2 mins readThe May 19th Sotheby’s auction ended its sale of some NFTs (non-fungible tokens) apprehended from the expansive collection of 3AC (Three Arrows Capital), amassing a whopping $2,482,850 to recover a part of the lost funds.
Sotheby’s launched its multi-part sale that features NFTs from the Grails collection, which was formed as a part of the asset portfolio of 3AC mainly in 2021. Based in Singapore, the hedge fund filed for bankruptcy back in July.
NFTs from Sotheby's Grails Part 1. L: Autoglyph #187, R: Fidenza #725
The liquidator of 3AC, Teneo, released a notice in February that outlined its plan to sell a massive list of NFTs with an estimated worth amounting to millions.
The auction house refers to the Grails collection’s contents as among the most important digital works of art that were ever made. The NFTs that were part of the round’s auction block included some generative art pieces, such as the Ringers #375 of Dmitri Cherniak and the Fidenza #725 of Tyler Hobbs. CryptoPunk #1326 and Autoglyph #187 which were both developed by Larva Labs are also part of the sale.
Dmitri Cherniak, Ringers #194 (2021). Courtesy of Sotheby’s
The catalog description of Sotheby’s stated that the meticulously chosen collection presents the works of four of the premier artists who are going beyond the boundaries of modern-day algorithmic art.
There were a total of seven generative artworks available on offer. The rest of the NFTs from the collection of 3AC are going to be released through private sales or auctions in chapters in the near future.
The Fidenza #725 is the highest-priced NFT from the Grail’s collection Part 1, which was projected to sell for $120,000 to $180,000. Meanwhile, Autoglyph #187 has an estimated price of $120,000 to $180,000. These two NFTs sold off for $1,016,000 and $571,500 respectively.
Estimating the Value of NFTs
The machine-learning tool Deep NFT Value evaluates high-value NFTs by exploring the current conditions of the market, the earlier sales of the digital assets, as well as the unique rarity traits of every collection.
They estimated that the value of the Fidenza #725 was approximately $335,000 or 184.4 ETH. The other ticket item with the highest value, Autoglyph #187, has an estimated worth of about $373,800 or 205.7 ETH.
Deep Value NFT CEO Nikolai Yakovenko stated that his understanding is that these estimates are intended to be on the lower end for them to get beaten. As for the Fidenzas and Ringers, Sotheby’s auction house is reaching an estimate probably higher than the operating floor price while still lower than the expected premium.
The upcoming sales of Sotheby’s are not connected to the jaw-dropping NFT portfolio of Starry Night Capital that 3AC has set up back in August 2021 hand in hand with Vincent Van Dough, the acclaimed NFT collector.
