Sotheby's to Auction NFTs Owned by 3AC

Auction house Sotheby's is selling an art collection featuring NFTs belonging to 3AC.

On Wednesday, Sotheby's announced the sale of art collection "Grails," which was part of 3AC's asset portfolio in 2021.

Describing the collection as "some of the most significant digital artworks ever assembled," 3AC's NFT portfolio includes Dmitri Cherniak’s Ringers #879 (also called “The Golden Goose”), Snowfro’s full spectrum Chromie Squiggle #1780, Tyler Hobbs’ small-scale Fidenza #725, Larva Labs’ Zombie CryptoPunk #6649 and Autoglyphs.

One of 3AC's most valuable NFTs is Autoglyph #187, which has a floor price of 245 ETH (US$478,900).

"This unparalleled collection will be released in chapters across various sales format ranging from private sales to auctions and will occur across multiple locations globally, each one highlighting some of the most coveted and top grails,' Sotheby's said in its collection description.

The auction will begin on 19 May 2023 during the Marquee Sale Week at Sotheby's New York and will occur in multiple phases across multiple locations throughout the year.

3AC's liquidator Teneo said in February it intended to sell the NFTs acquired from Su Zhu and Kyle Davies' firm.

Liquidators Teneo seized US$35.6 million from 3AC bank accounts in Singapore, marking the largest amount of money obtained since the hedge fund’s collapse.

According to a court hearing, liquidators also recovered US$2.8 million from forced redemptions of investments and an unspecified number of crypto tokens and NFTs.

Liquidators called out Davies and Zhu for being uncooperative, stating the pair had been “active and responsive to comments via Twitter” but “repeatedly failed to engage” with liquidators.

Davies vs. liquidators

In December, Davies was openly critical of Teneo. “Unfortunately our Liquidators seem to refuse to engage us constructively,” he tweeted.

“After months, cash in a bank account, minimal asset sales, there have still been no disbursements to creditors,” Davies added. “Let us speak openly with all creditors to find a better way forward.”

Attached to the tweet was an image containing five brief paragraphs expanding on criticism of the liquidators. In the text, Davies accused liquidators of being “intent on making threats against us, and spending a lot of time, and money on continuing Court proceedings in a number of jurisdictions.”

The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:

BlockBeat for a wrap-up of the week’s digital assets news
Blockhead Brief for weekend happenings as well as what to look forward to in the week ahead
Business Bulletin for macroeconomic updates and industry developments.

To avoid FOMO and access member-only features, click here to subscribe for FREE.