Sotheby’s Unveils the Starry Night Auction of 3AC’s NFT Collection
In early 2024, Sotheby's will put to auction the Starry Night collection, featuring over 300 NFTs from the bankrupt 3AC's portfolio, marking a significant moment in digital art history.
Sotheby’s is poised to make history in early 2024 with its Starry Night collection auction, a defining event in the world of digital art. This auction features a diverse array of over 300 non-fungible tokens (NFTs) from the portfolio of the now-defunct Three Arrows Capital (3AC). Scheduled between January 23 and January 30, this event is not just an auction but a milestone in the digital art narrative.
While these NFTs don’t visually echo Vincent van Gogh’s famous painting, the Starry Night collection symbolizes a turning point in digital artistry. It incorporates works from preeminent digital artists such as XCOPY, Otherworld, Alpha Centauri Kid, Kjetil Golid, and Beeple. Each artwork in this assemblage exemplifies the innovative melding of classical themes with modern digital mediums.
The collection emerged in 2021 under the stewardship of 3AC, which played a pivotal role in the crypto hedge fund arena. The subsequent bankruptcy of 3AC in mid-2022 led to the decision by liquidator Teneo to auction off their extensive NFT collection to recuperate funds. This development set the stage for the upcoming Sotheby’s auction.
Despite a challenging NFT market in 2023, Sotheby’s managed to secure an impressive $20 million from the sale of 3AC’s related GRAILS Collection. This achievement was significantly bolstered by the sale of Dmitri Cherniak’s Ringers #879 (The Goose), which fetched a remarkable $6.2 million, doubling its high estimate and setting a new benchmark in the digital art market.
The Starry Night collection distinguishes itself with its array of exceptional one-of-one pieces and pioneering generative AI art by Cherniak and Helena Sarin. Curated by the enigmatic Vincent Van Dough for 3AC, this collection represents a remarkable chapter in digital art’s history. Standout pieces include Otherworld’s The Garden, a modern reinterpretation of Karl Bryullov’s 19th-century classic, and Alpha Centauri Kid’s til death do us part, renowned for its evolving artistic narrative.
Sotheby’s head of digital art, Michael Bouhanna, encapsulates the significance of this auction, stating, “2023 was the year of GRAILS, and we are thrilled to commence 2024 with Starry Night.” He highlights that this collection is a unique product of a specific era in digital art, unlikely to be replicated again, marking another milestone for the digital art community.
This auction offers an intriguing perspective on the evolution of digital art within the broader NFT market context. It’s a celebration of the intersection of art and technology, demonstrating how digital artists are redefining art’s boundaries in the modern era.
Besides showcasing exceptional digital art, the auction also serves a practical purpose: aiding in the repayment of creditors owed over US$3 billion by 3AC. This financial dimension adds another layer of significance, illustrating the interplay of art, technology, and economics in today’s world.
The upcoming Starry Night auction embodies the resilience and innovation of the digital art community. It provides an opportunity for collectors and enthusiasts to own a piece of digital art history, while witnessing the dynamic interplay of creativity and market trends in the digital realm.
