Significant Sales of Over $2.5M Recorded by Sotheby’s Metaverse in 3AC Auctions

And Some Exciting Upcoming Auction Lots…

Kaloh

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Originally published at https://www.kaloh.xyz on May 24, 2023.

Sotheby’s Metaverse division has successfully generated over $2.5 million in sales through its 3AC auctions, and there are more exciting pieces set to go on auction in the near future. Notably, Three Arrows Capital (3AC), a hedge fund founded by Kyle Davies and Su Zhu, experienced a collapse and filed for bankruptcy in June 2022 after borrowing billions of dollars for its operations.

The firm had invested in various protocols and blockchains, including Solana, Luna, Ethereum, Polkadot, and Aave. According to recent reports, 3AC is facing an astounding $3.5 billion in creditor claims.

Autoglyph #187 by Larva Labs sold for $571,000 (estimated at 120,000–180,000 USD).
Autoglyph #187 by Larva Labs sold for $571,000 (estimated at 120,000–180,000 USD).

Interestingly, Davies and Zhu had a keen interest in art, as evidenced by their impressive digital art collection. Teneo, the company tasked with liquidating the collection to repay a portion of the debt, has released a list of noteworthy artworks.

The collection comprises iconic digital art pieces, such as Archetype by Kjetil Golid (13), Apparitions by Aaron Penne (20), Autoglyphs (3), CENTURY by Casey REAS (4), Chromie Squiggle by Snowfro (2), CryptoPunks (11), Deafbeef (3), Crypto Citizen (1), Elementals by Michael Connolly (3), Elevated Deconstructions by luxpris (4), Endless Nameless by Rafaël Rozendaal (5), Fidenza by Tyler Hobbs (30), Genesis by DCA (2), Ringers by Dmitri Cherniak (17), Subscapes by Matt DesLauriers (7), and Alpha Centauri Kid 1/1s (3).

Sotheby’s Metaverse has obtained possession of these remarkable collections and is conducting auctions for these artworks on different dates, both publicly and privately. They have dubbed these pieces “GRAILS,” which should not be confused with PROOF Grails.

Ringers #194 by Dmitri Cherniak sold for $152,400 (estimated at 50,000–70,000 USD).
Ringers #194 by Dmitri Cherniak sold for $152,400 (estimated at 50,000–70,000 USD).

During the initial auction last week, the artworks exceeded the anticipated prices determined by Sotheby’s analysts. As mentioned in the weekly digest, Fidenza #725 by Tyler Hobbs sold for over $1 million, while Autoglyph #187 by Larva Labs fetched over…

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