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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In 1964, Sotheby’s expanded itself by buying Parke-Bernet, the USA’s largest fine art auction house at the time. Today, it’s noted as the oldest and largest international firm of fine art auctioneers in the world. It has 80 locations across the globe and sees an annual turnover of about $4 billion.
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In 1786, Christie’s sold the library of the famous Dr. Samuel Johnson, creator of the Dictionary of the English Language (1755). This collection included insightful books on a variety of topics, including but not limited to medicine, law, math, and theology.
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In 1824, The National Gallery was founded in London. It opened its doors with many purchases from Christie’s. New York’s MET museum also made its first connection to the London market through Christie’s, sending them their first lot for sale in 1958. Today, Christie’s boasts a worldwide influence with locations in Europe, Asia, Africa, and the Americas.
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In June 2019, French-Israeli telecom businessman Patrick Drahi made an offer to buy Sotheby’s for $3.7 billion. This meant that following the acquisition, Sotheby’s could be more flexible in its deals now that it didn’t have to justify expensive guarantees or other benefits to shareholders. This new structure also gave comfort to their higher-profile buyers who would rather not be scrutinized by the public eye. Following the adoption of this new private curtain, the comparison between Sotheby’s and Christie’s was more strongly apples to apples than ever before.
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The auction by candle also played a pivotal role in defining legal history. It was used as a standard procedure in the Court of Chancery, where trust property was sold off. The Sales of Land by Auction Act 1867 officially made it lawful to pay commission to an auctioneer, marking a significant milestone in the auctioneering profession.
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The most valuable picture postcard in the world was sent by Theodore Hook Esq. to himself in 1840 and was bought at the London Stamp Exchange auction, UK on 8 March 2002 by collector Eugene Gomberg (Latvia) for £31,758.75 ($45,370.60). It is also considered to be the oldest postcard in the world.
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The oldest bottle of wine to have been sold at auction was a bottle of 1646 Imperial Tokay, which was bought by John A. Chunko of Princeton, New Jersey, USA and Jay Walker of Ridgefield, Connecticut, USA for SFr 1250 (£;405) including buyers premium at Sothebys, Geneva, Switzerland on 16 Nov 1984.
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The most expensive wine sold at auction is a Romanée Conti 1945 Domaine de la Romanée-Conti bottle, sold at $558,000 (£422,801; €481,976) including premium, auctioned by Sotheby’s in New York, USA, on 13 October 2018.
The 73 year old French Burgundy bottle, part of a 600 batch produced by Domaine de la Romanée-Conti, sold more than 17 times the original asking price of $32,000 (£24,246; €27,640). The mark up in the bottles value is suspected to be a result of Chinese market’s interest in French Burgundy. In addition, the bottle was sold by Robert Drouhin, patriarch of Maison Joseph Drouhin.
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A Batpod motorcycle used in the filming of The Dark Knight Rises (USA, 2012) sold at the 2016 Prop Store Live Auction by Prop Store (UK) on 27 September 2016 for £312,000 ($404,393).
The Batpod was the “hero” vehicle used for filming close-ups, meaning that it had more detail than others used for filming at long distance but is largely non-functioning. The motorcycle was designed by Christopher Nolan and production designer Nathan Crowley, and brought to life by special-effects artist Chris Corbould, who made six of the vehicles. Its pre-auction estimate was between $80,000 and $110,000, so it secured about four times the expected price.
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