Sotheby’s on Friday concluded its sale of several rare non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC) expansive collection, bringing in $2,482,850 to recoup some of the lost funds.
The auction house launched its multi-part sale featuring NFTs from the Grails connection, formed as part of 3AC’s asset portfolio primarily in 2021. The Singapore-based hedge fund filed for bankruptcy in July.
Teneo, 3AC’s liquidator, published a notice in February outlining its intent to sell an expansive list of NFTs estimated to be worth millions.
Sotheby’s refers to the contents of the Grails collection as “some of the most significant digital artworks ever assembled.” NFTs that were on the auction block this round included generative art pieces, like Tyler Hobbs’ Fidenza #725 and Dmitri Cherniak’s Ringers #375. Larva Labs-created Autoglyph #187 and CryptoPunk #1326 are also included in the sale.
“This meticulously selected collection showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art,” Sotheby’s writes in its catalog description.
In total, there were seven generative artworks on offer. More NFTs from 3AC’s collection will be released in chapters through auctions or private sales in the future.
The highest-priced NFTs from Part 1 of the Grails collection are Fidenza #725, which was estimated to sell for $120,000-$180,000 and Autoglyph #187, which was estimated at $120,000 to $180,000. The NFTs sold for $1,016,000 and $571,500 respectively.