This week, Sotheby’s revealed they will auction off seven NFTs from the Three Arrows Capital (3AC) portfolio. Accordingly, the collectibles belong to the “grails” collection – one of the most valuable and rarest drops to date. The list includes CryptoPunks, Autoglyph, and works by Dmitri Cherniak.
This auction comes at an uncertain time for Sotheby’s Web3 journey. Recently, the auction house faced backlash for a portrait NFT collection launched earlier this spring and its lack of diversity.
Which NFTs Will Sotheby’s Auction Off in May?
The prestigious auction house Sotheby’s returns to the NFT scene with a new auction this May. This time, collectors will be able to bid for some of the rarest valuable NFTs of all time. Here’s a look at the main ones:
- CryptoPunk #6649 (with zombie traits)
- Autoglypth #187 by Larva Labs
- “The Golden Goose” by Dmitri Cherniak
- “Chromie Squiggle” #1708 by Snowfro
In addition, the auction house will offer one of Tyler Hobbs’ Fidenza NFTs, and other representative digital works of the past few years.
Three Arrows Capital previously owned all of the seven collectibles. The company, valued at over $10 billion in the past, filed for bankruptcy last July. Now, a group of Joint Liquidators aims to maximize the assets’ value as per a British Virgin Islands court order.
“We chose to partner with Sotheby’s digital art team on the sale of this expansive NFT collection because we believe that they bring a best-in-class approach that will ultimately maximize the value of these assets on behalf of all creditors,” the liquidators said.
Which Other NFTs Did the Auction House Offer This Year?
Sotheby‘s is undoubtedly among the most supportive auction houses for NFT creators and projects. This year alone, the group launched over five important NFT initiatives with top creators. One of them, for instance, was a charity auction in partnership with Unicorn DAO to support women’s reproductive rights.
Earlier this month, Sotheby’s also launched a new version of its previous NFT collection, “Glitchism,” which received criticism for its lack of diversity. The new drop titled “Glitch: Beyond Binary” also included female representations, per the community’s request.
Despite some glitches in its NFT journey, Sotheby’s will definitely remain an important part of the NFT market. After all, it was the main prestigious auction house to support digital collectibles during the NFT boom, selling over $100 million worth of NFTs in 2021 alone.
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