Stay in the know about what's happening in collectibles, NFTs, culture, and investing.
The ConstitutionDAO experiment is over
• Decentralized autonomous organization ConstitutionDAO announced it is shutting down after it lost a bid to buy a rare copy of the U.S. Constitution, despite raising $47m.
• Chaos followed after the bidding war, with members unsure if they won or not, disagreements over the DAO's "governance token" named $PEOPLE, and anger over high network fees. No votes were carried out using its token.
• Fun Fact: The Constitution was bought for $43.2 million by Citadel Founder & CEO Kenneth Griffin, who earlier this year was accused of pressuring stock trading app Robinhood to limit retail trading of Gamestop and other "meme stocks."
Move aside Diego -- Frida self-portrait becomes most expensive Latin American artwork
• Frida Kahlo’s self-portrait Diego y yo sold for $34.9m at Sotheby’s, becoming the most expensive Latin American artwork ever sold at auction.
• The price for Frida’s work has increased substantially in the last few years, partly because of her popularity and partly due to a Mexican law preventing most sales of 19th and 20th-century works of art from within the country.
• Fun Fact: The benchmark was previously set by Frida’s husband, Diego Rivera, when his painting The Rivals sold at Christie’s for ~$9.8m in 2018 ( ~$10.7 today).
Hollywood studio Miramax isn’t happy about Quentin Tarantino’s planned Pulp Fiction NFTs
• Miramax is suing director Quentin Tarantino over his plans to create Pulp Fiction NFTs that are based on his screenplay, claiming they still have “broad rights” to the film.
• Tarantino had planned to auction a collection of seven uncut scenes as secret NFTs, meaning only the owner would see the content.
• Fun Fact: Movie studios are looking at NFTs as a way to expand merchandise, with MGM partnering with VeVe to launch a digital collection for No Time to Die, and Legendary Pictures launching NFTs for Dune before suspending the project after outrage from fans.
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• This week in the Otis Discord, we’re talking about: upcoming drops, Otis House, and more — join the conversation.
• A pair of Banksy paintings were bought with Ethereum at Sotheby’s last week, with Trolley Hunters selling for 1,607 ETH ($6,698,400), and Love is in the Air going for 1,938 ETH ($8,077,200). It was Sothebys’ first sale denominated in cryptocurrency. Banksy’s Police Car, 2003, is trading on Otis at a market cap of $446,037.50 as of trading close 11/24.
• Actor Henry Golding is the latest celebrity to join the CryptoPunk world after he purchased CryptoPunk 800 for ~$650k. Cryptopunk #543 is trading on Otis at a market cap of $520,150 as of trading close 11/24, while Cryptopunk #2142 will open for trading soon.
• Kehinde Wiley is reimagining Romantic landscape painting in his new show, “The Prelude,” which opens at the National Gallery in London next month. Kehinde Wiley’s painting, Saint Jerome Hearing the Trumpet of Last Judgment, is trading on Otis.
• MSCHF is releasing Illegal Chips as a commentary on prohibition and desire, with banned flavors like Horse Meat (banned in 1847), Fugu Poison Blowfish, and the maggot-filled Casu Marzu Cheese. MSCHF’s Medical Bill, 2020 is currently trading on Otis.
Two stories on Otis Mag this week:
First: move over sports bros—whiskey bros have arrived and they’re driving prices up in collectible spirits such as bourbon and armagnac.
Read: Are Collectible Spirits the New Sports Cards?
Second: peruse all the shinies in our list of the most expensive Pokémon cards.
Read: The Top 15 Most Expensive Pokémon Cards
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