On Wednesday, Sotheby’s, one of the world’s largest brokers of art and decorative objects, announced plans to auction a number of non-financial token (NFT) formerly owned by the now defunct crypto hedge fund Three Arrows Capital (3AC) announced plans to auction off the assets. The auction, called the “Grails” NFT collection, will be held during Marquee Sale Week at the firm’s New York location.
Sotheby’s Announces “Grails” NFT Collection
Last July, crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy protection and Teneo took over as the company’s liquidator; in February, Teneo announced its intention to sell the now bankrupt company’s significant collection of non-fossil tokens (NFT) Sotheby’s, a luxury auction house founded in 1744, plans to auction some of 3AC’s fine NFTs under the name “The Grails Collection“.”
On Wednesday, Sotheby’stweetedabout the auction, which is scheduled to begin on May 19, 2023. The auction house’s Metaverse division Twitter account noted that the collection was curated primarily by 3AC in 2021. One of the NFTs to be auctioned is Dmitri Cherniak’s “Ringers #879,” also known as “Golden Goose.” The collection will include Autoglyphs, Cryptopunk #6,649, Tyler Hobbs’ small-scale Fidenza #725, and Snowfro’s full spectrum Chromie Squiggle #1,780.
Sotheby’s said the collection will be sold at various live and online auctions and private sales throughout the year. The company said,on Wednesday,” Seven selected works from the collection will be auctioned for the first time at Sotheby’s Marquee Sale Week in New York City this May.” The week will be one of the most anticipated moments in the annual auction calendar, with contemporary and modern art sales receiving the most attention.
Sotheby’s first entry into the NFT market was in the fall of 2020 after aproposalby an employee in the company’s contemporary art department. According to aForbes article, the NFT was the driving force behind the auction house’s record sales in 2021. Michael Buhanna, head of Sotheby’s Digital Art and the NFT, said the emergence of the Grails collection is “an important opportunity for collectors to honor pioneering generative artists.”
“This vast collection represents a pivotal moment in the rise of generative art on the blockchain in 2021 and builds on 3AC’s philosophy of acquiring some of the highest quality and rarest works available on the market,” added Buhanna. ” Since that defining moment when digital art and NFT became a genuine pop culture phenomenon, generative art has continued to attract attention from a growing audience, including major international institutions.”
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