ConstitutionDAO used a crowdfunding campaign to gather $3,110,146.18 (or 668.704 ETH) to bid on a rare first edition printed copy of the United States Constitution as ratified by delegates to the Constitutional Convention in Philadelphia in 1787.
According to their website, ConstitutionDAO aims to “place the Constitution in the hands of the people.” ConstitutionDAO has promised to share ownership of the document with fundraisers if it is sold at auction.
What are the possibilities?
It’s a striking contrast to how many works of art traditionally ended up in the hands of the wealthy, who were the only ones who could buy them, thus limiting ownership of goods that should have a broader cultural utility.
ConstitutionDAO has established the $PEOPLE token, which will be distributed to fundraisers in proportion to the size of their contributions. This will determine how much influence a funder has over the document’s fate.
Making an NFT of the document and gifting it to the Smithsonian Institution are two possibilities. If ConstitutionDAO loses the bid, all fundraisers will be refunded.
Sotheby’s sale specifications
The proceeds of the Sotheby’s auction will be donated to a foundation managed by the wife of Howard S. Goldman, the deceased New York realtor who purchased the document in 1988.
It is expected to sell between $15 million to $20 million, according to Sotheby’s. Mr. Goldman was an avid collector of antique land titles and grants, which he gave as gifts to his clients.
The sole copy of the Constitution in private hands is the one up for auction. The six-page document includes a list of the ratifying delegates from the 1787 convention, as well as a letter of submission from George Washington, the meeting’s chairman.
Image courtesy of Cointelegraph News/YouTube
