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ConstitutionDao misses out on a rare $43M historical piece

ConstitutionDao

TL;DR Breakdown

  • ConstitutionDao has lost its bid to acquire a one-of-a-kind copy of the American Constitution.
  • The online crypto community lost to an unnamed bidder despite raising over $47 million for the piece.

ConstitutionDao, an online decentralized organization (DAO), has lost its bid to acquire a rare piece of American history. The group had bid for a unique copy of the American Constitution on November 18. Sotheby’s, a renowned auction house, conducted Thursday’s auction.

According to Sotheby’s, the piece went for $43.2 million. The successful bidder had quoted $41 million for the piece. But the auction price rose to $43.2 million after including other costs. 

Sotheby’s auctioning house didn’t reveal the identity of the bidder that beat ConstitutionDao to the prize. It also didn’t explain why the DAO failed in its bid. That’s because the crypto-centric group had raised over $47 million through crowdfunding.

The unique historical piece is an official replica of the original American Constitution adopted in 1787. Sotheby’s had valued it at between $15-20 million. It’s one of the 11 copies existing today and the only one remaining in private ownership. 

Sotheby’s affirmed that the copy is part of the first printing of the final Constitution adopted in Philadelphia. It also explained that the replica was scarcer compared to the first issue of America’s declaration of Independence of 1776.

ConstitutionDao will refund contributors

After the auction, ConstitutionDao took to Twitter to break the news to its community. They informed them of their failed bid while promising to refund the sums they’d collected. The over 17 thousand contributors will receive their funds minus the transaction fee

The news has drawn strong reactions on social media. One Twitter user @sudo_script wondered how ConstitutionDao lost the bid. He suggested that it could’ve been the seller themselves who’d thought they’d push the DAO to go higher than $41 million. 

To him, the seller would have done so because they knew the DAO had $47 million on juicebox. Unknown to them, ConstitutionDao wouldn’t go higher because of fees and taxes.

Another user going by Twitter handle @damienstolarz said the DAO’s challenge was that the competition knew how high they’d go. But ConstitutionDao didn’t know how high the competition could go. He wondered how they’d build treasury in confidence while negotiating.

And @arditusa wasn’t thrilled about the development. He questioned how they lost the bid, a thought that Ryan MacArthur holds too. Tweeting as @maceip, he failed to understand how they couldn’t outbid the competition yet had the means to.

Proceeds will go to charity

In 1988, the replica had sold for $165 thousand to S. Howard Goldman. It changed ownership with the demise of the former real estate investor. Goldman was also an avid collector of American historical writings.

Goldman’s widow, Dorothy Tapper Goldman, had put it up for the Thursday auction. She’ll invest the proceeds of the sale in a charity she runs in her name. According to the auctioneer, her charity educates the public on democracy.

Despite losing the bid, ConstitutionDao left the auction upbeat. The organization tweeted that it made history. It mentioned the records they broke in raising the most funds by crowdfunding.

The DAO went on to thank all the contributors for accepting the call. Additionally, it said that they’d shown the world the power of crypto, web3, and community. 

ConstitutionDao also took pride in being the first DAO to work with Sotheby’s. Again it insisted that it wouldn’t be the last one to do so.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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