Citadel CEO Ken Griffin outbids crypto group for Constitution copy

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Ken Griffin, billionaire CEO of hedge fund Citadel, paid $ 43.2 million for a first edition of the U.S. Constitution at a Sotheby’s auction on Thursday, outbid a group of cryptocurrency investors.

The amount more than doubles its high estimate of $ 20 million, setting a world auction record for any book, manuscript, historical document or printed text, according to Sotheby’s.

A group of more than 17,000 crypto enthusiasts, identified as ConstitionDAO, had funded more than $ 40 million through social media earlier this week in a bid to win the auction. Sotheby’s said it was the largest crowdfunding initiative ever.

The group lost the auction to Griffin in an eight-minute auction battle over the phone, Sotheby’s said.

Griffin intends to loan the piece to a free art museum in Arkansas, a spokesperson for the Citadel said.

“The US Constitution is a sacred document that enshrines the rights of every American and all who aspire to be,” Griffin said in a statement. “That is why I intend to make this copy of our Constitution available to all Americans and visitors so that they can view and enjoy it in our museums and other public spaces.”

This print of the Constitution was last auctioned for $ 165,000 in 1988 by Dorothy Tapper Goldman’s late husband, S. Howard Goldman.

The extremely rare Constitution is one of 13 known copies of the official print produced for delegates to the Constitutional Convention and for the Continental Congress, and only two copies of the first print of the Constitution which remain in private hands.

Leslie Picker, CNBC

Leslie Picker is a CNBC reporter covering hedge funds, private equity and asset management.

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