Sotheby’s Calls off the Sale of 104 CryptoPunks, Missing out on about $30 million

Image Source: Coindesk

A set of 104 CryptoPunk NFTs was scheduled to be auctioned by Sotheby’s last Wednesday night, but a 25-minute delay ultimately halted the sale. According to reports, the auction could have gone up to $30 million. During the event, the consignor withdrew the pixelated collectibles and posted a meme on Twitter that mocked the auction house. As the sale drew to a close, attendees had to awkwardly make their way home since the prized NFTs were no longer up for grabs.

Sotheby’s spokesman, Derek Parsons, said in a statement that the “lot was withdrawn prior to the sale following discussions with the consignor.” However, he did not comment on why the deal fell through.

“People were extremely upset,” said Kent Charugundla, a telecom investor and NFT collector who attended the event.

“This is so bad for the NFT community,” he added, explaining that the market needed strong sales to continue its momentum.

According to Todd Levin, an art adviser who has worked for Sotheby’s, withdrawals normally occur when there are legal concerns or fear of a reserve price not being achieved. “Withdrawal is really the absolute last choice,” Levin said. “Auction houses do their very best to curate these sales in advance.”
According to the auction house, the CryptoPunks were purchased in a single blockchain transaction by a collector known as 0x650d.

Sotheby’s co-head of digital art, Michael Bouhanna, previously described the sale as a “monumental occasion” that celebrated CryptoPunks as “one of the most recognizable visual styles that have become synonymous with the digital art movement.”

Source: The New York Times