Famous auction house Sotheby’s has concluded the second sale of GRAILS NFTs seized from the insolvent crypto hedge fund Three Arrows Capital (3AC) on a good note. The just-concluded sales saw a total influx of nearly $11 million.
A standout piece from the auction was "The Goose," a seminal generative artwork created by artist Dmitri Cherniak, also known as Ringers #879. Initially estimated to fetch between $2-3 million, "The Goose" surpassed all expectations by selling for an astounding $6.2 million. This remarkable sale secured its position as the second-highest generative art sale ever recorded. NFT investor Punk6529, who bought the piece, declared the willingness to go higher in the bid.
Recall that 3AC co-founders Su Zhu and Kyle Davies purchased the artwork in August 2021 for about 1,800 ETH (worth approximately $5.8 million). Commenting on the significance of The Goose to the generative art movement, Punk6529 said:
“On-chain long form generative art is an act of faith by the artist and the minter. Once the algorithm is committed to the blockchain, nobody knows what outputs it will produce. The Goose represents this more clearly than any generative NFT. [. . .] The Goose has had a historic journey so far through key moments in NFT history and I suspect its journey has just begun.”
Other art pieces that Sotheby’s auctioned included Fidenza #479 by Tyler Hobbs, which sold for $622,300. Larva Labs’ Autoglyph #218 and Kjetil Golid’s Archetype #397 sold for $330,200 each.
During the first sale of the GRAILS NFTs, the auction house gained over $2.4 million. Before the auction date for the second sale of the collection, Sotheby’s expected to raise around $5 million. However, most of the art pieces sold for a higher price than their previously estimated amounts. This showcases collectors’ high taste for generative art pieces.
The outstanding sales and enthusiastic reception of the GRAILS NFTs underline the continued growth and appreciation of generative art as a captivating and valuable form of artistic expression in the digital realm.