• Sotheby’s is auctioning a gold-furred Bored Ape Yacht Club NFT and other rare NFTs from Yuga Labs on June 18th
• The Bored Ape NFT being auctioned (Ape #8552) was previously owned by the now-bankrupt crypto hedge fund Three Arrows Capital
• The auction will test the current demand for high-value Bored Ape NFTs in the fine art world
Sotheby’s is set to auction a collection of rare Bored Ape Yacht Club NFTs, providing a test of Ape-themed assets in the fine art world. The highlights include a gold-furred Bored Ape formerly owned by the now-bankrupt hedge fund Three Arrows Capital.
Gold-Furred Ape Originally Owned By Defunct Hedge Fund
The lot includes Bored Ape #8552, distinguished by its gold fur and sushi chef headband. It was previously owned by Three Arrows Capital, a crypto hedge fund that collapsed amid market turmoil in 2022.
Only 46 of the 10,000 Bored Apes have gold fur, a highly desirable trait. The last gold fur Ape sale fetched 933,000 USD in March 2022. Nine of the top 12 Bored Ape sales tracked involved gold fur variants. In 2021, Sotheby’s sold a gold fur Ape for a record $34 million.
Additional Rare Yuga Labs NFTs Included
Also up for auction are two gold-furred NFTs from the Mutant Ape Yacht Club and one from the Bored Ape Kennel Club. Mutant Apes were created from an existing Bored Ape, while the Kennel Club has dog characters.
3AC paid around 106 ETH (now worth $401,000) for the Ape and Kennel Club pieces back in 2021. Though prices have dipped from peaks, rare traits like gold fur still command premium pricing.
Sotheby’s Aims To Gauge Demand For Ape NFTs
While the Bored Ape floor price has dropped dramatically from its peak, Sotheby’s will test whether ultra-rare pieces can still generate huge sales amid crypto’s ongoing slump. A Sotheby’s representative called it a “2021 relic,” referring to the Ape’s peak demand last year.
The auction comes a year after a different 3AC NFT called Ringers 879 sold for $62 million at Sotheby’s. Though the market has cooled, blue chip NFTs with prestigious pedigrees may still attract wealthy collectors.
Conclusion
Sotheby’s upcoming auction featuring ex-3AC Bored Apes will reveal today’s demand for rare, big-name NFTs. The inclusion of multiple gold fur pieces, a historically valued trait, suggests the sale could be a blockbuster. But the NFT market slump means blue chip project interest is being retested.
