Sotheby’s upcoming auction on June 18 features a curated selection of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs. The star of the auction is Ape #8552, a unique BAYC profile picture NFT adorned with a leather work vest and sushi chef headband. This Ape stands out due to its rare characteristics, including solid-gold fur and its previous ownership by the now-defunct Three Arrows Capital (3AC).
In addition to Ape #8552, the auction includes two gold-furred NFTs from Yuga Labs’ Mutant Ape Yacht Club collection. Gold-furred Apes are incredibly rare, with only 46 out of the 10,000 Bored Apes featuring this exclusive trait. The scarcity of gold-furred Apes has consistently driven their value higher in the market, with the last sold gold-furred Ape fetching $933,000 (247 ETH) in March.
Sotheby’s Success with Gold-Furred Ape NFTs
Sotheby’s has a track record of success with gold-furred Ape NFTs, having facilitated a record-breaking $3.4 million sale of a gold-furred Bored Ape in 2021. Michael Bouhanna, Sotheby’s head of digital art and NFTs, has described Bored Apes as “2021 relics,” underscoring their historical significance in the NFT market. Notably, nine out of the 12 highest Bored Ape sales on OpenSea have involved gold-furred Apes, highlighting their enduring appeal to collectors.
Market Trends and Fluctuations in Bored Ape NFT Prices
While prices for ultra-rare Bored Apes remain lofty, the market for more common Bored Apes has experienced a significant decline. The floor price for Bored Apes has plummeted from nearly $430,000 in April 2022 to $47,500 (12.6 ETH) over the past year. This downward trend mirrors broader market fluctuations and changes in Ethereum’s value, demonstrating the volatility of the NFT market.
The upcoming auction at Sotheby’s represents a pivotal event for both the fine art and NFT communities. It serves as a barometer of the enduring value and market perception of Bored Ape NFTs amid shifting market conditions. The inclusion of rare, gold-furred Apes with ties to prominent collectors like 3AC adds an intriguing dimension to the auction.
Collectors and investors will closely monitor the results of the Sotheby’s auction, as they could influence future valuations and the overall standing of NFT art within the fine art world. The presence of valuable pieces like Ape #8552 and gold-furred Mutant Apes on the auction block will test the market’s demand and establish a precedent for the future of NFT art sales.
Sotheby’s auction of Bored Ape Yacht Club-centric NFTs on June 18 promises to be a landmark event that sheds light on the evolving dynamics of the NFT market and its integration into the broader art world. By offering rare and valuable pieces to the public, the auction will provide valuable insights into the future of NFT art sales and the market’s reception of digital assets in the fine art community.
