Wednesday, Sotheby’s announced that it will sell NFT artwork confiscated from the insolvent hedge fund Three Arrows Capital.
Sotheby’s is getting ready to sell a large collection of non-fungible tokens (NFT) that were taken from the crypto hedge fund Three Arrows Capital (3AC) after it went bankrupt.
The liquidator of 3AC, Teneo, put out a notice in February saying that it planned to sell a long list of NFTs believed to be worth millions to make up for some of its losses. In July, the hedge fund in Singapore filed for bankruptcy.
Sotheby’s announced in a press release on Wednesday that it will host a multi-part sale of NFTs from the Grails collection, which was established as part of 3AC’s asset portfolio primarily in 2021. Sotheby’s identifies the Grails collection’s contents as “some of the most significant digital artworks ever assembled.”
“This unparalleled collection will be released in chapters across various sales formats ranging from private sales to auctions and will occur across multiple locations globally, each one highlighting some of the most coveted and top grails,” Sotheby’s wrote in its description of the collection.
Rare pieces of generative art like Dmitri Cherniak’s Ringers #879, Snowfro’s Chromie Squiggle #1780, Tyler Hobbs’ Fidenza #216, Larva Labs’ Zombie CryptoPunk #6649, and Autoglyph #187 are some of the most interesting parts of the impressive collection. The first sales from the collection will happen in May in New York during Sotheby’s biggest sale week.
“Collections are often representative of the time and the place from which they were formed, telling a unique story through their artworks,” said Michael Bouhanna, Sotheby’s head of digital art and NFTs. “This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and was guided by the 3AC ethos of acquiring some of the highest quality and rarest works available on the market.”
Starry Night Capital has an excellent NFT portfolio that has nothing to do with the upcoming Sotheby’s sales. In August 2021, 3AC and well-known NFT owner Vincent Van Dough set up the Starry Night fund.
Teneo’s February statement says that the NFTs in that collection were moved to a Gnosis Safe in October and that they are “presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.”
Content Source: coindesk.com