A month ago, we reported on Pharrell Wiliams launching his digital-first auction house of cultural assets, JOOPITER. JOOPITER’s first ever auction, named ‘Son of a Pharaoh,’ closed on November 1 and resulted in $5.25 Million in sales. The sales exceeded what JOOPITER expected to achieve with this auction, highlighting the auction house’s future success potential.
Some of the featured items included Pharrell’s 18K Blackberry phone from a previous appearance on BET, a Sony Playstation PSP covered in gold, Louis Vuitton luggage and other personal artifacts from his career. The items that brought in the most money were his Jacob & Co. N.E.R.D. Character Pendant Chain which sold for over $2 Million, the Jacob & Co. N.E.R.D. Brain Pendant Chain in white gold, which sold for $725,000, and a yellow-gold iteration of the chain which sold for $150,000. Each of the items were sold at a final price several times higher than their initial estimate. The auction also included a luxury watch selection, such as the highest selling Audemars Piguet Royal Oak, which sold for $218,750.
Profits from the auction will go to Pharrell’s Black Ambition, a non-profit that focuses on supporting entrepreneurs from Black and Latinx communities, including a specific initiative focused on female founders. Overall, the total proceeds from the auction were significantly higher than expected, which indicates that JOOPITER has the potential to continue being a hot auction house for cultural assets. And we can also look at this as a success story for yet another collectible marketplace.