- Sotheby’s has revealed plans to auction rare artworks seized from Three Arrows Capital
- The auction house said some of the NFTs in the 3AC collection are the top grail of digital artworks
- 3AC liquidator Teneo disclosed that they chose Sotheby’s because they believe the auction house’s reputation will help attract the best prices for the NFTs
Sotheby’s has revealed plans to auction rare artworks seized from bankrupt hedge fund Three Arrows Capital (3AC). 3AC liquidator Teneo disclosed that they chose to conduct the sale through Sotheby’s because the auction house’s reputation will help attract the best prices for the digital artworks which Sotheby’s said includes the top grail of NFTs. The auction comes roughly two months after Sotheby’s announced the auction of NFTs tied to the Snow Crash manuscript.
Auctioned NFTs Will Reshape Collectors’ Views
Sotheby’s move to auction 3AC’s Grail NFT collection comes two months after Teneo disclosed plans to liquidate the NFT stash. Announcing the plans in February, Teneo revealed that collectibles marked for liquidation don’t include those held by 3AC’s subsidiary Starry Night Capital.
According to Sotheby’s, the NFTs’ sale will be done in phases and “occur across multiple locations globally,” adding that the collectibles up for sale are likely to reshape a collector’s view of virtual art. Some of the NFTs in the collection include Autoglyphs, a Zombie CryptoPunk and a Chromie Squiggle with the inaugural sale scheduled for next month.
Sotheby’s NFT lead Michael Bouhanna disclosed that the collection features “the very best of” generative artworks created in 2021, adding that generative collectibles continue to pique collectors’ interest.
Jeremy Cowart Doesn’t Like Generative Artworks
The rise of generative NFTs has seen the participation of major players in the NFT scene such as Yuga Labs who released a generative Bitcoin NFT collection. However, photographer Jeremy Cowart has announced a live NFT mint event as part of a move to rekindle the focus on human-created artworks.
With previous Sotheby’s NFT auctions attracting millions of dollars, the auction of 3AC’s Grail collection is also likely to attract deep-pocketed collectors.
