Introduction: In a thrilling turn of events at Sotheby’s Grails: Part II live auction, Ringers #879, famously known as “The Goose,” achieved a groundbreaking sale of over $6.2 million, inclusive of fees. This generative piece of blockchain artwork by Dmitri Cherniak has captivated NFT enthusiasts and garnered attention due to its unique history and artistic merit. Let’s delve into the remarkable journey of “The Goose” and the implications of its record-breaking sale.
The Rise and Fall of Three Arrows Capital’s Starry Night Collection
Once hailed as the crown jewel of Three Arrows Capital’s Starry Night Capital fund, “The Goose” originally entered the spotlight in 2021 when the now-defunct cryptocurrency hedge fund acquired it for an astounding $5.66 million worth of ETH. The fund aimed to curate the world’s finest collection of NFTs, with “The Goose” taking center stage.
Unfortunately, Three Arrows Capital faced financial turmoil and eventually collapsed under the weight of substantial debt. As a result, the fund’s liquidators decided to sell off the Starry Night artworks to settle outstanding debts, setting the stage for an intriguing turn of events in the NFT art world.
Sotheby’s Grails Collection: Curating “Starry Night” Artworks: Recognizing the significance of the Starry Night collection, Sotheby’s announced its involvement in facilitating the sale of these artworks. They curated a new collection called “Grails,” featuring pieces from the Starry Night fund. While Sotheby’s tactfully avoided highlighting the turbulent background behind the collection, their Grails logo, a crown composed of three arrows, subtly alluded to the fund’s history.
#AuctionUpdate: One of the most important works of post-blockchain generative art,@dmitricherniak’s Ringers #879 (The Goose) has just sold for $6.2 million, making it the 2nd highest generative art sale of all time. #SothebysGRAILS https://t.co/dKyqxGbAIZ pic.twitter.com/zkxoP21M9e
— Sotheby's Metaverse (@Sothebysverse) June 15, 2023
Anticipated Sale and Surpassing Expectations
Leading up to the auction, Sotheby’s estimated that “The Goose” would fetch a price between $2 million and $3 million, acknowledging the cooling NFT market while still anticipating significant market interest in high-value digital art. Astonishingly, the hammer price for “The Goose” reached $5.4 million, with a final selling price of $6,215,100, including all fees. This not only surpassed the high end of the estimate but also exceeded the 2021 sale price, solidifying its status as a coveted piece. Rumors suggest that the prominent pseudonymous NFT art collector, Punk6529, emerged as the buyer.
“The Goose” and the World of Generative Art: Generative art enthusiasts hold “The Goose” in high regard due to its ability to showcase the delicate interplay between chance and skill in creating art from randomized computer code. Emerging from the Art Blocks generative blockchain art collective, artworks like “The Goose” are born at the moment of their NFT minting. While artists establish parameters for the artwork’s appearance through code, the exact output remains randomized. In the case of Cherniak’s 879th Ringers piece, the arrangement of shapes and colors fortuitously resembled a distinct waterfowl breed, further enhancing its appeal.
Impact and Celebrations within the Art Community
As the highly anticipated sale approached, numerous artists, including renowned figure Beeple, contributed artworks inspired by “The Goose,” sparking vibrant discussions within the NFT and generative art realms. This demonstrates the profound impact that “The Goose” has had on artistic discourse and its enduring influence on contemporary creators.
Other Notable Sales in the Grails Auction: Alongside “The Goose,” the Grails auction showcased several remarkable sales. Autoglyph #218 by Larva Labs achieved a notable price of $330,000. Additionally, Fidenza #479 by Tyler Hobbs sold for $622,300, while Fidenza #216 fetched $609,600. Erick Calderon’s Chromie Squiggle #1780, the creation of Art Blocks’ founder, soared above expectations with a staggering sale price of $635,000, more than tripling the highest estimate.
“The Goose” has left an indelible mark on the NFT art world with its captivating journey, culminating in a groundbreaking sale at Sotheby’s. This generative artwork’s immense popularity underscores the unique allure of the generative art movement and the significant role NFTs continue to play in the art market. As the community eagerly awaits the next groundbreaking sale, “The Goose” stands as a testament to the fusion of technology and artistic expression in the modern era.