0.0 Summary
Sotheby’s has proposed hosting Botto for a solo show October 19-23, 2024 at its New York City location that will have a set of works for sale from Botto’s treasury. This BIP lays out the terms of the agreement.
1.0 Rationale
Botto has been invited to do a Solo show at Sotheby’s in NYC for Botto’s 3rd anniversary in October. A solo show is a rare opportunity from Sotheby’s and they want to present a highly contextualized view into the Botto project. This is a major stage for Botto to be presented to the broader art community.
The show would be at Sotheby’s New York City location, the art capital of the world. This mainstage would be a key milestone for Botto this next year and we will be building up to it through marketing, PR, key placements, other exhibitions, and an all around upgrade to Botto’s artist brand leading up to the event.
Much of this is already underway or in development and the show would provide a key catalyst in Botto’s growing success. After the show we could carry that momentum into much larger partnerships, press, and events opportunities that build Botto’s profile as a pre-eminent crypto art project and flagship of what’s possible at the intersection of AI x Crypto.
1.1 Works for sale
The proposed works with the minimum ranges for reserve prices and estimates are listed in this spreadsheet. The estimates and reserves may go up (though not down without DAO approval) based on the market.
For this proposal, we are only including the primary works from treasury to be sold, and two secondaries from two collectors. Other secondary sales are separate discussions with the individual collectors and may be added as we get closer to the sale date. The DAO committing these works for sale allows the mutual commitment to move forward in order to do the needed preparation for the show and also builds confidence in other collectors to commit their works for secondary sale.
1.2 Exhibition and activations
The exhibition will feature a number of other Botto works featured but not for sale as well in order to showcase a presentation of Botto’s development over time, with examples from across its Periods.
The rooms will be the same ones that hosted Vera Molnar’s final exhibition of her life and takes up the whole south end of Sotheby’s fourth floor. See the layout of the rooms below.
As a five day show, we will focus on activating the space with a private VIP opening for collectors and press, as well as another more open event later in the week with a panel.
The marketing will be a combined effort of the Sotheby’s team, BottoDAO team, and our recruited PR support budgeted in BIP-56, leveraging Sotheby’s channels and collectors network.
2.0 Proposal Specification
BottoDAO will consign the following works:
- Expose Stream,Genesis #045
- Exorbitant Stage, Genesis #050
- The Threshold of Reverie, Interstice #013
See list here
Committed Secondary works are:
- Seaport Subject, #8 / 10
- Echoes Tethered to Creation, Temporal Echoes #9
Commission and Settlement:
- The auction will run online from October 17, 2024 2pm EST and closes October 24, 2024 2pm EST on Sotheby’s platform.
- Sotheby’s will receive a commission of 10% of the hammer price subject to a maximum of $50,000 per lot and minimum of $500 per lot. A 2% success fee is added on the hammer price if it exceeds the high estimate
- Reserves and estimates may go up, but not down without DAO approval
- The $500 per Lot minimum Seller’s Commission will also apply for any unsold Lot with a low estimate of $5,000 or below
- Royalty’s for secondary sales will be paid out in accordance with the SuperRare contract
- Buyer’s premium is 20% of the hammer price
- Buyers may pay in cryptocurrency (ETH and BTC) or fiat. We will receive in the currency paid as well.
- If in fiat we will convert for ETH immediately upon receipt so that the treasury receives the equivalent in ETH. Settlement is 45 days after the sale closes, or 5 business days after funds clear (whichever is longer).
- If in Cryptocurrency there is a 0.5% processing fee and gas fees. Settlement date is 5 business days after the buyer’s funds clear.
- Commission timeframe is 40 days after the auction closes, so if any works go unsold at auction Sotheby’s has up to 40 days to sell at minimum for the reserve price.
3.0 Budget
Sotheby's will cover the costs of production for the exhibition.
This proposal asks for an additional $7500 for buffer and event programming.
4.0 Criteria of success
- A sold out show
- Sales that exceed estimates
- Press and media attention
- Critical acclaim of the show and Botto
- New collectors who require KYC
5.0 Risk and Mitigations
- Show not selling out
- Works selling for well below what they could have received through an onchain marketplace
- No press breakthrough
