A generative piece of blockchain artwork by Dmitri Cherniak, Ringers #879, colloquially known as “The Goose”, was sold for just over $6.2 million at a Sotheby’s auction. This NFT artwork, previously owned by Three Arrows Capital, has a fascinating history.
“The Goose” is revered in the generative art community for the combination of shapes and colors resembling a particular breed of waterfowl, making it a unique piece in Cherniak’s 879th Ringers collection.
This particular piece carries an intriguing backstory. Back in 2021, the now-defunct cryptocurrency hedge fund Three Arrows Capital made headlines when it acquired “The Goose” for an astounding $5.66 million worth of ETH. The artwork served as the crown jewel of Three Arrows’ Starry Night Capital fund, an ambitious initiative to curate the finest collection of NFTs in the world.
However, the fate of the collection took an unexpected turn. Following Three Arrows’ collapse under a mountain of debt last summer, the fund’s liquidators made the decision to sell off the Starry Night artworks in order to address the firm’s outstanding obligations.
Sotheby’s stepped in to facilitate this significant sale, curating select pieces from the Starry Night fund to create a new collection titled “Grails.” While the auction house tactfully omitted any reference to the tumultuous circumstances surrounding the sale, the Grails logo cleverly incorporated a crown adorned with three arrows, playfully nodding to the collection’s history.
Ahead of the auction, Sotheby’s projected a price range of $2 million to $3 million for “The Goose,” acknowledging the cooling of the NFT market since the frenzy of 2021. However, this conservative estimate did not dampen the keen interest in the world of ultra-expensive digital art, resulting in a remarkable outcome.
The transaction is a testament to the resilience and adaptability of the NFT market, and it will undoubtedly fuel further exploration and investment in this emerging art form.
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