- The second sale of NFTs from 3AC’s Grails collection has fetched over $10 million on Sotheby’s
- The sale featured 37 generative artworks with one NFT, Ringers #879 or The Goose, selling for $6.2 million
- The first sale of 3AC NFTs fetched close to $2.5 million although there was a private sale that brought in more than $3 million
The second sale of NFTs from the bankrupt Three Arrows Capital (3AC) Grails collection fetched $10.9 million during a live auction event through Sotheby’s. The sale featured 37 generative artworks with one NFT, Ringers #879 or ‘The Goose’, selling for $6.2 million. The first public sale of NFTs seized from 3AC brought in close to $2.5 million, with a private sale fetching an additional over $3 million.
$800,000 in Fees
Announcing the phenomenal sale of The Goose, the auction house said that it’s among its highest generative art sale to date. 3AC co-founders Su Zhu and Kyle Davis had purchased the collectible for around $5.8 million in 2021.
#AuctionUpdate: One of the most important works of post-blockchain generative art,@dmitricherniak’s Ringers #879 (The Goose) has just sold for $6.2 million, making it the 2nd highest generative art sale of all time. #SothebysGRAILS https://t.co/dKyqxGbAIZ pic.twitter.com/zkxoP21M9e
— Sotheby’s Metaverse (@Sothebysverse) June 15, 2023
The sale amount included Sotheby’s fees of around $800,000, putting the NFTs sale price at $5.4 million. Other NFTs that changed hands for a considerable amount include Fidenza #479, Chromie Squiggle #1780 and Autoglyph #218 which sold for between $330,200 and $635,000.
#AuctionUpdate: A work from the genesis collection of @artblocks_io, full spectrum Chromie Squiggle #1780 by @ArtOnBlockchain has just sold for $635,000, more than 3X the high estimate. #SothebysGRAILShttps://t.co/DJNdLLDNV3 pic.twitter.com/YwkCZTWRXc
— Sotheby’s Metaverse (@Sothebysverse) June 15, 2023
According to The Goose’s new owner, the generative artwork’s historic journey is only getting started, adding that generative NFTs are unique pieces of art since they can’t be easily reproduced.
Sothebys NFT Trading Platform in the Works
The sale comes two months after Sothby’s revealed plans to auction 3AC artworks and four months after 3AC liquidator, Teneo, disclosed an intention to sell the NFTs to raise funds. It also comes barely a month after the auction house announced a proprietary on-chain NFT marketplace focusing on secondary NFT trading.
With Sotheby’s fetching such high prices for some of the NFTs on sale, it’s a possible sign of a rising interest in NFTs.
