Sotheby’s NFT Auction Reclaims $2.4M from 3AC

During a grand event, a recent Sotheby’s NFT auction obtained a whopping $2,482,850, selling several rare assets from the defunct cryptocurrency hedge fund, Three Arrows Capital (3AC) — recovering a significant portion of funds lost in the bankruptcy.

Sotheby’s auction initiated the sale of high-value NFTs from the iconic Grails collection. These collectibles were initially acquired as a significant part of 3AC’s digital asset portfolio during the peak of non-fungible tokens in 2021. However, they did not prevent the Singapore-based hedge fund from unveiling its debt default in July of the same year.

Sotheby’s 3AC NFT Auction

The liquidator behind 3AC, Teneo, publicly announced plans to auction a vast amount of its NFTs in February, valuing the pieces to hit more than six figures as a result of containing “some of the most crucial digital art pieces ever created”: Tyler Hobbs’ Fidenza #725, Dmitri Cherniak’s Ringers #375, Larva Labs’ Autoglyph #187, CryptoPunk #1326, among others.

“This meticulously selected collection showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art,” commented Sotheby’s in its catalog description.

Several generative art pieces were auctioned at the renowned international auction house. The most significant collectibles were Fidenza #725 and Autoglyph #187, selling for a whopping $1,016,000 and $571,500 — despite being valued at $335,000 and $373,800 by Deep NFT Value.

#AuctionUpdate: Impressive in its striking rhythm and movement, Tyler Hobb’s ‘Fidenza #725’ has just sold for $1,016,000, almost 5 times the high estimate. #SothebysGRAILShttps://t.co/6cWWdxm6H8 pic.twitter.com/XfFWge2fbd

— Sotheby’s Metaverse (@Sothebysverse) May 19, 2023

More of 3AC’s NFTs are set to be unveiled throughout future auction phases and private sales. Interestingly, they will not feature the Starry Night Capital NFT portfolio, jointly established by 3AC and the iconic NFT collector Vincent Van Dough prior to the financial collapse. 

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