The auction will not sell for any less than the maximum amount the DAO has raised.
If the DAO are heavily incentivized to bid, and you know what their max value is, somebody will bid them up. Sotheby’s is too smart not to make sure that happens.
It is generally a moronic idea to raise funds for an auction like this. You will never get a good deal and your competition knows exactly what your limit is.
I certainly have had the same thoughts, but I think it's a little different when you're up in these prices ranges and on a very high profile item. There's a lot at stake, not just for the dao, but Sotheby's as well. Not to mention the possibility the other bidders could conceivably be left holding the bag.
fortunately, aside from Sotheby’s fees, the current owner pledged to give all proceeds from the auction to her charity. it’s not perfect, but it makes the prospect of overpaying far less painful IMO.
If the DAO are heavily incentivized to bid, and you know what their max value is, somebody will bid them up. Sotheby’s is too smart not to make sure that happens.
It is generally a moronic idea to raise funds for an auction like this. You will never get a good deal and your competition knows exactly what your limit is.