Summary
Botto has been invited to take part in a special Sotheby’s auction for Lumen Prize’s 13th anniversary October 9th. This proposess one of Botto's editioned works to sell as a complement to the Solo show the following week.
Rationale
The Lumen Prize folks were early supporters of Botto in its first year and helped first get Botto in front of many institutions even as the market fell hard in 2022. Blossoming Cadaver was longlisted for their inaugural NFT Prize in 2022 and they helped put on Botto’s first anniversary show in 2022.
TLDR:
- Launching October 9, 2024 in partnership with Sotheby’s, at our London Awards Ceremony, running online for one week
- Showcasing works from 13+ Lumen artists, featuring digital, physical, and onchain artworks
- Curated by Auronda Scalera & Alfredo Cramerotti (ISC members and curators of Art Dubai Digital 2024)
- Proceeds will directly support next year's prize fund, with sale proceeds split 50/50 between the contributing artist (50%) and Lumen (50%) after the auction platform's fee
- We propose submitting Botto’s Grails V work, The Alchemist’s Playroom, from the treasury could be a good piece to submit here. (last sale 1.5 ETH, current WETH offer .75 ETH)
- There will be no reserve and Sotheby’s will determine the estimate at the time of the auction so as to allow for a more open market pricing.
Benefit auctions are a good opportunity to be collected for strong prices by significant collections or institutions. This timing, group of artists, and venue we think could help set the stage for Botto’s Solo show just 10 days later.
Here’s a description from them.
The Lumen Prize, celebrating its thirteenth anniversary, is partnering with Sotheby's for an inaugural benefit auction to honor its prolific history and the journey of technology-based artists who have engaged with the prize over the past decade. Launching at the October 9th awards ceremony and running online for one week, the auction will showcase 13 works from 13+ Lumen artists, featuring a diverse range of digital, physical, and on-chain artworks. The collection benefits from curatorial support by Auronda Scalera and Alfredo Cramerotti, two members of this year's International Selectors Committee and recent curators of Art Dubai Digital 2024. Proceeds will directly support next year's prize fund, embodying Lumen's commitment to fostering a supportive ecosystem where Lumen artists contribute to the success of future winners.
Proposal Specification
- Submit The Alchemist’s Playroom, from the treasury for sale.
- Sale proceeds split 50/50 between the contributing artist (50%) and Lumen (50%) after the auction platform's fee of 10%, or 12.5% if they exceed the high estimate.
- There will be no reserve and Sotheby’s will determine the estimate at the time of the auction.
Criteria of success
Strong sale thanks to the benefit auction that raises price expectations for Solo show
Exposure of Botto to more collectors, mentions alongside great artists in press on the show
Risks
A lower than expected sale ahead of the Solo show. We feel this is unlikely given the accessible price of the piece and the benefit making the purchase tax deductible.
