Sotheby’s “Punk It!” Sale Withdrawn at the Last Minute
The auction was initially estimated to bring in roughly $20-30m USD.
As eager bidders mingled over cocktails and appetizers at Sotheby’s New York outpost in the Upper East Side, the auction house was getting ready to host its first exclusively Crypto sale in history, when just at the last minute, the organizer withdrew the sale altogether.
Comprised of 104 unique CryptoPunks, the “Punk It!” sale was estimated to reel in roughly $20-30m USD yesterday, but instead, 0x650d, the consigner of the event, tweeted “nvm, decided to hodl.” It’s not out of the ordinary for a lot to be withdrawn — many times done as a way to blanket an underwhelming response and protect an artwork’s financial value. However, the sudden cancellation is particularly surprising, considering it was a single lot sale.
nvm, decided to hodl https://t.co/WdQ5H7I0fl
— 0x650d (@0x650d) February 24, 2022
— 0x650d (@0x650d) February 24, 2022
Many have speculated as to what the seller’s intentions were at the last minute. Did he decide to look into holding on to the Punks as a long-term asset? Were the events of the socio-political crisis around the world factored in his decision? Or perhaps was it simply a move made out of fear that the Punks would underperform to its valued estimate?
Whatever the case, the sale featured a number of guests who don’t typically attend the auction circuit, including Ja Rule and Farok Sarmad, amongst others. Neither 0x650d or Sotheby’s have made a comment on the matter.
Elsewhere, Felix Treadwell bridges periods of time with his “Gentle Creatures” at WOAW Gallery.
