Crypto bidders miss as copy of US constitution sells for $ 43 million

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LONDON, Nov. 18 (Reuters) – An offer funded by cryptocurrency enthusiasts to buy a rare copy of the U.S. constitution failed on Thursday, after the document was sold to another buyer for $ 43.2 million, a record price for a printed text, according to auction house Sotheby’s.

It wasn’t immediately clear who the winning bidder was, or why the cryptocurrency group, called “ConstitutionDAO” had outbid at that price, as their crowdfunding page had raised more than $ 47 million.

“Community: We didn’t win the auction,” ConstitutionDAO said on Twitter, promising its 17,437 backers a refund minus transaction fees. Sotheby’s said it was the largest crowdfunding initiative ever.

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The extremely rare first official printed edition of the Constitution of the United States, which was adopted by America’s Founding Fathers in Philadelphia in 1787, was estimated by Sotheby’s to be worth $ 15-20 million. Read more

It last sold for $ 165,000 in 1988, when it was acquired by the late S. Howard Goldman, a New York real estate developer and collector of American autographs, documents and manuscripts.

An extremely rare official first edition print copy of the Constitution of the United States as adopted by delegates to the Philadelphia Constitutional Convention in 1787, which will be auctioned in mid-November 2021 by Sotheby’s in New York, is visible in this document image furnished by Sotheby’s. Ardon Bar-Hama / Document via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN PROVIDED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALE. NO ARCHIVES.

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The winning bid was $ 41 million and the final price of $ 43.2 million includes overhead and other costs, Sotheby’s said.

The proceeds from the sale will benefit a charitable foundation on behalf of his wife, Dorothy Tapper Goldman, to raise awareness of democracy among the public, according to Sotheby’s.

The ConstitutionDAO website had said that contributors would become members of the Decentralized Autonomous Organization, or DAO, but would not have had an interest in the document themselves.

A DAO is a kind of online community that uses blockchain technology to allow members to suggest and vote on decisions regarding its operation.

More than $ 47 million, or 11,600 of the cryptocurrency ether, had been poured into the project, according to crowdfunding site Juicebox.

“While we @ConstitutionDAO have lost the battle, the past seven days have shown what a bunch of internet friends, memes and a vision can achieve – bid side by side at the most elite art house in the world. country, “Alice Ma, one of the people behind the project, said on Twitter.

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Reporting by Elizabeth Howcroft; additional reporting by Noel Randewich in Oakland, Calif., and Alun John in Hong Kong; Editing by Alden Bentley, Diane Craft and Gerry Doyle

Our Standards: Thomson Reuters Trust Principles.

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