The most expensive NFT artwork sold through an open-edition auction is “Merge” by Pak, which was on sale from 2 to 4 December 2021. Instead of a single NFT for the artwork, the artist continually minted new “units of mass” representing a share of the artwork over the 48 hours the piece was on sale, creating as many units as there was demand for. By the time the sale concluded, Pak had sold 312,686 “units of mass” with a base price of $575 (the price rose progressively as the sale went on) to a total of 28,983 buyers, earning $91,806,519 (£69,206,141).
After the sale had concluded, a unique NFT was minted for each buyer with the details of their accumulated “mass”. The NFTs use dynamic smart contracts which are designed to gradually reduce the number of tokens available – each time a user with a Merge NFT buys another user’s Merge NFT, the new token is merged with the existing one, increasing the buyer’s “mass” but reducing the number of NFTs on the market.
The price was a record for an artwork sold publicly by a living artist, according to Nifty Gateway. However, the claim is debatable, depending on whether The Merge is ultimately considered to be a single piece or a series of artworks. It may be considered a series of artwork because each and every “mass” is an NFT and represents a piece of the artwork.
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History of Auctioneering
Ripon – Jay Clarke was installed as president-elect of the Wisconsin Auctioneers Association
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The world’s largest flower auction and flower market is Bloemenveiling Aalsmeer (VBA) in Aalsmeer, The Netherlands. Every weekday approximately 19 million flowers and 2 million plants of over 12,000 varieties are sold with a daily turnover of €6 million ($7.2 million, £4 million). The total area of the building covers 999,000 m² (10 million ft²) which is equal to 165 soccer fields.
The VBA has a network of 7,000 growers who provide the plants/flowers and almost 1,400 buyers who export them. Approximately 85% of the goods are exported that day to European countries and 10% go to USA. Imports generally come from Africa, Europe and Scandinavia. The auctioning takes place using 13 clocks in five auction rooms handling 55,000 transactions per day.
A system known as ‘Dutch clock auction’ is used, whereby the auctioneer sets the starting price high and prices then go down until a buyer pushes a button to freeze the price. The risk being wait too long and another buyer will get the goods, but press too soon and the buyer might pay too much. The VBA was established in 1968, following a merger of two Aalsmeer auctions: Veiling Bloemenlust and Centrale Aalsmeerse. These auctions themselves began in Aalsmeer in 1911/1912 where growers would gather in a cafe and sell their produce.
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The most expensive cow sold at auction is R$21,000,000 (£3.33m / $4.38m), named Mara (Brazil), in an auction in Arandú, São Paulo, Brazil, as of 1 July 2023.
Mara (Viatina-19 FIV Mara Imóveis) is a 53-month-old cow of the Nelore breed, a breed known for its ability to adapt to tropical climates as well as its resistance to diseases.
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The most expensive watermelon sold at auction is CNY 51,000 ($7,489; £5,827; €6,442) and was achieved by Inner Mongolia Green State Fertilizer Co., Ltd. (China) in Kerchin, Inner Mongolia, China, on 26 August 2018.
The watermelon weighed 81.75 kg (180.22 lb).
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A bejeweled cover of Kohl, a women’s magazine published by ITP Lifestyle Publishing (UAE) featuring Bollywood actress Katrina Kaif, was auctioned in October 2008 for $10,000 (then £6,900)
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The most items auctioned in 24 hours is 1,023, and was achieved by Ian Kasper (USA) in Niles, Illinois, USA, on 21 April 2018.
Ian attempted the record at his business, Lot 14 Auctions, and raised $1,160 for charity during the auction.
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The most expensive cognac sold at auction is a bottle of 1762 Gautier, which was purchased by Nguyen Dinh Tuan Viet (Vietnam) for £122,696 (€137,206, $150,723) at a Sotheby’s auction in London, UK, on 28 May 2022.
The bottle is known as the ‘Grand Frere’ and is the largest of the three bottles of 1762 Gautier.
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The most expensive dress sold at auction is Marilyn Monroe’s ‘Happy birthday, Mr President’ dress, purchased by Ripley’s Believe It or Not! (USA) for $4,800,000 USD (€4,489,000, £3,857,200) at Julien’s Auctions in Los Angeles, California, USA, on 17 November 2016
The custom-made Jean Louis gown was worn by Marilyn during her famous performance for President Kennedy, at a fundraiser gala for the Democratic Party on 19 May 1962.
The figure is $200,000 greater than the previous record holder, the ivory rayon-acetate dress worn also by Marilyn Monroe in The Seven Year Itch.
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The most expensive coin sold at auction is The 1933 Double Eagle which sold for $18,872,250 (£13,334,400 / €15,495,400) at Sotheby’s in New York, USA, on 9 June 2021.
The coin, which depicts an American eagle in flight on one side and Liberty striding forward on the other, has a face value of $20. It is the only coin of its kind ever allowed to be privately owned. The expected selling price was $10-15 million.
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The most expensive cheese sold at auction is €20,500 ($22,787; £18,615) and was achieved by Regulatory Council DOP Cabrales (Spain) in Cabrales, Asturias, Spain, on 25 August 2019.
The cheese sold was a block of Cabrales; a semi-hard, very strong-tasting blue cheese produced by artisan farmers in Asturias, Spain. The block of Cabrales weighed 2 kg, giving it a price per kg of €10,250 ($11,393, £9,307). The Regulatory Council DOP Cabrales also achieved this record in 2018.
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