Lot Content

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LARVA LABS (EST. 2005)
Please note for tax purposes, including potential … Read more
LARVA LABS (EST. 2005)

9 Cryptopunks: 2, 532, 58, 30, 635, 602, 768, 603 and 757

Details
LARVA LABS (EST. 2005)
9 Cryptopunks: 2, 532, 58, 30, 635, 602, 768, 603 and 757
non-fungible tokens
each: 24 x 24 pixels
Minted on June 23, 2017.

(i)
CryptoPunk 2
One of 3480 Female punks
accessories: Wild Hair (447 punks have this)

(ii)
CryptoPunk 532
One of 3480 Female punks
accessories: Mohawk Dark (429 punks have this)

(iii)
CryptoPunk 58
One of 6039 Male punks
accessories: Normal Beard Black (289 punks have this); Hoodie (259 punks have this)

(iv)
CryptoPunk 30
One of 6039 Male punks
accessories: Normal Beard Black (289 punks have this); Cap (351 punks have this)

(v)
CryptoPunk 635
One of 9 Alien punks
accessories: Bandana (481 punks have this); Regular Shades (527 punks have this)

(vi)
CryptoPunk 602
One of 3840 Female punks
accessories: Crazy Hair (414 punks have this); Hot Lipstick (696 punks have this)

(vii)
CryptoPunk 768
One of 6049 Male punks
accessories: Cap Forward (254 punks have this); Big Shades (535 punks have this); Muttonchops (303 punks have this); Earring (2459 punks have this)

(viii)
CryptoPunk 603
One of 3840 Female punks
accessories: Black Lipstick (617 punks have this); Wild Blonde (144 punks have this); cigarette (961 punks have this)

(ix)
CryptoPunk 757
One of 3840 Female punks
accessories: Messy Hair (460 punks have this); Purple Lipstick (655 punks have this); Earring (2459 punks have this)
Provenance
Larva Labs
Special Notice

Please note for tax purposes, including potential sales tax, NFTs may be considered a digital service or digital product and thus Christie’s may be required to collect relevant taxes dependent on local laws. For tax rate information, you may wish to consult an independent tax advisor
Please note that you may elect to make payment of the purchase price for this lot in the cryptocurrency Ether. Payment in Ether must be made via a digital wallet transfer of Ether to Christie’s. The digital wallet must be maintained with Coinbase Custody Trust; Coinbase, Inc.; Fidelity Digital Assets Services, LLC; Gemini Trust Company, LLC; or Paxos Trust Company, LLC. Only Ether payments sent from digital wallets maintained at these platforms will be credited towards this lot purchase, and we will not recognize payments from digital wallets hosted at other exchanges or self-hosted wallets. The digital wallet must be registered to you, or, if you registered a bid as a company, then in the name of the company. You agree, upon our request, to provide documentation confirming that the Ether payment was made from a digital wallet registered in your name and maintained at one of the platforms listed above. Partial payments of a lot from multiple digital wallets will not be allowed. For further information, please view the Conditions of Sale via the link below.
Post Lot Text
Smart contract address: 0xb47e3cd837dDF8e4c57F05d70Ab865de6e193BBB
Sale Room Notice
Please note that you may elect to make payment of the purchase price for this lot in the cryptocurrency Ether. Additionally, for tax purposes, NFTs may be considered a digital service or digital product and thus Christie’s may be required to collect relevant taxes dependent on local laws. For more details see the lot notice on Christie’s.com.

Brought to you by

Ana Maria Celis
Ana Maria Celis Post-War & Contemporary Art

Lot essay

Making money is art and working is art and good business is the best art.”

Andy Warhol

The world’s first coins were nothing like the small, flat metal discs of standardized shape and weight you are right now visualizing in your mind’s eye. Rather, they were cast in bronze to resemble cowry shells, miniature tokenized abstractions of sea snails, which had previously been used as currency in prehistoric China. Tong Bei—literally translated as “bronze cowry” or “bronze shell”—is perhaps the earliest known minted currency, dating back to the Late Chinese Bronze Age. Other examples of early minted currency originated in Greece, including the famous Lydian coin, struck from an alluvial alloy of gold and silver, and the Croeseid, the world’s first pure gold coin. Since its inception, money has been used to symbolize something it definitely is not. This is most obviously exemplified by the Tong Bei, which were cast to physically replace the fragile cowry shells which the Chinese previously used as currency. But even today, the US Dollar is a kind of subtle abstraction. According to the contemporary philosopher Yuval Noah Harari, “money is the most universal and most efficient system of mutual trust ever devised” (Sapiens: A Brief History of Humankind). This “system of mutual trust” is based on a uniquely human shared belief that money, in whatever form it takes, is not only a symbol of value, but becomes valuable in and of itself.

Money is the most universal and most efficient system of mutual trust ever devised.”

Yuval Noah Harari

In 2008, the pseudonymous person (or persons) Satoshi Nakamoto created the world’s first decentralized cryptocurrency, Bitcoin. This purely digital tender survives without the authority of a central bank or lone administrator because its every transaction is verified via a publicly distributed ledger called a blockchain. In the ensuing decade, Bitcoin’s value has skyrocketed from practically nothing to tens of thousands of dollars for a single coin. Its cultural cache has experienced a similar explosion. Bitcoin’s astounding ascent—however volatile—is emblematic of a still-shifting paradigm, one in which the virtual experience is rapidly gaining emotional and psychological purchase on the lived experience.


Over the course of the last year, during a pandemic in which daily life was completely and violently upended, we reached a curious tipping point. In the early months of global lockdown restrictions, people—children and adults from around the world—flocked to the viral videogame sensation Animal Crossing, where they spent hours (daily) meticulously curating their own islands, virtually visiting their friends, or playing cute but frivolous minigames like hunting for bugs, singing karaoke or growing a flower garden. Another sign of the fuzzy membrane between the real and the virtual becoming ever fuzzier.


Towards the end of 2020, people started bidding aggressively to own things that don’t physically exist. Enter the NFT: non-fungible tokens are digital assets which are inscribed indelibly on a blockchain, meaning they cannot be altered, duplicated, forged, destroyed or even successfully squirreled away. The applications for NFT and blockchain technology are mindbogglingly vast and have only just begun being integrated in various industries, but as regards the world of fine art, it’s clear that NFTs have quickly become a collecting category in and of themselves. To own NFT-based art is to own the beating heart and intangible soul of an artwork, with an indestructible Certificate of Authenticity included. While to the general public, it seemed suddenly insane—spending millions to own what was wrongly understood to be just a JPEG or GIF—the advent of CryptoArt, like cryptocurrency, was years in the making.

In 2017, technologists Matt Hall and John Watkinson (also the esteemed consignors of the present lot) embarked on an art project under the moniker Larva Labs. Using the conceptual framework of cryptocurrency, with its radical decentralization and distributed ledger, Larva Labs wrote an algorithm to create 10,000 completely unique 24 by 24 pixel icons of funky cartoon heads in profile. The CryptoPunks—so named for their diverse affinities with the aesthetics of British punk rock culture of the 70s and 80s—were unleashed onto the Ethereum blockchain, where they could be freely claimed by anyone with an ETH wallet. As each and every Punk was quickly whisked away by their new owners, their movements were automatically written into the blockchain.

comp image
Present lot illustrated (detail).

A fascinating aspect of the CryptoPunks website is the breadth of information recorded therein. Not only can you assess exactly which attributes make each of the Punks unique from one another, you can browse by various criteria such as attributes, owners’ accounts, rejected, pending and accepted offers, discerning a clear hierarchy of collectability amongst the myriad Punks and, if you’re looking closely, identifying any nascent market trends in media res. Imagine if there existed a similar website for works by Pablo Picasso, where every authentic artwork’s market history, including both “private” and “public” sales (a non-sequitur of a distinction in the age of the blockchain) was automatically recorded and readily available to any curious inquirer. How drastically different would those marketplaces be if all that information was simply… out there? One fact is inarguable: in this hypothetical scenario, the art collector has never been more empowered.

Amongst the Punks, there are sprinkled in three non-human types. In reverse order of rarity, they are the Zombie (there are 88), the Ape (there are 24) and the Alien (only 9 exist). The present lot contains a particularly stylish example of the latter. Drawing from the imagined worlds of Sci-Fi and Horror movies such as 2001: A Space Odyssey, Night of the Living Dead and Close Encounters of the Third Kind, Hall and Watkinson endowed their creations with the kind of otherworldly playfulness that is often erased by the passing of youth, whence it is replaced with a dully aching nostalgia for innocent fantasy. The rare non-human types have a similar kind of collectible aura as, say, a first edition holographic Pokémon card, or a clean pair of Nike SB NYC Pigeons. This is not so different than the hallowed patina of the Art Historical canon, whereby Warhol’s soup cans on canvas from the 60’s command prices with drastically many more zeroes than his later editioned soup cans.

To own NFT-based art is to own the beating heart and intangible soul of an artwork, with an indestructible Certificate of Authenticity included.”

The Punks are non-fungible in the sense that no two are exactly alike, and this standard applies to the non-human types, too. The US Dollar is fungible in the sense that we all agree one 20 dollar bill is worth just as much as any other. But no single Alien is necessarily more or less valuable than another, and this is visibly demonstrated in their assigned accessories. The Alien in the present grouping, CryptoPunk 635, is accessorized with a “Bandana” (481 Punks have this) and “Regular Shades” (527 Punks have this). As of writing, the top two prices paid for any Punks were achieved by Aliens, CryptoPunk 3310 sporting “Headband” (406 punks have this) and CryptoPunk 7804, sporting “Cap Forward” (254 Punks have this), “Pipe” (317 Punks have this) and “Small Shades” (378 Punks have this). On March 11, 2021, user 0x7b8961 successfully purchased CryptoPunk 3310 from user 0x6611fe for 4.2K ETH, or (at the time) $7.58M. In addition to the Alien, the present grouping of nine CryptoPunks, assembled by and consigned directly from Larva Labs, is comprised of eight highly desirable, diverse, low-mint-number human punks—including CryptoPunk 2, only the third Punk ever minted (naturally, there is a Punk 0).

There is a very famous Andy Warhol quote that goes like this: “Making money is art and working is art and good business is the best art.” With the Punks, LarvaLabs have taken this pithy maxim and flipped it and reversed it. In making the CryptoPunks, they made art that is money. More than a century ago, during the winter of 1919, Marcel Duchamp did much the same. He paid for some dental work performed by Dr. Daniel Tzanck—also an art collector and patron of the avant-garde—with a masterfully forged pen-and-ink check to the tune of $115. The check was drawn from an imagined account at “The Teeth’s Loan & Trust Company, Consolidated in New York.” Interestingly, years later, Duchamp purchased the forged check from his dentist for a far greater sum than it was purported to represent. Further proof that money is the greatest system of mutual trust? Perhaps it was art all along.


-Noah Davis, Associate Vice President, Head of Digital Sales, Post-War and Contemporary Art


 


Lot Essay Header Image: Present lot illustrated (detail).

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