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
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A record 56 dresses and evening gowns that had been worn to Academy Awards ceremonies by actresses such as Elizabeth Taylor (UK), Sharon Stone and Uma Thurman (both USA) were auctioned at "Unforgettable: Fashion of the Oscars" at Christie’s, New York, USA, on 18 March 1999.
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A limited edition Swatch watch – one of only 140 made – designed in 1984 by French artist Christian Chapiron (known as Kiki Picasso) sold at auction at Sotheby’s, Milan, Italy in 1989 for $45,000 (£27,450).
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The earliest official online game auction site was Station Exchange. Launched by SOE in June 2005, it provided a legitimate means for players to buy and sell characters, items and money to other players, for real money, woth SOE making a cut from the profits. As well as raising revenue for the company, Station Exchange provides players with a safe way of performing transactions, without having to use third party websites.
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A Hong Kong based investor paid US$2.1 million (?1.3 million) on 28 June 2008 for a lunch date with Warren Buffett, the world’s richest man. Zhao Danyang (Hong Kong) enjoyed a meal for himself and seven friends accopmanied by Mr. Buffett at Smith & Wollensky’s steakhouse in New York.
All proceeds from the auction went to a charity which helps the poor and homeless in San Francisco.
Warren Buffett is an American investor and the largest shareholder and CEO of Berkshire Hathaway.
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The most expensive music single sold at auction is a rare seven-inch copy of unreleased 1965 single Do I Love You (Indeed I Do) by Frank Wilson (USA). It sold for £25,742 ($39,294) to a buyer who wished to remain anonymous. Seller Kenny Burrell, a DJ and record collector stated that he was selling his copy in order to gain credibility as a record expert.
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Portrait of an Artist (Pool with Two Figures), painted by British artist David Hockney (b. 9 July 1937) in 1972, sold for $90,312,500 (£69,547,900; €79,919,300) – including buyer’s premium – at Christie’s auction house in New York City, USA, on 15 November 2018. This makes the acrylic-on-canvas the most expensive painting by a living artist sold at auction to date.
The dimensions of the painting are 213.5 x 305 cm (84 x 120 in).
Portrait of an Artist (Pool with Two Figures) takes this record from Jeff Koons’s Balloon Dog (Orange) – a 3.6-metre (12-foot-high, orange-tinted, stainless-steel sculpture resembling a dog made from balloons that sold at Christie’s in New York City, USA, on 12 November 2013 for $58.4 million (£36.49 million; €43.6 million).
Hockney first created a painting based on this composition in 1971, but unhappy with the results, he destroyed it. The current work was a second attempt, created in April 1972 in just a few weeks (working for up to 18 hours a day) for an exhibition at the André Emmerich Gallery in New York City, USA.
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The most expensive book illustration sold at auction is E.H. Shepard’s “Original Map of the Hundred Acre Wood”, which sold for £430,000 ($571,369; €485,860), including premium, auctioned by Sotheby’s in London, UK, on 10 July 2018.
Ernest Howard Shepard is a renowned English artist, best known for his illustrations in The Wind and the Willows and Winnie-the-Pooh.
The “Original Map of the Hundred Acre Wood” illustration was created for Milne’s Winnie-the-Pooh woodland setting. The illustration is supposed to be the work of the character Christopher Robin and includes locations on the map purposely misspelled (“Big Stones and Rox” and “Nice For Piknicks”). The map is signed off by Christopher with “Drawn by me and Mr Shepard helpd”.
The illustration has remained in a private collection for the past five decades.
The record title was previously, held by E.H. Shepard’s illustration “For A Long Time They Looked At The River Beneath Them…”, a drawing of Winnie-the-Pooh and Christopher Robin playing Poohsticks, which sold for £314,500 ($492,727; €398,031).
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Mecum Auctions, Inc. is an American auction company specializing in collector cars and motorcycles. It was founded by Dana Mecum in 1988, and was originally based in Marengo, Illinois. Since 2011, it has been headquartered in Walworth, Wisconsin. The company hosts various auction events across the United States. Television coverage began in 2008, contributing to the popularity of the events.
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Mecum Auctions, Inc. is an American auction company specializing in collector cars and motorcycles. Since 2011, it has been headquartered in Walworth, Wisconsin. The company hosts various auction events across the United States. Television coverage began in 2008, contributing to the popularity of the events.
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