Home Interior Design Sotheby’s first sale of NFT from Three Arrows Capital’s collection brought in $2.4 million, wiping out estimates

Sotheby’s first sale of NFT from Three Arrows Capital’s collection brought in $2.4 million, wiping out estimates

by godlove4241
0 comment

At a time when the prime art auction market seems to be sober up Somewhat after years of beating estimates, an NFT sale at Sotheby’s New York showed that the appetite for high-end, 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 a bankrupt crypto hedge fund Capital of the Three Arrowsthe auction house sold seven NFTs for over $2.4 million.

The sale took place on May 19 as part of Sotheby’s Contemporary Art Day Auction all seven lots far exceeding their high pre-sale estimates. The title of the sale “grails‘, which in NFT verbiage refers to historical NFTs believed to have lasting value, has been proven true with work by Tyler Hobbs, Larva Labs, Dmitri Cherniak and 0xDEAFBEEF, all now a strong asked.

Tyler Hobbs, Fidenza #725 (2021).  Courtesy of Sotheby's.

Tyler Hobbs, #725 (2021). Courtesy of Sotheby’s.

One of the highlights was that of Tyler Hobbs #725, one of his many generative colored flow fields, which sold for over $1 million, well above its estimate of $120,000 to $180,000. Another was Larva Labs Autoglyph #187a Sol LeWitt-inspired series that is considered the first generative work to be minted on the blockchain, which sold for $571,500 off a pre-sale estimate of $120,000-180,000.

“The depth of bidding and the strong results for the first group of seven works in the Three Arrows collection clearly indicate that the market remains active and that collectors are willing to seek out the highest quality works,” said Michael Bouhanna, responsible for Sotheby’s. Digital art and NFT, told Artnet News.

Dmitri Cherniak, Ringtones #194 (2021). Courtesy of Sotheby’s.

Capital of the Three Arrows, which was founded by Su Zhu and Kyle Davies, went bankrupt in July 2022 following the collapse of Luna and TerraUSD, two cryptocurrencies that the Singapore-based hedge fund had been heavily backing. Alongside its crypto business, Three Arrows Capital was striving to create an unparalleled NFT collection in part through collaboration with a renowned NFT connoisseur Vincent Van Dough.

After its collapse, consulting firm Teneo became the liquidator of the fund and set about trying to recover the money. In February 2023, Teneo published a notice listing Three Arrows Capital NFTs which included 30 Hobbs Fidenzas, 17 Cherniak Ringers and 11 CryptoPunks. In addition to the NFTs seized by Teneo, there is a separate collection – the so-called Starry Night Collection – which Teneo is still trying to obtain.

Teneo did not immediately respond to a request for comment.

More trending stories:

A Philadelphia man has paid $6,000 for cracked church windows he saw on Facebook. Turns out they’re Tiffany’s and they’re worth half a mil’

Mona Lisa’s other secret – where the portrait was painted – may have been solved by an art historian using drone footage

A Dutch museum hosted a rare family reunion for the artistic Brueghel dynasty – and the Brueghel women are invited to the party

Smithsonian National Museum of African Art director resigns after less than two years, citing ‘resistance and backlash’

‘We’re not all Ikea-loving minimalists’: Historian and author Michael Diaz-Griffith on the resurgence of young antique collectors

First auction of late billionaire Heidi Horten’s controversial jewelry is a huge success, raising $156 million

An Airbnb host got more than he bargained for with a guest’s quirky art swap – and the mystery has gone viral on TikTok

Not patriarchal art history, but art history: Judy Chicago explains why she dedicated her new show to 80 female artists who inspired her

An artist asked ChatGPT how to create a popular Memecoin. The result is “TurboToad”, and people are betting millions of dollars on it

An elderly man spray-painted a painting by Miriam Cahn in a Paris museum after right-wing censorship attempts failed

The Netflix series ‘Transatlantic’ dramatizes the effort to evacuate artists from France during World War II. Here’s what really happened in real life

Follow Artnet News on Facebook:

Want to stay one step ahead of the art world? Subscribe to our newsletter to receive breaking news, revealing interviews and incisive reviews that move the conversation forward.

You may also like

Leave a Comment

@2022 – All Right Reserved. Designed and Developed by artworlddaily

kanpur ki sexy video pornojo.mobi india open sex gonzo xxx japanese sex ruperttube.net xnxx hot telugu !لقطات ساخنة realarabianporn.com طياز مراتي dragon ball z hentail hentaipod.net shoto todoroki hentai metal owl hentai hentai-site.net marth hentai
مشهدة افلام سكس filmstreamingporno.com سكس اغتصاب فى الغابه telugusex kadhalu asianporntrends.com masti gudi indian webcam mms fucktube24.com real hot porn videos قصص امهات محارم esarabe.com نيك تلميذة مصرية shinoa hiragi hentai hentai-naruto.org to aru pantsu no railgun
مقاطع سكس ورعان pornohaba.mobi نيك فى porn moovi dordoz.com odia giha محجبات ساخنة arabicaporn.com افلام سكس كامله طويله kolkata girl sex tubepatrol.xxx sex vedeo watch indian porn empire pakistaniporns.com musalmani sex