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  • Writer's pictureKyle

The BAYC Community Reacts To The Sotheby's $24 Million Auction Sale. Find Out More:

Sotheby’s Bored Ape and Bored Ape Kennel Club dog auctions have come to an end and the Bored Ape Yacht Club community is ecstatic with the results.

Sotheby’s “Ape In!” auction ended early Thursday morning as the 101 Bored Ape lot sold for a staggering $24,393,000 USD and the 101 BAKC dog lot sold for $1,835,000 USD. The Bored Ape lot exceeded the auction houses’ high end estimated sale price by $8,000,000 USD and the BAKC lot sold near the higher end of Sotheby’s estimated price range.

“Blown away," partial owner of the apes and dogs that were sold at Sotheby’s,” CryptoBlockDan, said after the sale. “Very happy with how it's went. Fantastic result all round.”

After the price hammer fell, BAYC member and Sotheby’s Deputy Director of Contemporary Art Specialist & Co-Head of Digital Art, Michael Bouhanna, congratulated the BAYC on a successful auction. “Our Ape in! auction @sothebys just achieved an outstanding $26.2M - a great indicator of the level of confidence in this amazing NFT project,” he tweeted. “This is just the beginning. Congrats to @BAYC.”

The Sotheby’s auction marked the first time that the BAYC has been sold in a traditional auction house. While it is still unknown who purchased the lots, rumors are circulating the BAYC that a traditional art collector bought the 101 apes.

“What an historic moment for the club,” The BAYC tweeted after the auction closed. “The @Sothebys auction of 101 Bored Apes has closed at over $24m. Congratulations and THANK YOU to the whole ape community. To the buyer, I think we speak for everybody when we say: WELCOME TO THE CLUB.”

As for the winner of the BAKC lot, Bouhanna shed some light on what this individual's plans are for their 101 pups. “The buyer of the Doggos has GREAT PLANS so it benefits the community. Coming soon.. @BoredApeYC," he tweeted.

This auction was seen as an overwhelming success for the BAYC by everyone and also appears to be a bullish case for apes long term, according to some members.

“Whatever big entity is buying 1% of the whole ape supply is not looking to flip it in a couple of hours, BAYC member and collector OGDFarmer tweeted. “They’re not scalping and couldn’t due to liquidity. These people are making a big asymmetrical bet on the enormous, long term growth of the BAYC brand and ecosystem. And they will likely already have plans and capital in place to contribute to this value getting realized. They are also paying 15% premium for the privilege. They have a large time horizon and very strong hands because their portfolio is usually much better allocated and distributed than your average Degen. This is the fucking “blast off” price point people, not the top.”

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