The renowned auction house Sotheby's is gearing up for a second auction of NFTs seized from bankrupt crypto hedge fund Three Arrows Capital (3AC). The upcoming sale, set to take place in New York, will feature 37 NFTs from the "GRAILS" collection, including works by notable generative artists like Dmitri Cherniak, Tyler Hobbs, and Jeff Davis.
This highly anticipated auction is expected to be the largest-ever live auction of digital art, with an estimated value exceeding $5 million. Sotheby's aims to showcase the innovative and boundary-pushing nature of generative art in this sale, curating a collection that highlights the algorithm-based art movement and its influential artists.
One of the highlights of the auction is Cherniak's Ringers #879, widely known as "The Goose." This seminal generative artwork, resembling a goose, was originally purchased by 3AC co-founders Su Zhu and Kyle Davies in August 2021 for approximately $5.8 million worth of ETH at the time. Sotheby's considers this piece to be one of the most significant works from the generative art movement, given its unique variation and the way it encapsulates the possibilities of algorithmic art.
Another notable artwork available for purchase is Hobbs' Fidenza #216, a vibrant and captivating piece that previously sold for around $1 million. The sale will offer a diverse selection of works from emerging and established artists who have made significant contributions to the digital art landscape.
The upcoming auction follows Sotheby's successful first NFT sale of GRAILS artworks earlier this month, which garnered over $2.4 million. Additionally, a separate private sale of GRAILS pieces recently concluded, generating a combined total of over $3 million. So far, the liquidation of the GRAILS collection has brought in more than $6 million, demonstrating the continued interest and value in the NFT market.
By presenting these high-value generative NFTs to a global audience, Sotheby's reinforces its commitment to showcasing digital art and recognizing the groundbreaking contributions of artists in the Web3 space. The auction represents an important milestone in the convergence of traditional art institutions and the digital art movement.
