BIP-61: Sotheby's Solo Show

Summary

Please note that this Snapshot has a default 72-hour voting window.

Sotheby’s has proposed hosting Botto for a solo show October 19-23, 2024 at its New York City location that will have a set of works for sale from Botto’s treasury. The auction will run online from October 17, 2024 2pm EST and closes October 24, 2024 2pm EST on Sotheby’s platform.

Proposal Specifications

BottoDAO will consign the following works for the show:

1. Expose Stream, Genesis #045
2. Exorbitant Stage, Genesis #050
3. The Threshold of Reverie, Interstice #013

Committed Secondary works are:

1. Seaport Subject, #8 / 10
2. Echoes Tethered to Creation, Temporal Echoes #9

Commission and Settlement Terms:

• The auction will run online from October 17, 2024 2pm EST and closes October 24, 2024 2pm EST on Sotheby’s platform.
• Sotheby’s will receive a commission of 10% of the hammer price subject to a maximum of $50,000 per lot and minimum of $500 per lot. A 2% success fee is added on the hammer price if it exceeds the high estimate
• Reserves and estimates may go up, but not down without DAO approval
• The $500 per Lot minimum Seller’s Commission will also apply for any unsold Lot with a low estimate of $5,000 or below
• Royalty’s for secondary sales will be paid out in accordance with the SuperRare contract
• Buyer’s premium is 20% of the hammer price
• Buyers may pay in cryptocurrency (ETH and BTC) or fiat. We will receive in the currency paid as well.
• If in fiat we will convert for ETH immediately upon receipt so that the treasury receives the equivalent in ETH. Settlement is 45 days after the sale closes, or 5 business days after funds clear (whichever is longer).
• If in Cryptocurrency there is a 0.5% processing fee and gas fees. Settlement date is 5 business days after the buyer’s funds clear.
• Commission timeframe is 40 days after the auction closes, so if any works go unsold at auction Sotheby’s has up to 40 days to sell at minimum for the reserve price.

Sotheby's will cover the costs of production for the exhibition. This proposal asks for an additional $7500 for buffer and event programming.

Criteria of success

• A sold out show
• Sales that exceed estimates
• Press and media attention
• Critical acclaim of the show and Botto
• New collectors who require KYC

Risk and Mitigations

• Show not selling out
• Works selling for well below what they could have received through an onchain marketplace
• No press breakthrough

Please refer to the BIP-61 forum post for full details and discussion.