Introducing Permissionless Digital Art Auctions on SuperRare

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Making art auctions unstoppable, transparent and accessible to all

The SuperRare team is excited to introduce two new timed auction mechanisms to the SuperRare platform: Reserve Auctions and Scheduled auctions. Leveraging the power of Ethereum’s smart contracts, SuperRare now has fully trustless English auctions enabled. This new feature adds transparency and security to the whole market, along with more convenience and certainty for artists and collectors.

SuperRare Auction Week

We’re kicking off the launch of our next-generation auction system with this weeklong special event featuring some of the best-known digital artists, as well as our largest collector to date, Museum of Crypto Art. Each day, three auctions will kick off, showcasing world-class digital art powered by our new on-chain Auction House software.

Early access launch for SuperRare Auction Week on Dec. 7th, 2020; Full public feature launch Dec. 14th, 2020.

Laying the foundations for a transparent and accessible art market

Since day one SuperRare has worked to establish standards and build tools that empower the next generation of artists and creators in an art economy.

The SuperRare Auction House is an open source set of smart contracts built on Ethereum. Unlike the auction houses of the past, this new paradigm prevents fraud such as Chandelier or phantom bids by giving participants complete insight into the auction. This transparency is a zero-to-one step for the art market. Every bid in every auction is recorded in the blockchain, adding valuable data points and context to this nascent market.

Putting tools in the hands of artists and collectors

Scheduled auctions let artists program artwork sales ahead of time, defining auction dates and durations. This makes it easier to plan a release calendar or engage an audience on a specific time window. Each artwork release becomes an event.

Using Reserve Auctions, artists can also set a reserve price which triggers a scheduled timed auction. This is an automated version of the Coldie Method, a mechanism pioneered by SR artist Coldie, which helps artists secure sales while providing collectors with better visibility over the auction timeline.

It’s no exaggeration to say that we couldn’t have built SuperRare Auctions without the SuperRare community. We’ve observed the market and learned so much from this rich ecosystem of artists, collectors, and enthusiasts, and have done our best to bake all of that learning into the design our new auctions. If you have feedback, hop in our Discord and let us know!

Read more about how the new auction system works here.

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1 Comment

  1. Increasingly Interesting… I am an artist and financial technologies consultant , an art enthusiast, even in my role as “promoter and digitizer” aka agent to a one man portfolio, my father, a career art educator , mural extraordinare , and internationally regarded abstract artist. Both of our lives, each with different percentages in each of the following categories but each of our total spread across them all, revolve around art, collecting, refurbishing, reselling, FinTech & crypto investing, archiving & preservation, the digitization of human record, and in every sense of the word, avid collectors of several categories outside of traditional “art” as is the case in advertising antiques especially in breweriana, comics, rare books, perfume bottles, vintage lighters and smoking/tobacciana, banks and toys etc. we actively restore/repair/research many other areas of collectibles and antiques. And I have a major interest that is my “my thing.” What could it be you ask? Well of course, it is ALL things auctions (I don’t mean like bidding at the local parishes rummage sale. I’m talking the technology behind the novel online and digital auction industry and the challenges of the “old school” auctioneer in adopting said tech. I’m talking interest in auction theory and the psychology behind it (like this years joint noble prize in economics.) i even have my own chant, with hella flow! Haha. Honestly, if one were asked to describe what the ideal attributes and experience, enthusiasm and unique “flare”, uniqueness, for the ideal participants/consumers of these platforms to have in spades? It would be a description. Of me and my pop, For both the creator and consumer side btw…

    I have been circling the industry and considering how to get more fully involved and how to maximize the value i can add. I know there is SOMETHING HERE!!!! I just can’t put it all together . What I’m struggling with currently : can the non fungi and on chain auction model be applied to PHYSICAL mediums? if it can be represented digitally… it should apply correct? To simplify: How does one use ALL OF THIS to say, promote, house, maintain and preserve, A 1931 COCA COLA ADVERTISING SERVING TRAY , including hosting and entering said tray into a on chain , timed but live bid capable
    Multi lot auction , complete with competitive bids reserves , buys And sells etc? Can the immense potential and momentum of this be applied (or can it accept in some manner, things in the form known as current in the slowly being dragged kickin and screaming into our digital world auction industry? Things not created by this technology but processed by it… another example: whatever the next NON ART auction being offered by chrysties or Sotheby’s ….could that be on this tech this chain this protocol this platform however u wish to call it… could THIS work with THAT (with an assumption that preference is for appearances and functions to be as close to THAT as possible….). I want to know and if the community says yes (and not in some pipedream manner mind u) then j want to know where are resources and information I can begin to consume to learn how

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