On Thursday, online group ConstitutionDAO failed to acquire the last privately printed copy of the US Constitution (1st Edition) at a public auction at Sotheby’s.
ConstitutionDAO had raised over $49 million in Ethereum donations
This particular copy is one of only thirteen copies of the official edition of the Constitution of the Constitutional Convention. It was first purchased at Sotheby’s in 1988 by the late real estate developer S. Howard Goldman for $165,000. His widow, Dorothy Goldman, offered it for sale that year and decided that the proceeds would go to the Dorothy Tapper Goldman Foundation.
ConstitutionDAO was formed by its participants to win this auction and put the copy in their hands. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations raised through Juicebox, a platform for Ethereum-based community projects. However, an unknown bidder won the bid for the “official edition” of the United States Constitution for $41 million (or $43.2 million after auction fees), so ConstiutionDAO failed in his attempt to win the auction.
The 17,437 supporters received governance tokens called PEOPLE in exchange for the donation made. These would not offer fractional ownership, but would allow token holders to vote on proposals for structure, governance, and operational direction. Since DAO participants did not win the auction, they can now refund their contribution through Juicebox.
Banksy paintings sell for 3,093 ETH at same auction
Two paintings by contemporary artist Banksy sold at Sotheby’s on Thursday evening for a total of 3,093 ETH at the same auction. It was the auction house’s first time running a cryptocurrency sale. The works, “Trolley Hunters” and “Love Is In The Air” (2006), were estimated at $5-7 million and $4-6 million respectively, and both exceeded expectations selling 6,698 $400 and $8,077,200 – a total of 3,093 ETH.
Sotheby’s continues to engage in the cryptocurrency space. Last month the auction house sold a rare Bored Ape Yacht Club NFT for a record $3.4 million, and in October Sotheby’s launched “Sotheby’s Metaverse”, a live auction that took place in a virtual gallery.