BAYC Collection Sells for $24.39 Million at Sotheby’s

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  • A collection of 101 BAYC apes has sold for $24.39 million at Sotheby’s
  • The final auction price is double the floor price for BAYC apes on OpenSea
  • 101 BAYC Kennel Club NFTs were also auctioned, again fetching almost double their floor price

A collection of 101 NFTs from the Bored Ape Yacht Club (BAYC), roughly 10% of the entire offering, has sold for $24.39 million at Sotheby’s, beating the auction house’s top estimate by $6 million. The BAYC has become a kind of flag bearer for the NFT movement, with buyers eager to get their hands on one of the 10,000 minted by creators Yuga Labs, and now one buyer can boast one of the biggest personal collections out there, albeit for a princely sum.

BAYC Buyer Paid Double the Floor Price

Sotheby’s announced the 101-strong BAYC sale on September 2, with an estimated value of $12-$18 million. This was surpassed yesterday when a buyer paid over double the minimum estimate to get their hands on the apes, which were released specially to Sotheby’s. The current price floor for BAYC apes on OpenSea is 35 ETH ($121,000), which means the entire collection is technically worth Sotheby’s $12 million lower estimate.

A collection of 101 BAYC Kennel Club NFTs was also auctioned at the same time, fetching a more demure $1.835 million, bang in the middle of the Sotheby’s estimate. These four-legged companions were airdropped free to BAYC ape holders earlier this year and have a current floor price of 2.9 ETH ($10,000), giving them a market price of $1 million, suggesting that the buyer still paid way over the odds to acquire them.

Owners Could be Stuck With Their New Pets

While these NFTs are designed as collectibles, many have simply been flipping them as a way of earning a quick fortune. However, with volume on OpenSea down 70% in the last week or so, the buyers could find themselves stuck for resale opportunities in the near future.