Crowd-funded bids by crypto enthusiasts to purchase a rare copy the U.S. constitution failed to materialize on Thursday after the document was sold to another buyer for $43.2million, which is a record for a printed text according to Sotheby’s auction house.
It was unclear who the winner bidder was, and why “ConstitutionDAO,” a cryptocurrency group called, was outbid at this price. Their crowd-funding page had raised more than $47 millions.
ConstitutionDAO tweeted, “Community: The bid was not won,” promising to refund 17,437 donors minus transaction fees. Sotheby’s claimed it was the largest ever crowd-funding campaign.
Sotheby’s estimated that the extremely rare first-edition printed copy (of the U.S. Constitution) was worth between $15 million and $20 million.
The last time it was sold, it was $165,000 in 1988 when it was purchased by S. Howard Goldman (a New York realty developer and collector of American autographs and documents).
Sotheby’s stated that the winning bid was $41million and that the final price of $43.2million includes overheads.
According to Sotheby’s, the sale proceeds will go to Dorothy Tapper Goldman’s charitable foundation to help the public understand democracy.
According to the ConstitutionDAO website, contributors would be members of the Decentralised Autonomous Organisation (or DAO), but not have a stake in document.
A DAO is an online community that uses blockchain technology for members to vote and suggest changes to how the organization is run.
Juicebox reports that more than $47million, or 11,600, of cryptocurrency ether, has been invested in the project.
Alice Ma, one behind the project, stated on Twitter that while @ConstitutionDAO lost, the past seven day showed what an internet group of memes and vision can accomplish – bidding neck-to-neck at the most elite arts house in the land.