Sotheby’s will hold auctions for the collection non-fungible tokens of the bankrupt hedge fund Three Arrows Capital (3AC).
One of the most significant collections of digital art ever assembled is coming to auction at Sotheby’s across a series of multiple sales throughout 2023.
It all starts 19 May during the Marquee Sale Week at Sotheby’s New York. https://t.co/SrjdtubD3W #SothebysGRAILS pic.twitter.com/AoXRNAbUq7
— Sotheby’s Metaverse (@Sothebysverse) April 19, 2023
A multi-part sale series will kick off in May and run through the year.
\n\n\n\n
The Grails collection previously belonging to 3AC includes: CryptoPunk #6649 in zombie style, Ringers #879 by Dmitry Chernyak and Fidenza #216 by Tyler Hobbs.
\n\n\n\n
\n\n\n\n
“This expansive collection marks an important milestone in the growth of generative art on the blockchain in 2021 and is based on the idea of acquiring the highest-quality and rarest works available on the market,” said Michael Buchanan, head of Sothe’s.
\n\n\n\n
At the height of its activity, 3AC spent substantial sums on collectible tokens. The hedge fund purchased Ringers #879, known as the “Golden Goose,” for 1800 ETH — $5.6 million at the time of the deal.
\n\n\n\n
Earlier, the 3AC liquidator, consulting firm Teneo, had already reported plans to sell the collection of the bankrupt entity. Zerion valued the tokens at $6.4 million based on base prices.
\n\n\n\n
In June 2022, a Virgin Islands court ordered the liquidation of 3AC. In July the company filed in the US for bankruptcy protection.
\n\n\n\n
As reported in April 2023, co-founders Su Zhu and Kyle Davies launched the cryptocurrency exchange OPNX.
\n