Sotheby’s 3AC Bankruptcy Auction Nets $11 Million In What Might Be Final Hurrah for NFTs
After the founders of a crypto firm called Three Arrows Capital purchased a coveted Dmitri Cherniak NFT for $5.8 million in August 2021, they kept a printed version of the digital artwork in their Singapore offices — behind the billiards table and slightly left of the coffee creamer. That carefree attitude appeared to have extended to the doomed hedge fund’s portfolio, as the world realized last year when Three Arrows Capital declared bankruptcy and its founders.
On Thursday evening, some 40 digital artworks were offered in the second part of Sotheby’s “Grails” sale, dedicated to works owned by 3AC. Thursday’s sale ultimately raised just under $11 million with buyers’ fees, more than double the sale’s high estimate of $4.8 million. The centerpiece of the auction was Cherniak’s prized artwork, “Ringers #879 (The Goose),” now displayed on a proper gallery wall instead of a countertop beside the Nespresso machine. The generative artwork, which seems to defy the randomized logic of its algorithm by resembling a bird, sold for $6.2 million after nearly 10 minutes of lively bidding to 6529 NFT fund, which belongs to punk6529, a frequent buyer of blue-chip NFTs who hides his identity behind a Twitter handle.
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