Sotheby’s recently concluded the sale of several rare non-fungible tokens (NFTs) from the extensive Grails collection, initially gathered by the now-bankrupt crypto hedge fund Three Arrows Capital (3AC). The auction brought in a substantial $2,482,850, which will go towards recouping some of the lost funds.
The Grails collection, formed primarily in 2021, was once part of 3AC’s asset portfolio. The Singapore-based hedge fund filed for bankruptcy in July, leading their liquidator, Teneo, to publish a notice in February announcing their intention to sell a wide range of NFTs, estimated to be worth millions. Sotheby’s showcased these notable digital artworks, branding them “some of the most significant digital artworks ever assembled.”
The auction consisted of generative art pieces, such as Tyler Hobbs’ Fidenza #725 and Dmitri Cherniak’s Ringers #375. In addition, Larva Labs-created Autoglyph #187 and CryptoPunk #1326 were included in the sale. Sotheby’s catalog description praised the collection, stating that it “showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art.”
Of the seven generative artworks on sale, more NFTs from 3AC’s collection will be released through auctions or private sales in the future. The highest-priced NFTs in Part 1 of the Grails collection were Fidenza #725, estimated at $120,000-$180,000, and Autoglyph #187, estimated at $120,000-$180,000. These items ended up selling for $1,016,000 and $571,500, respectively.
Deep NFT Value, a machine learning tool that assesses high-value NFTs based on previous sales, market conditions, and unique rarity traits for each collection, had estimated Fidenza #725 to be worth 184.4 ETH (around $335,000) and Autoglyph #187 to be worth 205.7 ETH (approximately $373,800).
Estimate values of these NFT artworks may have been intentionally low to generate anticipation and attention, as Nikolai Yakovenko, CEO of Deep Value NFT, explained: “In the case of the Ringers and Fidenzas, [Sotheby’s] are making an estimate perhaps above the operating floor price, but well below the premium they expect.”
It is important to note that the upcoming Sotheby’s sales are unrelated to Starry Night Capital’s impressive NFT portfolio, which was established by 3AC in partnership with prominent NFT collector Vincent Van Dough in August 2021. As the blockchain future unfolds and the market for NFTs gains more traction, we can only wait in anticipation to see how these future sales fare and what it means for the future of digital art assets.
Source: Coindesk
