November 20, 2021

ConstitutionDAO loses auction for rare copy of US Constitution

ConstitutionDAO loses auction for rare copy of US Constitution

On Thursday, November 18, an unknown buyer purchased a historically valuable copy of the US Constitution at a Sotheby's auction for $43.2 million. A specially created group of crypto-investors to buy the artifact, the DAO, failed to outbid him.

A week before the auction, enthusiasts launched a ConstitutionDAO project in the form of the DAO to win an auction for one of the 13 surviving copies of the first edition of the Constitution. 500 copies of the document were printed for the Continental Congress and delegates to the Constitutional Convention in 1787.

If they won the auction, the community planned to exhibit the artefact to the public in a museum.

Participants in the DAO received PEOPLE control tokens in proportion to their contributions to Ethereum. The coins did not imply equity ownership of the historical document, but gave them the opportunity to participate in decisions related to its placement.

Prior to bidding, the lot was valued at $15-$20 million, and the group aimed to raise the amount at the top end. The amount contributed during the week exceeded $40 million.

Our bid for a copy of the Constitution did not win. Although it was not the result we had hoped for, we continued to make history with ConstitutionDAO tonight. This is the largest known crowdfunding for a physical object - in cryptocurrency or fiat. We're incredibly grateful to have done this together with all of you, and still in shock at how far we've managed to get, the project team said in a statement.

Organisers specified that DAO had 17,437 donors, with an average contribution of $206.26.

All community contributors will be able to get their ETH contributed back, minus gas costs, through the Juicebox platform, the team assured.


Update: According to The Wall Street Journal, Citadel investment company CEO Ken Griffin turned out to be the buyer.

The billionaire allegedly plans to donate a copy of the US Constitution to the Crystal Bridges Museum of Art in Arkansas so that it will be available for all Americans and visitors to view.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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