Sotheby’s auction house has sold a piece of digital artwork from the collection of collapsed crypto hedge fund Three Arrows Capital (3AC) for more than $6 million.
According to auction records updated June 15, Dmitri Cherniak’s artwork ‘The Goose’ sold for roughly $5.4 million in addition to Sotheby’s premium fees, totaling just over $6.2 million. The nonfungible token (NFT) artwork was part of 3AC’s digital portfolio assembled in 2021. Su Zhu and Kyle Davies, 3AC’s co-founders, purchased ‘The Goose’ in August 2021 for 1,800 Ether (ETH), roughly $5.8 million at the time.
Thesis: we like the Goose. pic.twitter.com/RBI9Axuvac
— 朱溯 (@zhusu) August 27, 2021
Other pieces in the collection auctioned by Sotheby’s included CryptoPunks #291, #6574 and #8950, as well as Autoglyph #218 from Larva Labs. Reports on social media suggested the Punks sold for between $75,000 and $90,000 each.
As one of the first major auction houses to launch a dedicated marketplace for digital artwork and NFTs in 2021, Sotheby’s has sold many pieces relevant to crypto users for upward of millions of dollars. An NFT of the first tweet from former Twitter CEO Jack Dorsey has passed through the auction house, as well as the original manuscript of the book that coined the term ‘metaverse.’
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Once a leader in the crypto space, 3AC went bust amid the 2022 market crash, and Zhu’s and Davies’ whereabouts have since been largely unknown. In April, the duo backed the launch of a new exchange — OPNX — which claimed to be aimed at “help[ing] the industry” amid the collapse of platforms including FTX and Celsius. However, disgruntled 3AC investors have continued to target the pair through various court procedures in the United States and abroad.
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