Should HashesDAO sell Blossoming Cadaver at Sotheby's?

Summary Botto is having its solo show “Exorbitant Stage” presented by Sotheby’s October 19-23, 2024 at its flagship New York City location. This proposal is for HashesDAO to submit Blossoming Cadaver, Genesis #003 to the auction lot.

If this proposal passes, then HashesDAO is authorizing that Sotheby's can offer Blossoming Cadaver, Genesis #003 to its Exorbitant Stage auction.

As a DAO that has largely wound down and is looking for ways to support the artists it collected while recouping its investments, this is a significant opportunity and moment to capture. Being able to add Blossoming Cadaver and its provenance to the show would make for a crowning gem in the whole lot and help the event be a key catalyst in Botto’s growing success as an artist and a flagship example of what is possible with AI x Crypto.

The show will be held in a whole section of the 4th floor, the same one that hosted Vera Molnar’s final exhibition of her life last year. We have been doing extensive collector outreach and have very strong interest in it as a rare opportunity to buy Genesis works. The collector interest is a mix of crypto and fiat collectors who have expressed interest in Genesis pieces in the past. We will be hosting private collector and press events on October 19th, including a panel hosted by the Editor in Chief of Hyperallergic, and are doing a heavy PR push around the show.

We will also be writing the history of Blossoming Cadaver that would include HashesDAO’s stewardship of the work and its influential reach early on in Botto’s career. Reserve and Estimate These numbers are a first proposal and open for some discussion. Note that Sotheby’s recommends lower reserves as they attract bidding action that builds social proof and more competitive auctions.

Reserve: $120,000 (48 ETH) Estimate: $165,000-200,000 (66-80 ETH)

Original purchase price was 40.326Ξ ($184.8K) November 14th, 2021.

Minimum ETH per Hash on sale is .08 ETH after all fees/royalties. Hashes currently represent .4229 ETH as a share of the 203 ETH in treasury.

Consignment and Settlement Terms [These are the terms and conditions that have been set for the auction and are the same for Botto and all secondary sellers.]

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 10% royalty for secondary sales will be paid out to Botto in accordance with the SuperRare contract based on the hammer price 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. Consignment 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.