Sotheby's has sold a digital artwork from the collection of defunct crypto hedge fund Three Arrows Capital (3AC) for more than $6 million.
According to auction records updated on June 15, Dmitri Cherniak's artwork "The Goose" (The Goose) sold for about $5.4 million, plus Sotheby's commissions, totaling more than $6.2 million. The non-fungible token (NFT) artwork is part of a digital portfolio assembled by 3AC in 2021. 3AC co-founders Zhu Zhu and Kyle Davis purchased "The Goose" for 1,800 ETH in August 2021, which was about $5.8 million at the time.
Other pieces from Sotheby's sale include CryptoPunks #291, #6574 and #8950, and Autoglyph #218 from Larva Labs. Reports on social media suggest the Punks are selling for between $75,000 and $90,000 each.
As one of the first major auction houses to launch a dedicated marketplace for digital art and NFTs in 2021, Sotheby's has sold many works related to crypto users for over millions of dollars. An NFT of former Twitter CEO Jack Dorsey's first tweet and an or original manuscript of the book that coined the term "Metaverse" have passed the auction house. 3AC, once a leader in the cryptocurrency space, went bankrupt in the 2022 market crash, and the whereabouts of Zhu and Davis are largely unknown. In April, the pair backed the launch of a new exchange, OPNX, which it claims aims to "help the industry" in the event of platforms such as FTX and Celsius crashing. However, disgruntled 3AC investors continue to target the pair through various court proceedings in the US and abroad.
