22/05/2023 Sotheby's Auctions Part of 3AC's Rare NFT Collection, Bringing In $2.4 Million

The highest-priced NFTs from Part 1 of the Grails collection are Fidenza #725 and Autoglyph #187.

Sotheby's on Friday concluded its sale of several rare non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC) expansive collection, bringing in $2,482,850 to recoup some of the lost funds.

The auction house launched its multi-part sale featuring NFTs from theGrails collection, formed as part of 3AC's asset portfolio primarily in 2021. The Singapore-based hedge fundfiled for bankruptcy in July.

Teneo, 3AC's liquidator,published a noticein February outlining its intent to sell anexpansive list of NFTsestimated to be worth millions.

Sotheby's refers to the contents of the Grails collection as "some of the most significant digital artworks ever assembled." NFTs that were on the auction block this round included generative art pieces, likeTyler Hobbs’Fidenza #725and Dmitri Cherniak’sRingers #375. Larva Labs-createdAutoglyph #187and CryptoPunk#1326are also included in the sale.

"This meticulously selected collection showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art," Sotheby'swrites in its catalog description.

In total, there were seven generative artworks on offer. More NFTs from 3AC's collection will be released in chapters through auctions or private sales in the future.

The highest-priced NFTs from Part 1 of the Grails collection are Fidenza #725, which was estimated to sell for $120,000-$180,000 and Autoglyph #187, which was estimated at $120,000 to $180,000. The NFTs sold for $1,016,000 and $571,500 respectively.

Deep NFT Value, a machine learning tool that analyzes high-value NFTs by exploring previous sales of the digital assets, current market conditions and the unique rarity traits of each collection, estimated that Fidenza #725 was worth 184.4 ETH, or about $335,000. Autoglyph #187, the other highest-value ticket item, was estimated to be worth 205.7 ETH or about $373,800.

"My understanding is that the estimates are meant to be low so that they get beaten," said Nikolai Yakovenko, CEO of Deep Value NFT, told CoinDesk. "In the case of the Ringers and Fidenzas, [Sotheby's] are making an estimate perhaps above the operating floor price, but well below the premium they expect."

The upcoming Sotheby's sales are not related toStarry Night Capital's impressive NFT portfolio, which was set up by 3AC in partnership with well-known NFT collectorVincent Van Dough in August 2021.

Arts

https://www.coindesk.com/web3/2023/05/20/sothebys-auctions-part-of-3acs-rare-nft-collection-bringing-in-24-million/

Interesting NFTs
taro
conceptual art. drawing and digitally processed
Genesis
JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
Beautiful Worlds
Welcome to the ‘Beautiful worlds’ where nature and technology have merged into a single entity. These are Ai generated and hand finished visions of solarpunk future in which I would really like our future generations to live and prosper: the future we might have if we took the very “alternative route” which now lies before us: replacing states and corporations which free federations of communities and cooperatives, using decentralist and ecological technologies to create a world beyond economic scarcity and social hierarchy, defined by autonomy, mutual aid, diversity, and inclusiveness. The long-term goals of solarpunk are freedom and well-being for all by adopting and developing such ecological technologies as: solar, wind, wave and geothermal energy rather than oil or gas to generate electricity; a world of decentralized eco-cities, permaculture and vertical farming, free and open-source software, open-source hardware, small-scale fabrication laboratories, micro-manufacturing, 3D-printing, and countless examples of commons-based peer-production online: meeting the maximum amount of needs, in the shortest time, using the minimum possible amount of energy. It’s a world of decentralized and confederated eco-communities, using technology for human-centric and eco-centric ends rather than for accumulating power and profit – mending the metabolic rift between first nature (the natural world) and second nature (human culture) – and where social hierarchies of race, gender, sexuality, and disability are considered horror stories from the past “oil age”. Solarpunk desires societies of polycultural ethnic diversity and gender liberation, where each person is able to actualize themselves in societal environment of free experimentation and communal caring; This philosophy proposes that in order for the social and natural worlds to reconcile, humans must first transform their relations to each other – recreating society along egalitarian, cooperative, and democratic lines – and then transform their relations towards nature – adopting an attitude to cooperation, rather than domination, towards the planet and its nonhuman forms of life. Text by Connor Owens. This artwork took me a year to create and for you it will take a year to discover. Master autonomously updates once a day at 12am with one of 366 original artworks. Enjoy!
Renaissance
Dimensions: 2048 x 2732px
Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji
Katsushika Hokusai (1760-1849) Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji 1832 - Japan