Leading auction house Sotheby’s will host the auction of an NFT collection of ‘some of the most significant digital artworks ever assembled.’ Dubbed GRAILS, the series consists of rare, high-quality digital items that belong to the once-giant and now-defunct hedge fund Three Arrows Capital (3AC).
The Three Arrows Capital portfolio is one of the most impressive across the realm, featuring a bunch of prominent NFT artworks by renowned artists. Therefore truly notable projects will be offered for sale within the GRAILS collection on Sotheby’s. Some featured artworks include Ringers #879 (also called The Golden Goose) by Dmitri Cherniak, Zombie CryptoPunk #6649 by Larva Labs, Cube Archetype #397 by Kjetil Golid, Snowfro’s full spectrum Chromie Squiggle #1780, and many more from the world of contemporary and generative art.
The GRAILS NFT collection will be sold via different methods, including physical, virtual, and private auctions, as well as at different locations. The first sale, featuring seven handpicked artworks, will be held on May 19th during the Marquee Sale Week at the auction house’s office in New York. The remaining items will be sold throughout the rest of the year.
Sotheby’s new initiative is one more illustrative example of its adherence to the web3 community and mainly NFT artists. The auction house has reiterated its pledge to support artists by maintaining their entitlement to royalties for subsequent sales, as stated on its "GRAILS" webpage.
Although 3AC woefully failed with its risk and financial management, it had a good flair for collecting fine art as Sotheby’s Head of Digital Art and NFTs, Michael Bouhanna commended.
He said: “This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021 and was guided by the 3AC ethos of acquiring... some of the highest quality and rarest works available on the market.”
Sotheby’s permanent initiatives signal its undying efforts to bring art lovers into the immersive world of digital art. The auction house continues to provide opportunities for art enthusiasts to observe and own the innovative masterpieces that have propelled digital art to the forefront of popular culture. With the auction just around the corner, be sure to set your alarm and join in.
