a growing audience, including from major international institutions. The emergence of this collections marks a significant opportunity for collectors to celebrate the pioneering generative artists who helped bring the form to this wider audience, and who continue to push for form forward.”- MICHAEL BOUHANNA, SOTHEBY’S HEAD OF DIGITAL ART AND NFTS
The collection includes some of the most significant pieces of digital art, such as Dmitri Cherniak’s Ringers #879, Tyler Hobbs’ Fidenza #216, Larva Labs’ Zombie CryptoPunk #6649, Kjetil Golid’s Cube Archetype #397, Larva Labs’ Autoglyphs (#187, #218, and #358), Snowfro’s full-spectrum Chromie Squiggle #1780, and Tyler Hobbs’ Fidenza #31. Additionally, the collection boasts Tyler Hobbs’ small-scale Fidenza #725 and a one-of-a-kind artwork by Alpha Centauri Kid, among other things.
One of the most significant collections of digital art ever assembled is coming to auction at Sotheby’s across a series of multiple sales throughout 2023.
— Sotheby’s Metaverse (@Sothebysverse) April 19, 2023
Sotheby’s has committed to prioritizing and elevating artists and will honor creators’ royalties for secondary sales, with sellers paying the standard fee of 10%. At Sotheby’s New York, the buyer’s premium will be 26% for any purchases up to $1,000,000, 20% for purchases between $1,000,000 and $4,500,000, and 13.9% for purchases more than $4,500,000.
The GRAILS collection is a significant development for the digital art world and highlights the growing importance of NFTs and the open metaverse. It offers art enthusiasts and collectors a unique opportunity to own some of the most exceptional digital artworks ever created.