Day 1 Of The Sotheby's Auction Is In The Books, Key Take Aways And What You Need to Know
The Sotheby’s Bored Ape Yacht Club auctions kicked off this morning and both 101 lots are already getting some attention.
At the time of this articles publication, The 101 Bored Ape lot had a highest bid of 4,500,000 USD and the 101 Bored Ape Kennel Club Dog lot had a high bid of $450,000 USD, according to Sotheby’s website.
The auctions will each remain open another six days. The auction house estimates that the BAYC and BAKC lots will sell for an estimated $12-$18 million and $1.5-$2 million respectively. If BAYC auction ends at the high-end of Sotheby’s estimation, that would price each bored ape at roughly $178,000 USD. This valuation is just a above the currently floor price of 42 Eth or $155,000 USD, according to Rarity Tools.
Some in the BAYC community have commented on the Sotheby’s price estimate saying that it’s too low. This idea that the estimation is too low was given more credibility this afternoon as BAYC member, ICanFly, purchased a single gold fur ape for 600 Eth or $2,200,000 USD. The Sotheby’s 101 Bored Ape lot contains three gold fur bored apes, according to their website.
While there is some evidence that apes can point to supporting the idea that the estimation is to low, some notable apes are telling apes to remain bored. “Let’s temper our expectations a bit on the Sotheby’s auction, BAYC member Capetain Trippy tweeted. “We don’t know where it will land. Could be less than the perceived value based on rarities. It’s a bulk sale, I would not be surprised for it to sale at a discount nor do I think it’s bad if it does.”
BAYC member King BlackBored echoed Capetain Trippy’s opinion. On the auction. “Bulk sale discount is most likely scenario, unless a bidding war takes hold towards the end,” he tweeted.
While apes should be ready for anything, it is important to note that an estimation is just that, an estimation.
“Of all lots sold at Sotheby’s, 80% are within or above the estimated range,” according to a MeArto article based on Sotheby’s and Chrsties Hammer Price Vs. 2016 and 2017 estimations. “This makes Sotheby’s the clear winner when it comes to accuracy. They maintain this edge by being slightly conservative in their estimates – 43% of lots are sold above the max estimate, 37% within, and 20% below.”
The Bored Ape Gazette will continue to follow this story and update you on bids and more as information becomes available.