The new ConstitutionDAO is dedicated to preserving the U.S. Constitution and has set out on a plan to raise capital using an Ethereum smart contract to make the purchase. Meanwhile, Sotheby’s auction for the copy is set to go live on November 18 at 6:30 pm EST.
Valued at a whopping price range of $15 million to $20 million, the copy that is up for auction is sometimes called the ‘Goldman Constitution’. This is because it is in the private collection of the Goldman family that’s based out in New York. So rare is the copy, that it is one out of the surviving 11 first-edition copies from 1787.
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S. Howard Goldman had initially purchased the Constitution copy for $165,000 back in 1988, but now his wife, Dorothy Tapper Goldman, is the one putting it up for auction. According to Sotheby’s, Dorothy has plans of donating the funds made from the auction to a charity in her name. This she hopes will be dedicated to “furthering the understanding of our democracy and how the acts of all citizens can make a difference.”
Meanwhile, creating this DAO and eventually purchasing the Constitution copy with the DAO’s funds, automatically means that each of the DAO contributors will own a fraction of the document. So far, there are about 5,500 members on the ConstitutionDAO’s Discord server.
How To Pay At The Auction
Reports are flying about the upcoming Sotheby’s auction that the house will be accepting cryptocurrency as a means of payment for the Goldman Constitution. This is even more surprising seeing as Sotheby’s has occasionally accepted cryptocurrency in the times past. Invariably, this means that all ConstitutionDAO funds will have to be converted from crypto into dollars.
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Meanwhile, the FTX exchange President Brett Harrison has now offered to do the exchange for ConstitutionDAO via Twitter yesterday.
One more thing the DAO must do is to fulfill Sotheby’s KYC (know your customer/consumer) requirements in any one of two ways. Going by what a supporter of ConstitutionDAO, Alice Ma said, then either a museum or an LLC will have to bid on the DAO’s behalf.
