Sotheby’s, the renowned auction house, is set to offer an exciting new series called GRAILS that will showcase “an extraordinary digital art collection” starting in May and continuing until 2023. The collection, which includes NFTs, comes from Three Arrows Capital (3AC), a crypto hedge fund that filed for bankruptcy in July 2022 due to the harsh conditions sweeping the industry at the time. Sotheby’s has described the collection as one of the most significant ever assembled in the digital art realm, and it promises to be an event that collectors and enthusiasts alike won’t want to miss.
The liquidator of 3AC, Teneo, announced plans in February to sell off the NFTs collected by the firm prior to its collapse. The auctioning of the collection by Sotheby’s is eagerly anticipated, and many are curious to see how it will perform in the marketplace.
Auction to cover rarest of 3AC’s NFTs collection
The blue chip NFTs are by some of the most prominent individual creators, with a number being rare and virtually unseen. These will include digital artworks such as Ringers #879 (popular as “The Golden Goose”) by Dmitri Cherniak, Chromie Squiggle #1780 by Snowfro, and Fidenza #725 by Tyler Hobbs. Also on auction will be Larva Labs’ Zombie CryptoPunk #6649 and Kjetil Golid’s Cube Archetype #397.
Michael Bouhanna, Sotheby’s Head of Digital Art and NFTs commented:
“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 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 3AC collection is a once-in-a-lifetime opportunity for collectors to acquire some of the most significant NFTs ever created while celebrating the vital role of pioneering generative artists in the growing appreciation of NFTs, as noted by Maxime Bouhanna, Sotheby’s Head of Digital Art in a recent press release.
Anndy Lian, best-selling book author and investor commented: “Sotheby’s has taken a dynamic approach by releasing the NFTs in chapters, providing collectors with an engaging experience. The collection will be offered in various sales formats, including private sales and auctions, providing flexibility in how collectors can obtain these rare and sought-after NFTs. This will help NFT art especially to reach a brand new different level and allow more collectors to get their hands on the rare pieces.”
The excitement surrounding the auction is enhanced by its global scope, with collectors worldwide eager to participate. The first set of NFTs, a hand-picked selection of seven pieces, will be auctioned during Sotheby’s New York Marquee Sale Week on May 19th. The 3AC collection’s prestige, historical significance, and dynamic presentation are generating considerable buzz and interest among collectors and art enthusiasts alike.
