World famous auction house, Sotheby’s, is preparing a multi-part sale featuring NFTs from the Three Arrows Capital (3AC) ‘Grails’ collection. The auctioneer has described the upcoming sale as a significant event featuring some of the most unique and high-quality digital artworks ever assembled.
In February 2023, Teneo, the company responsible for liquidating 3AC’s assets, announced the sale of a vast trove of NFTs to recoup some of the losses of the bankrupt Singapore-based firm. Back in July, 3AC estimated its assets at around $1 billion, including NFTs valued at $22 million.
The liquidator plans to sell the seized NFTs within 28 days, with high value tokens in the mix from esteemed collections such as, CryptoPunks, Fidenza, and Autoglyphs. Among its ranks including the likes of Chromie Squiggle #1780, Fidenza #216, Zombie CryptoPunk #6649, and Autoglyph #187. Based on current floor prices, estimates for the NFTs on sale are around $9.8 million.
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 in the NFT Space
Sotheby’s revealed that the first NFTs will go under the hammer during its marquee sale week on 19th of May in New York. The auction house plans to release the collection’s contents in chapters across various sales formats, from private sales to auctions, and across multiple locations globally.
Michael Bouhanna, Sotheby’s head of digital art and NFTs, commented that “This expansive collection marked 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.”
Sotheby’s has already auctioned works by digital artist Pak and the first tweet ever sent by Twitter CEO Jack Dorsey, showing its active involvement in the NFT market. The auction house’s decision to auction off 3AC’s Grails NFT collection indicates the growing acceptance of NFTs in the mainstream art world.
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