Auction house Sotheby’s will sell some of the rarest and most expensive NFTs seized from bankrupt hedge fund Three Arrows Capital (3AC). The liquidators of 3AC expect to raise millions of dollars from the sale.
In a press release on Wednesday, Sotheby’s announced an upcoming multi-part sale of NFTs from 3AC’s Grails collection, assembled by the hedge fund in 2021 as part of its asset portfolio. Sotheby’s describes this “unparalleled” NFT collection as “an extraordinary digital art collection which comprises some of the most significant digital artworks ever assembled.”
Uncover some of the rarest and most important works from the most sought-after creators in the Digital Art markets such as Dmitri Cherniak’s Ringers #879 (also called “The Golden Goose”), Snowfro’s full spectrum Chromie Squiggle #1780, Tyler Hobbs’ small-scale Fidenza #725, Larva Labs’ Zombie CryptoPunk #6649 and Autoglyphs. As true grails, these works – and the Collection as a whole – represent some of the very best of the Contemporary Digital Art and Generative era.
In February, Teneo, the liquidator of the bankrupt crypto hedge fund, released a list of numerous NFTs that would be sold. According to a document obtained by The Block, 3AC filed for bankruptcy in July with an estimated asset value of about $1 billion. The document mentioned that the assets consisted of NFTs valued at approximately $22 million.
Certain NFTs from 3AC’s portfolio should be sold “to realize the value of the NFTs for the purposes of the liquidation,” Teneo said.
The NFTs being auctioned by Sotheby’s (Grails Collection) are separate from Starry Night Capital’s NFT portfolio, which was created by 3AC in collaboration with renowned NFT collector Vincent Van Dough in August 2021 to assemble “the world’s finest collection of CryptoArt.”
Starry Night Capital’s NFTs were moved to Gnosis Safe in October and are currently the subject of a legal application before the British Virgin Islands High Court of Justice, part of the Eastern Caribbean Supreme Court.
Sotheby’s adds in a press release:
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.
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