The Collection Of NFTs From The Bankrupt Hedge Fund 3AC Is Set To Be Auctioned By Sotheby's
In a court filing made in February, 3AC's liquidators stated their plan to sell the NFTs.
Because Bitcoin
April 19, 2023
The Block reported that Sotheby's has announced that it will conduct an auction of blue-chip NFTs from Three Arrows Capital, a now-defunct crypto hedge fund. The "Grails" collection, which includes highly sought-after works such as CryptoPunk #6649, Ringers #879, and Fidenza #216, will be sold in a multi-part sales series starting in May and continuing throughout the year.
Sotheby's head of digital art and NFTs, Michael Bouhanna, emphasized that the collection's acquisition was guided by a commitment to obtaining the rarest and highest-quality works available in the market, making it an important moment in the rise of generative art on the blockchain in 2021. The collection's history is infamous due to its previous owner's sudden bankruptcy after creditors had loaned the hedge fund billions of dollars, leading to its seizure as part of a lengthy legal process.
At the height of its success, Three Arrows Capital spent a significant amount on NFTs, including the purchase of Ringers #879, also known as The Golden Goose, for 1,800 ETH, which was worth approximately $5.6 million at the time of acquisition. Co-founder Su Zhu tweeted about it back then:
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