Auction News & Articles
Sotheby's is slated to auction a set of seized NFTs from the bankrupt crypto hedge fund Three Arrows Capital (3AC), including the coveted Dmitri Cherniak's Ringers #879, widely known as "The Goose."
The Deets
- The second auction of 3AC's "Grails" collection, featuring 37 NFT works.
- The event, dubbed the largest-ever live digital art auction, will take place in New York on June 15.
- Dmitri Cherniak's "The Goose," purchased by 3AC for approximately $5.8 million in 2021, will be the highlight.
- Other notable works include Tyler Hobbs’ Fidenza #216.
The Bulk
In its second sale of 3AC's "Grails" collection, Sotheby's is bringing to the auction block 37 high-value NFTs, including Dmitri Cherniak's Ringers #879, colloquially known as "The Goose."
"The Goose," a distinctive piece in Cherniak's portfolio, was acquired by 3AC's co-founders Su Zhu and Kyle Davies for about 1,800 ETH, equivalent to $5.8 million at the time, in August 2021. Other notable NFTs include Tyler Hobbs' Fidenza #216, which last sold for 320 ETH (approximately $1 million) in 2021.
📊 By the Numbers
Earlier this month, the first sale of 3AC's NFTs brought in over $2.4 million, with a Tyler Hobbs' Fidenza NFT selling for over $1 million.
🧠 Learn More
SuperRare auction has initiated for the collaboration piece "Flowering of Ideas" by Botto Project and Ryan Koopmans, featuring a blend of reality, fiction, and AI essence.
The Deets
- "Flowering of Ideas" revitalizes decaying architectural interiors through an intricate blend of AI and photography.
- The artwork incorporates AI-generated fragments within existing frames of an old, deteriorating building.
- A meticulous visual technique gives the AI fragments an aged, authentic appearance, evoking a surreal sense of place and time.
- The piece aims to transport viewers to an imaginative realm, blending traditional subject matter with modern creative techniques.
The Bulk
Botto Project and Ryan Koopmans have unveiled "Flowering of Ideas," a pioneering piece of art now up for auction on SuperRare. This groundbreaking work integrates AI-generated elements, known as 'Botto fragments,' within the frames adorning the weathered walls of a decaying building. The harmonious fusion of the fragments with the architectural scenery recontextualizes the essence of the fragments, infusing the scene with new life.
Using advanced visual techniques, the Botto fragments have been aged to mimic original paintings, a process that lends authenticity to the piece. This treatment crafts an uncanny, surreal atmosphere, blurring the line between reality and fiction, past and present.
The work's essence lies in its ability to transport viewers to an imaginary place and time. By combining traditional subject matter—like the decaying architecture—with innovative creative techniques, such as AI-generated outputs, "Flowering of Ideas" reinvents the experience of art consumption.
🎤 Founder Feedback
Through this artwork, we seek to transport viewers to an imaginative place and time, combining traditional subject matter with contemporary creative techniques.Botto Project
🎬 Take Action
The auction for the 10 unminted Squiggles in "Snowfro’s Squiggles: The Auction” ended today and sold for a combined 186.3 ETH ($333.5k USD).
The Deets
- VerticalCrypto Art and Right Click Save collaborated on this unminted Squiggles charity auction in support of The ALS Association via The Giving Block.
- The format was a ranked auction of ten unminted Chromie Squiggles that lasted 24 hours.
- The ten highest bidders will receive their Chromie Squiggles, minted by Snowfro himself.
- Auction results can be seen at gallery.verticalcrypto.art/bid/squiggles.
- The top bid was 19.9 ETH ($35,620), and the tenth highest bid was 18.0 ETH ($32,200).
- The ten unminted Squiggle IDs are: 9764, 9765, 9766, 9767, 9768, 9769, 9770, 9771, 9772, and 9773.
- The highest bidder will receive Squiggle ID 9764, the second highest bidder will receive Squiggle ID 9765, and the tenth highest bidder will receive Squiggle ID 9773.
❗ Why It Matters
Squiggles are the genesis project of Snowfro (née Erick Calderon), the founder and CEO of Art Blocks. They were first minted in November 2020 for 0.035 ETH (!), but Snowfro actually never finished minting all of them. The Chromie Squiggle page on the Art Blocks site shows that 9,764 (soon to be 9,774) of 10,000 have been minted. So this auction represented a rare opportunity to acquire an unminted Chromie Squiggle.
In many ways, Snowfro's Chromie Squiggles are the emblem of the generative art movement and reflect the vibrant foundation that Art Blocks was built on. And with Snowfro being so selective about the occasions on which unminted Squiggles are to be released, this auction of unminted Squiggles was certainly a fantastic way to raise money for ALS research.
📊 By the Numbers
The 10 unminted Squiggles sold for about 18.6 ETH each on average, representing a nearly 50% premium to the floor of 12.5 ETH on OpenSea Pro.
🎤 Community Quotes
Just took 1st and 2nd in the @verticalcrypto Squiggle auction. Looks like ya boys back in the streets. Happy to have @ArtOnBlockchain minting me 2 bangers... plz hyperrainbow for me since I had to sell my original and it still pains me to this day. pic.twitter.com/ZZJ68HwCg0
— Keyboard Monkey -KBM- (@KeyboardMonkey3) May 24, 2023
🕳️ Go Deeper
- Snowfro's Squiggles Up for Auction to Fight ALS
- Right Click Save - "Squiggles Bring Out the Best in Web3 In Tribute to Hal Finney" (May 22, 2023)
- Right Click Save - "For the Love of Squiggles" (May 12, 2023)
- "What are Chromie Squiggles? A Guide to the Colorful Art Blocks" by corporate trash (October 12, 2022)
The sales at Sotheby's Contemporary Day Sale for GRAILS Part I, a curated selection of digital art from the 3AC collection, exceeded the initial estimates set by the auction house.
📊 By the Numbers
Figures below are from the Sotheby's Contemporary Day Auction page; note that users must create a login to see the auction results.
Lot 979: Tyler Hobbs' Fidenza #725
- Estimate: 120,000 – 180,000 USD
- Sold for 1,016,000 USD
Lot 980: Larva Labs Autoglyph #187
- Estimate: 120,000 – 180,000 USD
- Sold for 571,500 USD
Lot 981: Tyler Hobbs' Fidenza #861
- Estimate: 100,000 – 150,000 USD
- Sold for 241,300 USD
Lot 982: Dmitri Cherniak's Ringers #375
- Estimate: 35,000 – 45,000 USD
- Sold for 95,250 USD
Lot 983: 0xDEAFBEEF's Series 1: Angular - Token 134
- Estimate: 50,000 – 70,000 USD
- Sold for 241,300 USD
Lot 984: Dmitri Cherniak's Ringers #194
- Estimate: 50,000 – 70,000 USD
- Sold for 152,400 USD
Lot 985: Larva Labs CryptoPunk #1326
- Estimate: 80,000 – 120,000 USD
- Sold for 165,100 USD
❗ Why It Matters
Yesterday's Contemporary Day Sale at Sotheby's New York was a big moment for digital art, and GRAILS Part I included some of the most sought-after works in the space.
In fact, the seven items from 3AC's collection fetched $2,482,850 in total, far exceeding the initial estimates of $555,000 at the low end and $815,000 at the high end. The Fidenza #725 sale for over $1 million was jaw-dropping (as is the piece itself!) and significantly outpaced the estimate range of $120,000–$180,000. Estimates are set by specialists at the auction house and are usually conservative, but the auction outcomes show that there's still meaningful interest at the top end (and perhaps illustrate the disconnect between how traditional evaluators value rare digital artwork).
🖼️ The Big Picture
Auction houses certainly have their pros and cons. As far as cons for prospective buyers, there's a large buyer's premium (26% for purchases up to $1,000,000) that auction winners must pay that they wouldn't on an NFT marketplace like OpenSea or Blur. And there are pros to using an auction house for physical art or trading cards, for example, because then the auction house is also responsible for inspecting the condition of the goods, facilitating the transfer and shipping, and marketing the items to create maximum awareness.
Yet that's not needed for digital collectibles. Nonetheless, items that end up at the biggest auction houses are often the pinnacle of their respective collections, and traditional marketplaces like Sotheby's can promise sellers more exposure as well as a true auction format that drives up competition. So these types of sales at a place like Sotheby's are very positive for the space and something many digital artists ultimately aspire for.
🔜 What’s Next?
More of the GRAILS collection will be unveiled at Sotheby's in the coming months.
The Goose Ringer gets an auction date. https://t.co/ExDNAuZtnV
— Lucky Trader (@LuckyTraderHQ) May 20, 2023
🧠 Learn More
- Sotheby's To Auction GRAILS Part I in New York (April 26, 2023)
- Sotheby's Presents "GRAILS: Property from an Iconic Digital Art Collection" (April 19, 2023)
VerticalCrypto Art and Right Click Save announced they are set to auction ten unminted Chromie Squiggles, the genesis project of Snowfro, with proceeds going toward ALS research.
The Deets
- Ten unminted Chromie Squiggles will be auctioned in a 24-hour event called "Snowfro's Squiggles: The Auction".
- The auction is a collaboration between VerticalCrypto Art, Right Click Save, The ALS Association, and The Giving Block.
- Proceeds from the auction will go to The ALS Association.
- The auction will take place on 23 May.
The Details
Chromie Squiggles, first minted in November 2020, are the brainchild of Erick Calderon, aka Snowfro, and have since become icons of contemporary generative art. However, the minting of these artworks is carefully controlled, making the upcoming auction a rare opportunity for collectors and enthusiasts alike.
This auction is part of VerticalCrypto Art and Right Click Save's mission to support generative artists in fighting degenerative diseases. By offering ten unminted Squiggles in partnership with The ALS Association and The Giving Block, they aim to raise substantial funds for ALS research.
The auction will begin on Tuesday, May 23 at noon ET, and last for 24 hours. The format will be a ranked auction, with the highest ten bidders winning the ten unminted Squiggles. The auction will take place online at gallery.verticalcrypto.art.
🎬 Take Action
Interested bidders can prepare and visit gallery.verticalcrypto.art on May 23.
🧠 Learn More
Alpha Centauri Kid released the auction site for his "The Broken Keys" collection on Monday afternoon.
The Deets
- 48 individual 1/1s
- Bidding goes live on Tuesday, May 9 at 1:00 p.m. ET
- Each piece expresses Piano theme
- Each auction starts at 0.001 ETH
❗️Why It Matters
The latest collection from ACK has been a long time coming, with the artist stating he "put all of himself" in this collection. While the greater web3 community is primarily focused on memecoins, perhaps the release of a highly-anticipated art collection can help "reset" the market's focus.
🎤 Founder Feedback
🎬 Take Action
Those hoping to explore the full collection or place a bid tomorrow can do so at pianos.ack.art.
Western Art Dept created by artists Jeremey Booth and Niko Kampouris announced its first NFT auction, featuring 1/1 works from multiple artists.
The Deets
- Auction begins May 9 through @foundation Worlds
- Kickoff with legendary @roberthagan_art
- Entire Western Art Dept collection up for auction
- Comprehensive guide and drop details for Boots and Boots burns coming soon
The Details
The highly anticipated first auction by Western Art Dept will commence on May 9th through the Foundation platform. To start, the event will showcase the legendary Robert Hagan, whose work has garnered worldwide acclaim.
Following the opening, the auction will expand to include the entire Western Art Dept collection, offering unique 1/1 works from all their artists.
In addition to the auction, a comprehensive guide and drop details surrounding the Boots and Boots burns will be revealed soon. This much-awaited information promises to be worth the wait for enthusiasts and collectors alike.
🎬 Take Action
Stay tuned for official links shared by the Western Art Dept's account and mark your calendar for the auction beginning on May 9.
🎤 Community Quotes
Sotheby’s announced that GRAILS Part I, a curated selection of digital art from the 3AC collection, will be included within the Contemporary Day Sale.
The Details
- The live auction will be May 19 at 10 a.m. ET as part of Marquee Week at Sotheby's New York.
- This selected collection showcases the works of four leading artists and features a variety of algorithmic artworks that draw inspiration from the conceptual art and minimalism of the 1960s.
- GRAILS Part I includes Fidenza 725 and 861 by Tyler Hobbs, Larva Labs' Autoglyph #187, Dmitri Cherniak’s Ringers #194 and #375, 0xDEAFBEEF's Series 1: Angular - Token 134, and Larva Labs' CryptoPunk #1326.
❗ Why It Matters
Outside of any connotation of being associated with 3AC, these works represent the intersection of art and technology and offer a window into the potential of algorithmic art.
🎬 Take Action
See GRAILS Part I here, with individual lot details and catalogue notes.
🔜 What’s Next?
More of the GRAILS collection will be unveiled at Sotheby's in the coming months.
🧠 Learn More
- Sotheby's Presents "GRAILS: Property from an Iconic Digital Art Collection" (April 19, 2023)
- Creditors Eye Three Arrows' Grail NFTs (July 15, 2022)
Sotheby's Metaverse announced that it will be holding a series of auctions throughout 2023 featuring one of the most significant collections of digital art ever assembled.
❗ Why It Matters
GRAILS, formed as part of the now-defunct crypto hedge fund Three Arrows Capital (3AC) in 2021, has grails in its collection that represent some of the very best of the Contemporary Digital Art and Generative era.
The Details
- Pieces from the collection will be offered globally across a variety of live and online auctions, as well as via private sale and additional sales channels, to showcase groups of works in different contexts and formats.
- Seven hand-picked works from the collection will go to auction for the first time during Sotheby’s Marquee Sale Week, starting May 19th at Sotheby's New York.
- Some of the highlights of the GRAILS collection include Dmitri Cherniak’s Ringers #879 (also called “The Golden Goose”), Tyler Hobbs' Fidenza #216, Larva Labs' Zombie CryptoPunk #6649, Kjetil Golid's Cube Archetype #397, Larva Labs' Autoglyphs (#187, #218, and #358), Snowfro's full-spectrum Chromie Squiggle #1780, and Tyler Hobbs' Fidenza #31. The collection also boasts Tyler Hobbs' small-scale Fidenza #725 and a one-of-one by Alpha Centauri Kid, among other things.
📊 By the Numbers
Sotheby’s is committed to prioritizing and elevating artists and will honor creators’ royalties for secondary sales, with sellers paying the standard fee of 10%.
At Sotheby's New York, the buyer's premium will be 26% for any purchases up to $1,000,000, 20% for purchases between $1,000,000 and $4,500,000, and 13.9% for purchases more than $4,500,000.
🎤 Founder Feedback
🔜 What’s Next?
Further details about the Sotheby's GRAILS collection will be released in advance of each sale.
🧠 Learn More
- Sotheby's "Grails: Property from an Iconic Digital Art Collection" official press release
- Creditors Eye Three Arrows' Grail NFTs (July 15, 2022)
The auction for a 1/1 Unique, Nikola Jokić Sorare player card was completed with a final sale price of $73.4k yesterday.
❗ Why It Matters
The sale marks continued confidence in the Sorare platform, even with the NBA regular season just reaching its conclusion. The Sorare ecosystem traded just over $3 million on the secondary market this week and has the 9th most volume traded across all projects and chains in the last month, according to CryptoSlam data. The user-friendly onboarding and partnerships with major sporting leagues (including the English Premier League) are promising signs for the future of the platform.
📊 By the Numbers
The Jokić card was sold for 36.6536 ETH, which makes it the 6th highest 1/1 Unique NBA card sale (in ETH terms) in the last few months.
- Giannis Antetokounmpo: 113.888 ETH on 2/5/2023
- Anthony Davis: 48.888 ETH on 12/9/2022
- LeBron James: 44.9082 ETH on 2/14/2023
- Luka Dončić: 40.444 ETH on 4/5/2023
- Kevin Durant: 38.1801 ETH on 11/7/2022
- Nikola Jokić: 36.6536 ETH on 4/13/2023
- Jayson Tatum: 31.9236 ETH on 2/27/2023
The auction was won by @blockchainYNWA, who owns 11 other Unique NBA cards, including Anthony Davis and Paul George. The 2nd highest bidder was BellaMa, who won the auction for the 1/1 Unique Dončić for 40.444 ETH a little over a week ago.
🎬 Take Action
Get in on the NBA action on Sorare!
🧠 Learn More
- Luka Dončić's 1/1 Unique Card Sells for $77k on Sorare (April 5, 2023)
- LeBron 1/1 Unique Card Sells for $69k on Sorare (February 14, 2023)
- Highlight Reel Sorare Sale (February 5, 2023)
- Comprehensive Guide to Sorare: NBA
- Sorare Inks Deal with Premier League
