Sotheby’s CryptoPunk Auction Canceled After Seller Withdraws

“nvm, decided to hodl,” the pseudonymous consignor tweeted Wednesday after the auction was slated to kick off

article-image

Cryptopunks | Source: Shutterstock

share

key takeaways

  • The NFTs were valued at $20 million to $30 million
  • The group of CryptoPunks were originally acquired in a single transaction by collector “0x650d”

Sotheby’s did not auction off the 104 CryptoPunks originally slated for Wednesday evening. In a turn of events for the New York auction house, the bid was withdrawn.

Derek Parsons, senior press officer of Sotheby’s Americas, told Blockworks in an email that the CryptoPunks were withdrawn prior to the sale following “discussions with the consignor.”

“nvm, decided to hodl,” the pseudonymous consignor of the auction tweeted following Sotheby’s announcement. 

The withdrawal announcement was made in the crowded auction room roughly 23 minutes after bidding was scheduled to commence. However, onlookers were encouraged to enjoy an afterparty with live music by DJ Seed Phrase

Loading Tweet..

Two sources familiar with the matter told Blockworks that there were not enough bidders on the single-lot auction. Sotheby’s declined to comment on any logistics regarding bidders. 

The group of CryptoPunks were originally acquired together in a single transaction by anonymous collector “0x650d.” CryptoPunks were released in 2017 by studio Larva Labs and currently have a floor price of $177,663, according to blockchain data dashboard NFT Price Floor.

The NFTs (non-fungible tokens) were valued at $20 million to $30 million.

Michael Bouhanna, co-head of digital art at Sotheby’s, had earlier described the sale as a “first-of-its kind” due to its focus on CryptoPunks in the auction house’s Feb. 8 announcement.

“CryptoPunks are the original PFP [profile picture] series that created the template for other NFT projects that have followed, and which helped propel NFTs to the global stage as one of the most recognizable visual styles that have become synonymous with the digital art movement,” Bouhanna said in a statement. 

Last year, Sotheby’s launched an NFT marketplace and sold $100 million worth of the blockchain-based digital collectibles, according to an annual report from the auction house.

Bouhanna told Blockworks that NFT sales have expanded Sotheby’s audience reach to a “whole new group of collectors.” 

“I think we will continue to see growth of new collectors at Sotheby’s who come to us via our NFT sales, as well as more art collectors more familiar with contemporary and modern art exploring NFTs as they continue to become more prominent in pop culture,” Bouhanna said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million