Renowned auction house Sotheby’s recently revealed plans for its “Grails” collection. The collectibles comprise digital artworks from the now-defunct hedge fund Three Arrows Capital (3AC) and its Starry Night Capital NFT-focused fund. Therefore, showcases CryptoPunks and Art Blocks non-fungible tokens (NFTs).
Quick Takes:
- Sotheby’s unveils “Grails” NFT collection, featuring rare digital artworks from the now-defunct hedge fund 3AC and its NFT-focused fund Starry Night Capital. Auctions are due to roll out in May.
- The collection includes renowned NFTs: CryptoPunk #6649, Autoglyph #187, Fidenza #216, Ringers #879, and Chromie Squiggle #1780.
- Sotheby’s is honoring creators’ royalties for secondary sales. Moreover, the auction house will offer these unique assets through auctions, private sales, and other channels.
Sotheby’s to Highlight More Esteemed NFTs
Sotheby’s “Grails” NFTs will be available through auctions, private sales, and other channels starting in May. The first auction from the collection will take place during its “Marquee Sale Week”.
Dubbed an “unmatched collection”, the project features NFTs from some of the esteemed artists in the space. The unique assets spotlighted by Sotheby’s include Larva Labs’ CryptoPunk #6649 and Autoglyph #187. Furthermore, it will represent artworks from the famous Art Blocks collection: Fidenza #216 by Tyler Hobbs; Ringers #879 (“The Golden Goose”) by Dmitri Cherniak; and Chromie Squiggle #1780 by Erick “Snowfro” Calderon.
The renowned auction house announced the exciting news on Twitter yesterday:
The collection’s symbol is a variation of 3AC’s bow-and-arrow logo, with the arrows angled upward and the bow removed, creating a design more akin to a crown.
Sotheby’s is also sticking to the principles of Web3. The auction house announced it fully supports artists by honoring creators’ royalties for secondary sales on its Grails webpage.
Insights on Three Arrows Capital’s Assets
3AC was a prominent NFT firm that met its demise last year after being caught in a series of high-profile bankruptcies over the collapse of Terra’s LUNA and UST.
Following the ongoing bankruptcy of the Singapore-based firm, the founders’ Kyle Davies and Su Zhi have been left in around $3.5 billion worth of debt.
According to data compiled by Dune, 3AC’s initial digital assets amount to around $2.4 million. What’s more, the NFTs transferred to Teneo are worth $20.8 million. However, it’s important to note that determining the true value of NFTs from all prestigious collections is a challenge. Such assets often have limited liquidity, therefore, can be difficult to sell or exchange quickly. Additionally, the NFT market is known to be volatile — prices frequently fluctuate, which makes it tricky to accurately assess the value of such assets.
Regardless, 3AC’s high-profile taste in fine art is no stranger to the NFT world — despite risk management not being the hedge fund’s forte.
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