Sotheby’s
Patriotic Altcoin Manages 330% Rally in Seven Days While Rest of Crypto Markets Turn Red
A unique crypto asset has been soaring like an eagle even as the broader crypto markets struggle to hold the line. The altcoin PEOPLE represents the ConstitutionDAO (decentralized autonomous organization) project, which crowdfunded roughly $47 million dollars worth of Ethereum (ETH) in an attempt to purchase one of the few remaining first-edition copies of the […]
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ConstitutionDAO Loses Sotheby’s Auction
BREAKING: ConstitutionDAO fails to win Sotheby’s auction
Proceeds of the U.S. Constitution sale will benefit the Dorothy Tapper Goldman Foundation.
The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday.
"The 'Official Edition' of The United States Constitution" was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.”
The news broke in an announcement on the official Discord. "While this was not the outcome we hoped for we still made history tonight," the post read.
This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.
Project participants began to band together just a week ago as a decentralized autonomous organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations collected via Juicebox, a platform for community-owned Ethereum-based projects.
In exchange for donations, the 17,437 backers were issued governance tokens called PEOPLE. These do not provide fractionalized ownership, rather give token owners the ability to vote on proposals around structure, governance and operational direction.
Participants will now be able to get a refund of their contribution via Juicebox.
Sotheby’s will take ETH bids in real time for Banksy auction
The famed auction house claims it will be the first to accept crypto for a real-time auction of physical art — but other auction houses are not far behind.
Prestigious auction house Sotheby’s has announced it will accept Ethereum (ETH) bids in real time for its Nov. 18 auction that includes works by famed street artist Banksy.
Sotheby’s claims this will be the first time an auction house has accepted crypto in real time as a standard currency for payment in an auction on a physical work of art. The auction, titled ‘The Now Evening Auction’ features Banksy’s Trolley Hunters and Love Is In The Air.
Although the bidding prices will be announced in ETH, winning bidders have the option to pay for the works in either Ether, Bitcoin (BTC) or USD Coin (USDC).
Sotheby’s first began accepting BTC and ETH as payment back in May for a different Banksy auction. It has financially supported NFT projects, including providing seed funding for NFT studio and blockchain tech platform Mojito. It also launched a Metaverse-themed NFT platform with Pranksy, PleasrDAO, Paris Hilton, and others serving as curators in October.
Sotheby’s is not alone among auction houses involved in crypto and blockchain, however.
Related: NFTs could mark a resurgence in art galleries
Competing auction house Christie’s was the first to accept ETH as payment in a CryptoPunks auction it held last May. Christie’s also famously auctioned off Beeple’s The First 5000 Days for over $69 million.
The Phillips auction house accepted ETH and BTC in its auction for Banksy’s Laugh Now Panel A, which sold for over $3 million last June.
Sotheby’s to Bring Down the Hammer in Ethereum on 2 Iconic Banksy Paintings
Sotheby’s, the British-founded American luxury auction house, has announced the company will be selling Banksy works for real-time bids in ethereum at “The Now Evening Auction” on November 18. While the upcoming auction will have pieces from highly acclaimed artists such as Mark Bradford and Yoshitomo Nara, Banksy’s “Love in the Air” and “Trolley Hunters” […]Paris Hilton Lists a Few Pieces From Her NFT Collection via Sotheby’s Metaverse Marketplace
Last week the leading luxury auction house Sotheby’s introduced its non-fungible token (NFT) marketplace called “Metaverse.” The Sotheby’s NFT marketplace has featured a number of collectible artworks including cards from the Rare Pepe card collection. Now the socialite Paris Hilton has introduced a few of her NFTs on Sotheby’s native NFT market featuring works from […]Paris Hilton and Pranksy collections featured by Sotheby’s new NFT platform
The first auction on Sotheby’s Metaverse will go live on Oct. 18, with the auction featuring prominent collections such as Bored Ape Yacht Club, MoonCats and CryptoKitties.
Prestigious auction house Sotheby’s has launched a new Metaverse themed NFT platform.
The platform is dubbed “Sotheby’s Metaverse” and was announced alongside the “Natively Digital 1.2: The Collectors” (ND1.2) auction that will run between Oct. 18 and Oct. 26. The auction consists of 53 lots of tokenized art from the vaults of 19 curators.
Welcome to Sotheby's Metaverse. https://t.co/hZvYIkO3xx pic.twitter.com/9Wl9fUwibe
— Sotheby's Metaverse (@Sothebysverse) October 14, 2021
The list of curators includes some top collectors in the NFT space such as PleasrDAO, Pranksy and 888 along with crypto-friendly stars such as DJ Steve Aoki and self-described “Boss-Babe” Paris Hilton.
“These collectors are people with deep histories and relationships in the digital art and media space, many of whom have been collecting long before NFTs became a common term and have helped build the ecosystem from the ground up,” the exhibition notes state.
The platform is accepting payments in Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC), along with credit card payments and wire transfers. Sotheby’s Metaverse is powered by Mojito, an NFT studio and blockchain tech platform that develops and operates NFT marketplaces for brands and IP holders.
The ND1.2 collection features NFTs prominent projects such as Yuga Labs (Bored Ape Yacht Club), Dapper Labs (CryptoKitties), Art Blocks (Chromie Squiggle) and Ponderware (MoonCats).
Sotheby’s was founded in London during the mid-1700s, and has since grown into a multinational giant that has expanded into 80 locations across 40 countries. The firm hosted its first NFT auction in April, partnering with the digital artist known as “Pak” to sell $16.8 million worth of tokenized art.
In June the auction house sold CryptoPunk #7523 —also known as “COVID Alien” — for a record $11.8 million, and last month it hosted an auction with Yuga Labs for a collection of 101 Bored Ape Yacht Club NFTs that generated $24 million.
Sotheby’s is no stranger to the early iterat metaverse either. In June the firm opened a virtual gallery in Decentraland which depicted the auction house's New Bond Street Gallery in London.
Related: The Metaverse, play-to-earn and the new economic model of gaming
The structure was built in Decentraland’s Voltaire Art District, and featured Sotheby’s London Commissionaire, Hans Lomulder who greeted guests at the door, with the gallery displaying the COVID Alien CryptoPunk and Robert Alice’s intelligent NFT (iNFT).
The virtual metaverse has been grabbing the headlines of late, due in part to Facebook’s recent push to establish itself in the sector. Cointelegraph reported on Sept. 28 that Facebook is allocating $50 million to a two-year fund to back the firm’s target of building its own metaverse.
“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” Facebook said as part of its funding announcement.
Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million
The British-founded American multinational corporation headquartered in New York City, Sotheby’s, closed the Yuga Labs “101 Bored Ape Yacht Club” non-fungible token (NFT) collection auction at $24.3 million for the lot. The auction ended on September 10 and surpassed the expected settlement for the NFT lot which was estimated to be around $12-18 million. The […]101 Bored Apes NFT auction at Sotheby’s closes at more than $24M
Yuga Labs auctioned off collections of Bored Ape Yacht Club and Bored Ape Kennel Club NFT that generated $24 million and $1.83 million respectively.
The auction of Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) collection has smashed through expectations with a winning bid of $24.39 million.
The auction closed on Sept.10 and was hosted by the prestigious auction house Sotheby’s which had earlier estimated the collection would fetch between $12 million and $18 million.
The bundle of non-fungibles consists of 101 Bored Apes and three M1 and three M2 “Mutant serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, it enables the holder to mint a new Mutant Ape NFT that keeps the same traits of the original Bored Ape but depicts it in a mutant format.
Taking the serum NFTs out of the equation as they are usually airdropped for free to holders, each Bored Ape in the collection was valued at an average price of roughly $241,000 or 69.4 Ether (ETH) at the time of publication.
The figure tallies in well above the floor price for Bored Ape NFTs on the secondary market, with data from OpenSea showing a minimum price of 38.99 ETH, worth around $135,000.
What an historic moment for the club: the @Sothebys auction of 101 Bored Apes has closed at over $24m. Congratulations and THANK YOU to the whole ape community. To the buyer, I think we speak for everybody when we say: WELCOME TO THE CLUB. ☠️⛵️ pic.twitter.com/NKxHekC0ny
— Bored Ape Yacht Club (@BoredApeYC) September 9, 2021
Yuga Labs also auctioned off a 101 NFT collection of its side project Bored Ape Kennel Club that closed on the same day with a winning bid of $1.83 million, at a price of $18,150 per NFT. The figure fell within Sotheby’s estimate of $1.5 million to $2 million, and beat the floor price on OpenSea of 3.09 ETH or $10.700.
Delaware-based Yuga Labs launched the BAYC on April 30, and it has since become a highly popular and sought-after project. Figures such as NBA star Steph Curry aped in by paying 55 ETH ($191,000) for a Bored Ape NFT late last month. Metaverse gaming firm The Sandbox also snapped up a Bored Ape for a record price of 740 ETH ($2.57 million) on Sept. 6.
Sandbox’s NFT depicts a golden ape with laser eyes wearing a sea captain’s hat. In a Sept. 8 blog post the firm revealed plans to port BAYC NFTs into its metaverse as playable avatars.
“The Avatar collections find additional utility for their NFT holders within our gaming virtual world. Through the interoperability of NFTs, they will be able to turn 2D collectible image NFTs into 3D playable avatars that are animated, can run, jump, socialize, play games, and interact with their other peer Avatars in The Sandbox,” the blog post read.
Related: OpenSea bug appears to have destroyed nearly $100K in NFTs
According to data from OpenSea, NFT sales volume on the secondary market cooled down in September, with top projects such as CryptoPunks, Art Blocks and BAYC all seeing declines in seven-day volume of 85%, 82% and 69% respectively.
Only one NFT project out of the top 20 has seen an increase in seven-day volume, with Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs seeing an increase of 8.42%.
Data from Dune Analytics also shows that NFT floor prices are on a downward trend of late, dropping from 1.02 ETH on Aug. 30 to sit at around 0.40 ETH on Sept. 9. However, this doesn’t necessarily indicate a bearish trend for the NFT sector, as the price can be impacted by new projects emerging on the market that sell for lower prices.