BIP-64: Lumen Benefit Auction

Summary

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

Botto has been invited to take part in a special Sotheby’s auction for Lumen Prize’s 13th anniversary October 9th. This proposess one of Botto's editioned works to sell as a complement to the Solo show the following week.

Rationale

The Lumen Prize folks were early supporters of Botto in its first year and helped first get Botto in front of many institutions even as the market fell hard in 2022. Blossoming Cadaver was longlisted for their inaugural NFT Prize in 2022 and they helped put on Botto’s first anniversary show in 2022.

The show and sale launches October 9, 2024 in partnership with Sotheby’s, at Lumen's London Awards Ceremony, running online for one week. It will showcase works from 13+ Lumen artists, featuring digital, physical, and onchain artworks, curated by Auronda Scalera & Alfredo Cramerotti (ISC members and curators of Art Dubai Digital 2024).

Proceeds will directly support next year's prize fund, with sale proceeds split 50/50 between the contributing artist (50%) and Lumen (50%) after the auction platform's fee. We propose submitting Botto’s Grails V work, The Alchemist’s Playroom, from the treasury could be a good piece to submit here (last sale 1.5 ETH, current WETH offer .75 ETH). There will be no reserve and Sotheby’s will determine the estimate at the time of the auction so as to allow for a more open market pricing.

Proposal Specification

• Submit The Alchemist’s Playroom, from the treasury for sale.
• Sale proceeds split 50/50 between the contributing artist (50%) and Lumen (50%) after the auction platform's fee of 10%, or 12.5% if they exceed the high estimate.
• There will be no reserve and Sotheby’s will determine the estimate at the time of the auction.

Criteria of success

• Strong sale thanks to the benefit auction that raises price expectations for Solo show
• Exposure of Botto to more collectors, mentions alongside great artists in press on the show

Risks

• A lower than expected sale ahead of the Solo show. We feel this is unlikely given the accessible price of the piece and the benefit making the purchase tax deductible.

Please refer to the BIP-64 forum post for full details and discussion.