4 ms·

If the Constitution sold for $42M in the end but this DAO raised $47M, why didn't they win the auction? I am confused honestly.

theli0nheart 5y ago
Fees, funds reserved for transportion, safety, storage, etc. You can't just buy an original copy of the US Constitution, stick it in your carry-on, and drop it off at the local museum. From their Discord announcement: > @everyone Lots of questions coming up about why we stopped the bidding where we did. The proper care and maintenance of the Constitution requires a reserve that is needed to insure, store, and transport the document, and we calculated the absolute max we could go to while still meeting these requirements. The opposing bidder passed that max, and we were unable to go any higher while still ensuring that we could properly care for the document. Additionally Sotheby's takes a cut of every auction sale with their fees, and this amount had to be accounted for as well.
k__ 5y ago
They said, after taxes they wouldn't have enough money left to care for the document.
gonehome 5y ago
Stewardship has extra costs associated with insurance, safe transport, etc. They talked about this in the discord. Ultimately they went as high as they could go given these costs.
levi-turner 5y ago
A buyer's premium (https://en.wikipedia.org/wiki/Buyer%27s_premium https://en.wikipedia.org/wiki/Buyer%27s_premium for background, https://www.sothebys.com/en/buy/auction/2021/the-constitution-of-the-united-states-sold-to-benefit-the-dorothy-tapper-goldman-foundation?showDetails&locale=en https://www.sothebys.com/en/buy/auction/2021/the-constitutio... for the details) ? Some quick and dirty maths suggest the final price to be $48,522,000.00
rvz 5y ago
ETH price volatility with gas fees and auction costs is the reason. Downvoters: It's true. Otherwise, they would already be celebrating that they have won the auction and covered all the fees. Well I was quite surprised by this outcome and was actually expecting for them to win. [0] Looks like the problem always points to Ethereum (and its gas fees) which ruined it for them. [0] https://news.ycombinator.com/item?id=29258901 https://news.ycombinator.com/item?id=29258901
deleted 5y ago
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theli0nheart 5y ago

Fees, funds reserved for transportion, safety, storage, etc. You can't just buy an original copy of the US Constitution, stick it in your carry-on, and drop it off at the local museum. From their Discord announcement: > @everyone Lots of questions coming up about why we stopped the bidding where we did. The proper care and maintenance of the Constitution requires a reserve that is needed to insure, store, and transport the document, and we calculated the absolute max we could go to while still meeting these requirements. The opposing bidder passed that max, and we were unable to go any higher while still ensuring that we could properly care for the document. Additionally Sotheby's takes a cut of every auction sale with their fees, and this amount had to be accounted for as well.

k__ 5y ago

They said, after taxes they wouldn't have enough money left to care for the document.

gonehome 5y ago

Stewardship has extra costs associated with insurance, safe transport, etc. They talked about this in the discord. Ultimately they went as high as they could go given these costs.

levi-turner 5y ago

A buyer's premium (https://en.wikipedia.org/wiki/Buyer%27s_premium https://en.wikipedia.org/wiki/Buyer%27s_premium for background, https://www.sothebys.com/en/buy/auction/2021/the-constitution-of-the-united-states-sold-to-benefit-the-dorothy-tapper-goldman-foundation?showDetails&locale=en https://www.sothebys.com/en/buy/auction/2021/the-constitutio... for the details) ? Some quick and dirty maths suggest the final price to be $48,522,000.00

rvz 5y ago

ETH price volatility with gas fees and auction costs is the reason. Downvoters: It's true. Otherwise, they would already be celebrating that they have won the auction and covered all the fees. Well I was quite surprised by this outcome and was actually expecting for them to win. [0] Looks like the problem always points to Ethereum (and its gas fees) which ruined it for them. [0] https://news.ycombinator.com/item?id=29258901 https://news.ycombinator.com/item?id=29258901

deleted 5y ago

[deleted]