Sotheby’s to Sell CryptoPunk, Other NFTs Acquired by Bankrupt Three Arrows Capital

Sotheby’s auction house announced on Wednesday that it will facilitate the sale of an art collection called “Grails“It’s the source of the stock footage for the current hedge fund Three Arrows Capital (3AC) and its Starry Night Capital NFT fund.

The store has indicated that NFT operations will be offered in “Grails” through auctions, private sales, and other methods. Describing “Grails” as a “various collection,” there are NFTs from some of the most popular artists and projects on the Web3.

Among the pieces presented by Sotheby’s are Art Blocks Fidenza #216 by artist Tyler Hobbs, Ringers #879 (titled “The Golden Goose”) by artist Dmitri Cherniak , Chromie Squiggle #1780 by Art Blocks creator Erick “Snowfro” Calderon, and CryptoPunks NFT #6649 and Autoglyph #187 by Larva Labs.

The collection’s logo appears to be a riff on 3AC’s bow and arrow logo, albeit with the arrows tilted upwards and without the bow, so it closely resembles a crown.

Three Arrows Capital was a standout among the digital assets companies that failed last year, melting amid a string of high-profile bankruptcies following the investments of Terra’s LUNA and UST. Co-founded by Kyle Davies and Su Zhu, the company’s bankruptcy in Singapore continues, and $3.5 billion to the creditors.

A spokesperson from Teneo, the company that manages 3AC’s water, said Decrypt Sotheby’s “is an excellent way for the board to increase the value of these properties on behalf of all creditors.”

Although risk management may not be among the firm’s strengths, Sotheby’s Head of Digital Art and NFTs Michael Bouhanna acknowledged the defunct hedge fund for good art in a campaign.

“This large collection marks a significant moment in the rise of generative art on the blockchain in 2021,” he said, “and is guided by the 3AC ethos of discovery. […] some of the highest quality and rarest works available on the market.

Presenting the film NFTs, Sotheby’s said that it stays true to the concepts in the Web3 network. The store reiterated its commitment to artists, saying it will continue to “honor artists’ fees for second-hand sales,” on its “Grails” website.

Liquidators said earlier this year that some of the NFTs of the failed hedge fund would be sold, a process that began at the end of March. However, 3AC’s biggest fundraiser—the Starry Night Capital fund—was excluded from that process.

When the concept was opened by 3AC in August 2021, the pseudonymous NFT collector. Vincent Van Dough-who was in charge of fundraising—Ringers #879 is presented as an example of “what can be done with art.”

According to the data compiled by Dune, the NFTs still held by 3AC are worth about $2.4 million, while the NFTs transferred to Teneo are worth $20.8 million. However, it can be difficult to compare “rare” pieces from NFT collections, due to the limited supply for such goods and market conditions.

Artwork from “Grails” will be available soon, the store said. The first sale from the collection will take place in May during its “marquee sales week,” Sotheby’s said, “one of the most anticipated times of the annual auction calendar with high-profile sales of works of present and new.”

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