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
Bonhams founded in London in 1793, Bonhams is a privately owned auction house that focuses on fine art, antiques, and collectibles.
Country: United Kingdom
Year: 1793
Date:
Source: https://www.thememorabiliaclub.com/en-us/pages/the-10-most-reputable-auction-houses-in-the-world?srsltid=AfmBOooy9Ny64jd8sBebui--qZzIcpEBnQuTp3e0MLapcOOQubSuTT1h
Founded in London in 1796 by Harry Phillips, Phillips began as a general auctioneer before shifting its focus to fine art and antiques in the 20th century. The auction house has a reputation for its innovative approach to contemporary art, design, and photography auctions. Phillips is known for its themed sales and curated exhibitions, showcasing emerging and established artists alike. The house operates through a combination of live and online auctions, catering to a diverse range of collectors.
In 2022, Phillips made record sales reporting a total of $746 million in both auctions and private sales. Phillips was the first auction house to introduce themed sales, such as the “New Now” auction series focusing on emerging contemporary artists.
Country: United Kingdom
Year: 1796
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Source: https://americascollection.com/news/a-brief-history-of-leading-auction-houses-sothebys-christies-phillips-and-dorotheum/
Mayor and Common Council in Appleton create ordinance that you need a license in Appleton to Auction.
Country: United States
Year: 1887
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Country: United States
Year: 1910
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Freeman Hotel, Black River Falls, WI
Country: United States
Year: 1951
Date: February 17
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NAA’s 1958 Convention was held July 17-18-19 at the Hotel Statler in Buffalo, New York.
Country: United States
Year: 1958
Date: July 17
Source: https://mikebrandlyauctioneer.wordpress.com/2018/02/13/national-auctioneers-association-conference-show-locations/
Glenn Hellberg was the World Livestock Auctioneer Champion in 1965.
Country: United States
Year: 1965
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Midway Motor Lodge, La Crosse, WI
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Year: 1973
Date: June 12
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The Livestock Marketing Association (LMA), headquartered in Overland Park, Kansas, is North America’s leading, national trade association dedicated to serving its members in the open and competitive auction method of marketing livestock. Founded in 1947, LMA has more than 800 member businesses across the U.S. and Canada and remains invested in both the livestock and livestock marketing industries through member support, education programs, policy representation and communication efforts.
Country: United States
Year: 1974
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Country: United States
Year: 1976
Date: August 13
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