Sotheby’s to auction failed 3AC’s NFT collection

The “Grails” non-fungible tokens, created by failed crypto hedge firm Three Arrows Capital, will soon be available for acquisition at Sotheby’s auction.

Sotheby’s has announced its plans to facilitate the auction of 37 “Grails” NFTs next month, promoting it as the “most extensive live auction of digital art ever witnessed.”

The auction house aims to generate revenue exceeding $5 million, setting a remarkable precedent in this burgeoning market.

Adding an air of intrigue to the event, the previous possessor of these NFTs remains shrouded in mystery, being a prominent figure within the crypto venture capital and trading sphere. Its assets experienced a dramatic downturn last year. These NFTs were seized as part of the bankruptcy proceedings that commenced in July.

Sotheby’s will present NFTs created by renowned generative artists, including Dmitri Cherniak, Tyler Hobbs, and Larva Labs, enriching the collection with their exceptional artistic contributions.

It has been stated by Sotheby’s that this unparalleled assortment pays homage to the distinguished artists who played a pivotal role in propelling NFTs and digital art into the cultural mainstream, showcasing their groundbreaking and conceptually innovative approaches to digitally native artistic expression.

Following the sale of seven “Grails” pieces earlier this month, another auction is scheduled for June 15. The following collection of NFTs fetched a remarkable $2.5 million at Sotheby’s auction, with Tyler Hobbs’ Fidenza #725 taking center stage.

The director of digital art and NFTs at Sotheby’s, Michael Bouhanna, has expressed that the Grails collection has long commanded admiration and respect within the digital art realm, further underscoring the exceptional nature of these remarkable artworks.