Auction of 3AC’s GRAILS Collection: Sotheby’s Breaks Records in the NFT Market

Sotheby’s, the leading auction house in the NFT market, achieves another success with the GRAILS collection from 3AC, raising around $11 million.

Sotheby’s Metaverse, the official platform of the auction house Sotheby’s, which is used to auction selected rare non-fungible tokens (NFTs) and digital art, continues its streak of success. Recently, it confirmed an extraordinary fundraising for the project by “Three Arrows Capital” known as 3AC, the bankrupt company based in Singapore.

The collection was named GRAILS, and on June 15th, the auction took place, featuring a highlight with the sale of “Ringers #879” (The Goose) NFT by Dmitri Cherniak. The non-fungible token was sold for an impressive amount of $5.4 million. This sale marked the second-highest price ever achieved for a generative artwork.

Additionally, other digital artworks in NFT format were also auctioned during the event. For example, the Chromie Squiggle #1780 by Art Blocks sold for an astonishing $635,000, more than triple its initial estimated value.

Moreover, the Archetype #397 by Kjetil Golid was also auctioned during the event and sold for approximately $330,000. Another NFT artwork that was sold was the Fidenza #216 by Tyler Hobbs, which went for over $600,000.

With several more sales, the total amount generated by this successful auction reached just under $11 million. It’s worth noting that a previous auction by Sotheby’s, called “Grails: Part I,” reported sales of nearly $2.5 million.

Three Arrows Capital (3AC) made headlines in 2022 when the British Virgin Islands court ordered the liquidation of the investment fund on June 27th of last year. Subsequently, it declared bankruptcy, and as part of the liquidation process, the global advisory firm Teneo announced plans in February to auction a significant collection of NFTs.

Then, the partnership and alliance with Sotheby’s, the leading auction house in the NFT market, came into play, assuming the task of selling the GRAILS NFT collection in April.

This project, which now has two parts, represents a collection of the most iconic generative digital artwork in NFT format to date. These artworks are created by the most renowned artists in the NFT industry.

Anticipated Sale and Exceeded Expectations

Anticipated Sale and Exceeded Expectations Before the second part of this auction took place, Sotheby’s estimated that “The Goose” would reach a final value between $2 and $3 million, considering the cooling of the NFT market.

However, the final auction price for “The Goose” reached $5.4 million, with a final value of $6,215,100, including all fees. As a result, this not only exceeded the initial estimate but also surpassed the sale price in 2021, showcasing the coveted and highly valued artwork.

Rumors suggest that the prominent pseudonymous NFT art collector, Punk6529, was the buyer of the most expensive artwork auctioned in this project.

On the other hand, Sotheby’s Metaverse was established in 2021 and has since served as an exclusive online hub for rare non-fungible tokens (NFTs). The renowned British auction house has hosted notable art auctions in NFT format.

One event worth mentioning took place in August 2022 when Sotheby’s partnered with Tiffany Dubin to announce the unique fusion of physical and digital art in the auction titled “Art as Jewelry as Art.”

Written by Rodrigo Catalán (TW: @RodrigoCatalanB) for NFT Express.