Digital Art Work 'The Good', Three Arrows Capital Collection, Sold More Than 6 Million On Sotheby's"

JAKARTA - The Sotheby's auction house has successfully sold a digital artwork from a collection of crypto hedge funds that went bankrupt, Three Arrows Capital (3AC), at a price of more than US$6 million (Rp89.4 billion).

According to an updated auction note on June 15, Dmitri Cherniak's artwork sold for around 5.4 million US dollars (Rp80.5 billion) plus Sotheby's premium costs, bringing the total to more than Rp6.2 million (Rp92.4 billion). This nonfungible token art work (NFT) is part of the 3AC digital portfolio concurrently in 2021. Su Zhu and Kyle Davies, the founder of 3AC, purchased 'Theegory' in August 2021 for 1,800 Ether (ETH), about 5.8 million US dollars (Rp86.5 billion) at the time.

Tune in NOW to watch the historic GRAILS: Part II Live Auction! 👀https://t.co/3R24nm6yjM pic.twitter.com/mkKzaflP7m

— Sotheby's Metaverse (@Sothebysverse) June 15, 2023

Tune in NOW to watch the historic GRAILS: Part II Live Auction! 👀https://t.co/3R24nm6yjM pic.twitter.com/mkKzaflP7m

Other collections auctioned by Sotheby's include CryptoPunks #291, #6574, and #8950, as well as Autoglyph #118 from Larva Labs. Reports on social media show that the Punks sold between 75,000 to 90,000 US dollars (IDR 1.1-1.3 billion) per each.

As one of the first major auction houses to launch a dedicated market for digital and NFT artwork in 2021, Sotheby's has sold many of the relevant works for crypto users for millions of dollars. An NFT from Twitter's first tweet, Jack Dorsey, has been auctioned through this auction house, as has the original script for the book that sparked the term'metaverse'.

3AC, once a leader in the crypto space, went bankrupt due to market falls in 2022, and the whereabouts of Zhu and Davies have since been largely unknown.

In April, the two founders supported the launch of a new OPNX exchange that claimed to aim to "help industry" amid the fall of platforms such as FTX and Celsius. However, disappointed 3AC investors continue to target both of them through legal proceedings in the United States and abroad.