Sotheby’s Gets Its Hands on Three Arrows Capital’s Valuable NFT Art Collection
Sotheby’s, the legendary art auction house, is getting ready to sell a collection of NFTs called “Grails,” which was seized from bankrupt hedge fund Three Arrows Capital. This collection includes digital artwork from some of the most famous and valuable projects in the Web3 space, and Sotheby’s is planning to sell them through auctions, private sales, and other methods.
Some of the NFTs featured in the “Grails” collection are Art Blocks Fidenza #216, Ringers #879 (also known as “The Golden Goose”), Chromie Squiggle #1780, and CryptoPunks NFT #6649 and Autoglyph #187. These pieces are from well-known generative artists and founders of Web3 projects.
Three Arrows Capital was a digital asset firm that went bankrupt last year and owes $3.5 billion to creditors. Sotheby’s praised the defunct hedge fund’s eye for fine art, and said that “Grails” is an important moment in the rise of generative art on the blockchain in 2021.
The NFTs still held by Three Arrows Capital are worth around $2.4 million, while the ones transferred to Teneo are worth $20.8 million. Sotheby’s will honor creators’ royalties for secondary sales, as they remain committed to artists and the Web3 space.
The auction house plans to auction off “Grails” in May during its “marquee sale week,” which is one of the most anticipated moments of the annual auction calendar with high-profile sales of contemporary and modern art. Stay tuned to see which NFTs will be up for grabs!
Clever Robot News Desk 20th April 2023