0. Summary
This proposal is to place Err Hold on auction with reserve of 75ETH.
1. Rationale
After the original 70ETH offer by Kanbas narrowly failed to pass, this proposal considers the next option of putting Err Hold up for auction with a reserve set at 75 ETH matching the latest direct offer on SuperRare.
Before and during the vote on BIP-73 to sell to Kanbas there was interest in putting the work to auction in order to determine a fair price for the work. Before BIP-73 went to vote, Kanbas’s team declined to go to auction with a set reserve. During the vote, a competing offer came in, and the person making the offer agreed to an auction with the reserve at their bid of 75 ETH.
The auction would take place on SuperRare, who will charge 7.5%, half their typical fee, and can put marketing behind this and drive collector outreach for the auction.
Given the 72-hour voting window, this proposes to set the auction on Wednesday January 22nd, 2025 so that it does not happen during the weekend or when Botto’s weekly auction is closing. This will also allow time to promote the auction to attract bidders to this work whose story continues to surprise.
2. Proposal Specifications
- Place Err Hold on 48hr auction at SuperRare with reserve of 75ETH on Wednesday January 22nd, 2025
- SuperRare will have 7.5% fee, half their usual 15%
3. Criteria for Success
- A strong auction with multiple bidders to get price discovery on Err Hold
- Err Hold lands with a strong collector
4. Potential Risks and Considerations
- Selling a Genesis now potentially foregoes higher prices for Genesis in the future
- Currently there are only 4 Genesis held by the DAO treasury
- Kanbas’s team indicated they would not participate in an auction with reserve, so there may be few or no other bidders
