Sotheby's Second 3AC NFT Sale Nets $10.9M, With 'The Goose' Alone Netting $6.2M

On Thursday, Sotheby's concluded a sale of non-fungible token (NFT) artwork seized from bankrupt crypto hedge fund Three Arrows Capital (3AC), generating over $10.9 million in sales. The auction, held in New York, featured pieces from the "Grails" collection, with a total of 37 works from generative artists such as Dmitri Cherniak, Tyler Hobbs, and Jeff Davis.

One of the highlights of the auction was Dmitri Cherniak's Ringers #879, known as "The Goose," which was estimated to sell for $2-3 million. After intense bidding, it sold for $6.2 million, making it the second-highest sale of generative art to date. The piece was originally purchased by 3AC co-founders Su Zhu and Kyle Davies in August 2021 for about 1,800 ETH, equivalent to roughly $5.8 million at the time.

The buyer of "The Goose," notable NFT investor 6529, described the artwork as holding cultural significance within the NFT community. They emphasized the unique nature of generative art, where the outputs are unpredictable and cannot be replicated exactly. The sale also included other notable works such as Tyler Hobbs' Fidenza #479 and Snowfro's Chromie Squiggle #1780, which sold for $622,300 and $635,000, respectively.

Sotheby's began the multi-part sale of NFTs from Three Arrows' collection last month. The Grails collection, regarded as containing some of the most significant digital artworks ever assembled, has garnered nearly $17 million in total sales so far. The liquidation of the collection is part of 3AC's bankruptcy proceedings, aimed at recouping funds through the sale of these valuable NFTs.

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