Sotheby’s first sale of NFTs from Three Arrows Capital’s collection raised a stunning $2.4 million, blowing away estimates
Auctions
A ‘Fidenza’ went for five times its pre-sale estimate.
At a moment when the blue-chip art auction market appears to be sobering up somewhat after years of overbilling, a sale of NFTs at Sotheby’s New York has shown that appetite for premium on-chain digital assets remains strong.
In the first of a series of sales organized by Sotheby’s to sell the hundreds of NFTs collected by bankrupt crypto hedge fund Three Arrows Capital, the auction house sold seven NFTs for more than $2.4 million.
The sale took place on 19 May as part of Sotheby’s Contemporary Art Day Auction with all seven lots far exceeding their high pre-sale estimates. The sale’s title “Grails”, which in NFT parlance refers to historical NFTs believed to have lasting value, proved true with works from Tyler Hobbs, Larva Labs, Dmitri Cherniak and 0xDEAFBEEF all maintaining high demand.
Tyler Hobbs, Fidenza #725 (2021). Courtesy of Sotheby’s.
A highlight was Tyler Hobbs Fidenza #725, one of his many generative colorful flowfields, which sold for more than $1 million, well above the $120,000-$180,000 estimate. Another was Larva Labs’ Autoglyph #187a Sol LeWitt-inspired series considered the first generative work to be minted on the blockchain, which sold for $571,500 above a pre-sale estimate of $120,000 to $180,000.
“The depth of bidding and strong results for the first group of seven works offered from the Three Arrows collection is a clear indication that the market remains active and that collectors are willing to pursue works of the highest quality,” Michael Bouhanna, Head of Sotheby’s . Digital art and NFTs, told Artnet News.
Dmitri Cherniak, Caller #194 (2021). Courtesy of Sotheby’s.
Three Arrows Capital, which was founded by Su Zhu and Kyle Davies, went bankrupt in July 2022 following the collapse of Luna and TerraUSD, two cryptocurrencies the Singapore-based hedge fund had heavily backed. Alongside its crypto activities, Three Arrows Capital sought to create an unparalleled NFT collection, in part through collaboration with renowned NFT connoisseur Vincent Van Dough.
After the collapse, the consulting firm Teneo became the fund’s liquidator and began trying to collect money. In February 2023, Teneo released an announcement with Three Arrows Capital’s NFTs that included 30 of Hobbs’ Fidenzas, 17 of Cherniak’s Ringers, and 11 CryptoPunks. In addition to the NFTs seized by Teneo, there is a separate collection – the so-called Starry Night collection – that Teneo is still trying to get its hands on.
Teneo did not immediately respond to a request for comment.
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