As the popularity and demand for non-fungible tokens (NFTs) continue to gain traction, the prestigious auction house Sotheby’s is gearing up for its largest-ever live auction of digital art, featuring NFTs seized from the bankrupt crypto hedge fund Three Arrows Capital (3AC). Scheduled for June 15 in New York, the second sale of 3AC collectibles from the “Grails” collection will showcase 37 works from renowned generative artists such as Dmitri Cherniak, Tyler Hobbs, Jeff Davis, and more.
By highlighting generative art, Sotheby’s aims to spotlight the wider community of artists pushing the boundaries of algorithm-based creations. However, the upcoming auction has raised a contrasting perspective on whether generative art can truly be curated and appreciated as unique, given its nature of being created by algorithms.
Among the high-value NFTs to be auctioned off is Cherniak’s Ringers #879, known as “The Goose” for its striking resemblance to the bird. The Goose was purchased by 3AC co-founders Su Zhu and Kyle Davies in August 2021 for approximately 1,800 ETH, equivalent to roughly $5.8 million at that time.
Sotheby’s Head of Digital Art and NFTs, Michael Bouhanna, describes The Goose as a major highlight of Cherniak’s portfolio and “one of the most significant works from the generative art movement.” Its appeal lies in the unique variation caused by the randomness of its generation, which challenges the notion that algorithmic art cannot produce truly unique pieces.
Another notable NFT to be auctioned is Hobbs’ Fidenza #216, a colorful, swirling piece that last sold for 320 ETH (about $1 million) in 2021. This follows a successful initial NFT sale earlier this month, which fetched over $2.4 million, including another Hobbs’ Fidenza that sold for over $1 million, significantly surpassing its estimated sale price.
As generative art receives increased attention and demand, skeptics may argue whether the perceived uniqueness and value of these algorithmically-created works are justified. Furthermore, given the volatile nature of the cryptocurrency world and the high-profile liquidations like 3AC’s, new collectors and investors should exercise caution when approaching this rapidly growing market dominated by soaring price tags.
Nonetheless, Sotheby’s determination to propel generative art into the spotlight through this unprecedented live auction indicates that the interest in NFTs and algorithm-based artistry is far from fading. With more than $6 million accumulated so far from the Grails collection sales, the upcoming auction will be a testament to
Source: Coindesk
