Slimesunday Vault 001

Perhaps the most ambitious piece in the series is Slimesunday Vault 001. For the first time Slimesunday will be sharing his vault. The mystery NFT is accompanied by Slimesunday's hard drive, presented as a sculpture and loaded with 5 unowned works, including some that social media platforms deemed unacceptable and have since been locked away. The remaining five NFTs will be minted and transferred on the Ethereum blockchain directly by the Artist to the Buyer within 72 hours of Phillips’ receipt of full payment of the Purchase Price from the Buyer.

The owner of Slimesunday Vault 001 will receive the sculpture, in addition to the works on the hard drive minted as NFTs. Smart contracts created by Manifold. 

 

The following terms supplement the Conditions of Sale which govern the sale of this Lot. Should any terms below contradict any terms in the Conditions of Sale linked above, the below terms will govern.

The Buyer of this Lot will receive the first NFT offered with this Lot (Slimesunday Vault 001) directly from Phillips upon your payment in full cleared funds to Phillips for the Lot, pursuant to the terms set forth in the Conditions of Sale. 

The remaining five NFTs will be minted and transferred on the Ethereum blockchain directly by the Artist to the Buyer within 72 hours of Phillips’ receipt of full payment of the Purchase Price from the Buyer. The Artworks related to these NFTs will not be revealed until such NFTs are minted and transferred to the Buyer. In order to allow the Artist to directly transfer these NFTs to the Buyer, the Buyer, by purchasing this Lot authorizes Phillips to share their digital wallet address with the Artist.

Additionally, the artist has created the following physical piece to accompany the NFT (the physical piece includes: a sculpture and Plexiglas vitrine measuring 15 x 15 x15 in.). The Physical Companion will be on display at Phillips’ Park Avenue Gallery from August 13 to August 20.  Note that the Physical Companion is not part of this Lot and is not covered by Phillips’ Authorship Warranty. Phillips makes no representations or warranties about the Physical Companion’s including but not limited to its nature, condition, description, uniqueness, functionality, compatibility, durability, or the availability of this physical work, either now or in the future, or that it will function in the manner the artist intend. 

The Buyer may request in writing, for Phillips to release or deliver the Physical Companion to Buyer. Buyer’s written notice must be received by Phillips within 30 days from the end date of the Online Auction. Phillips will only release arrange or deliver the Physical Companion to the Buyer upon Phillips’ receipt of full payment of the Lot’s Purchase Price.

The Buyer will be responsible for paying all shipping charges associated with a delivery of the Physical Companion by Phillips to Buyer. Phillips will not be responsible to Buyer at any time for any physical loss or damage to the Physical Companion.  For further terms and conditions regarding the Physical Companion, please review our Online Auction Conditions of Sale.

Which currency will bidding be denominated in?

The auction will be conducted and invoiced in US dollars (USD).

What forms of payment are accepted?

Payments are due in either USD or in Ether. Each bidder will be responsible for conducting their own U.S. Dollar to Ether cryptocurrency conversion throughout the online-only auction and at the time of each of their bids, and you acknowledge and agree that cryptocurrency rates fluctuate regularly and the conversion rate may change during the course of the online-only auction and you are responsible for the payment of a winning bid at the rate of exchange at the time payment is made by you, and not at a previous rate of exchange.

Are there resale royalties due to the artist on secondary market sales?

The NFT is subject to resale royalties on any subsequent resales of the NFT. On any subsequent resale of the NFT, the successful bidder and buyer of the NFT at the auction may be obligated on Seller’s behalf to collect and remit to Seller resale royalties as applicable equal to 10% of the sale price of the NFT. Other resale royalties and transaction duties imposed by law may also apply in relation to such resales.

How is the total purchase price calculated?

If you are the successful bidder and buyer of the NFT, you agree to pay us the Hammer Price of the lot, the Buyer’s Premium and any applicable sales tax (the “Purchase Price”). The Hammer Price is the final, highest bid accepted for the NFT when the Phillips closes bidding during the online-only auction.
 
The Buyer’s Premium is the commission Phillips charges the successful highest bidder and buyer of the NFT and is calculated on the Hammer Price of the NFT as follows: Twenty-six percent (26%) of the portion of the Hammer Price up to and including $600,000; and Twenty-one percent (21%) of the portion of the Hammer Price above $600,000 up to and including $6,000,000 and 14.5% of the portion of the Hammer Price above $6,000,000.

PLEASE NOTE THAT BY REGISTERING TO BID YOU AGREE TO THE FOLLOWING:

• You are bidding as principal and not on behalf of anyone else

• You have a wallet capable of supporting and accepting a ERC721 token

• You accept and understand that payment can be made in Ether only if made:

  • from a single wallet registered to you;

  • using funds belonging to you; and

  • maintained by one of the following:

    • Coinbase Custody Trust;

    • Coinbase, Inc.;

    • Fidelity Digital Assets Services, LLC;

    • Gemini Trust Company, LLC; or

    • Paxos Trust Company, LLC.

 

Payments from digital wallets hosted at other exchanges or self-hosted wallets will not be recognized or accepted and in such circumstances payment will be required in US dollars.

If you are the successful bidder you agree to provide us with all information and documentation, we request in order to verify your identity and to confirm that the Ether payment was made from a digital wallet registered in your name and maintained at by one of the platforms above. Partial payments of a lot from multiple digital wallets will not be accepted.

Please view the full Online Auction Conditions of Sale.