Sotheby's has successfully concluded the sale of a selection of rare non-fungible tokens (NFTs) confiscated from the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) extensive collection, generating $2,482,850 to recoup some of the lost funds. The auction house initiated a multi-part sale featuring NFTs from the Grails collection, which was initially acquired as part of 3AC's asset portfolio in 2021. The Singapore-based hedge fund filed for bankruptcy in July. In February, Teneo, 3AC's liquidator, announced its intention to sell a wide range of NFTs estimated to be worth millions. Sotheby's describes the contents of the Grails collection as "one of the most significant compilations of digital artworks ever assembled." The recently auctioned NFTs included notable pieces such as Tyler Hobbs' Fidenza #725 and Dmitri Cherniak's Ringers #375, both of which are generative art creations. Additionally, the sale encompassed Larva Labs' Autoglyph #187 and CryptoPunk #1326. Sotheby's catalog description emphasizes that this carefully curated collection features the works of four prominent artists who are pushing the boundaries of contemporary algorithmic art. A total of seven generative artworks were offered for sale, and future chapters will unveil more NFTs from 3AC's collection through auctions or private sales. Notably, the highest-priced NFTs from Part 1 of the Grails collection were Fidenza #725 and Autoglyph #187, estimated to be valued between $120,000 and $180,000 each. However, they were sold for $1,016,000 and $571,500 respectively.
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