Sotheby’s to Auction Off “Grails” Collection of Rare NFTs!
Sotheby’s is set to auction off seven rare NFTs from the Three Arrows Capital portfolio, including CryptoPunks, Autoglyph, and works by Dmitri Cherniak, among others. These belong to the “grails” collection, one of the rarest and most valuable drops to date. Sotheby’s faced backlash earlier this year for its lack of diversity in a portrait NFT collection, but despite the glitches, it remains an important part of the NFT market, selling over $100m worth of NFTs in 2021 alone. Sotheby’s has launched over five NFT initiatives this year, including a charity auction in partnership with Unicorn DAO to support women’s reproductive rights. The recent “Glitch: Beyond Binary” drop included female representations, following criticism of its previous “Glitchism” collection for its lack of diversity. Three Arrows Capital previously owned all seven collectibles and filed for bankruptcy in July 2020, valued at over $10 billion in the past. A group of Joint Liquidators aims to maximize the assets’ value as per a British Virgin Islands court order. The liquidators chose to partner with Sotheby’s digital art team on the sale of this expansive NFT collection because they believe they bring a best-in-class approach that will ultimately maximize the value of these assets on behalf of all creditors.
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