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Sotheby’s auction nets $10.9M from confiscated NFT artwork

Sotheby's

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TL;DR

  • In a second auction, Sotheby’s sold $10.9 million in NFTs from insolvent hedge fund Three Arrows Capital.
  • The Goose for $6.2 million, Kyle Davies, co-founder of 3AC, bought it in August 2021 for about 1,800 ETH, or about $5.8 million.

Sotheby’s completed a second auction of non-fungible token (NFT) artwork from bankrupt hedge fund Three Arrows Capital, generating over $10.9 million in sales. The collection, featuring works by renowned generative artists, saw high-profile sales, including “The Goose” by Dmitri Cherniak, which sold for $6.2 million.

“The Goose” NFT sells for $6.2m in heated bidding

A second auction of non-fungible token (NFT) artwork confiscated from the insolvent cryptocurrency hedge fund Three Arrows Capital (3AC) was completed by Sotheby’s on Thursday, netting over $10.9 million in sales.

The “Grails” collection was represented at the live auction in New York. There were 37 pieces by generative artists, including Dmitri Cherniak, Tyler Hobbs, Jeff Davis, and others.

The Ringers #879 by Dmitri Cherniak, sometimes known as “The Goose” due to its likeness to the bird, was one of the highlights of this lot and was expected to sell for $2–3 million. After heated bidding, It sold for $6.2 million to renowned NFT investor 6529. Su Zhu and Kyle Davies, co-founders of 3AC, bought “The Goose” in August 2021 for about 1,800 ETH, or about $5.8 million. 

Cherniak’s work is a standout in his portfolio. According to Michael Bouhanna, head of digital art and NFTs at Sotheby’s, it is “one of the most significant works from the generative art movement.”

The Goose has cultural importance within the NFT group, according to a statement from 6529. Both the artist and the minter are taking a leap of faith with on-chain long-form generative art. No one can predict the algorithm’s outputs once it is committed to the blockchain

The Goose better illustrates this than any generative NFT. Without creating another similar item, the entity could have produced the Ringers mint thousands of times. The Goose has been through significant points in NFT history on a historic voyage thus far, and its adventure has only begun.

Other notable sales included Fidenza #479 by Tyler Hobbs ($622,300), Chromie Squiggle #1780 by Snowfro ($635,000), Autoglyph #218 by Larva Labs ($330,200), and Archetype #397 by Kjetil Golid ($330,200)—nearly all of the NFTs that were auctioned off sold for more money than expected.

Sotheby’s launched its multi-part sale of NFTs from Three Arrows’ sizable NFT collection, created as a component of 3AC’s asset portfolio predominantly in 2021, last month. The Singapore-based hedge fund filed for bankruptcy in July, and its liquidator Teneo has stated that it intends to liquidate a broad range of NFTs with an estimated value of millions to recover funds.

Sotheby’s said the inaugural Grails sale netted nearly $2.5 million. Recently, a different collection of works from the Grails was also sold privately for more than $3 million. The Grails collection liquidation sales have generated close to $17 million.

According to Sotheby’s, the Grails collection features “some of the most significant digital artworks ever assembled.”

The collection “is poised to redefine the way we think about and appreciate digital art,” according to the website, “from ground-breaking works that have transformed the art world to culturally significant pieces.”

An in-depth look into Sotheby

Sotheby’s was established in 1744 and is one of the most renowned auction houses. It focuses on fine art, jewels, and collectibles. Sotheby’s has a long history of matching collectors with valuable and unusual things, and it maintains offices all around the world in addition to its headquarters in New York City.

Sotheby’s has recently come to understand the increasing importance of NFTs and digital art in the market for contemporary art. The auction house has consequently taken a number of actions to embrace and assist the NFT ecosystem:

Natively Digital Auction: Sotheby’s staged their inaugural NFT auction in June 2021 with the title “Natively Digital: A Curated NFT Sale.” This historic exhibition included works by numerous digital artists, including a rare piece by the pseudonymous Pak and the first-ever NFT made by Kevin McCoy, “Quantum.” The auction served as an indication of Sotheby’s dedication to the developing market for digital art.

Collaboration with Pak: Sotheby’s and digital artist Pak worked together to auction “The Fungible Collection,” a collection of NFTs that investigated the idea of value in digital art, in April 2021. The auction attracted a lot of interest and brought in millions of dollars in revenue, further solidifying Sotheby’s place in the NFT market.

World of Women NFT sale: Sotheby’s held the “World of Women” NFT sale in August 2021, displaying a selection of digital artwork honoring women’s variety and empowerment. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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