Andy Warhol painting to be auctioned off for cryptocurrencies

10 June, 2018, 17:58 | Author: Cecil Buchanan

In fact, the sale of digital certificates relating to the piece on the block - "Fourteen Small Electric Chairs" - will effectively created a blockchain secured crowdshare, allowing investors their own slice of the art world. It is the first time that a work of art from an internationally renowned artist will be sold using blockchain technology. Further, for the goal of facilitating the auction, Maecenas has announced its partnership with Dadiani Fine Art, a member of the Dadiani Syndicate. From a buyer's perspective, this means that owning such a portion would not present them with any true autonomy over where the painting is located, however, the buyer would be eligible to receive payment if the painting is ever sold again.

Maecenas is an art blockchain platform enabling fractional ownership of artworks. The Dadiani Syndicate, an upscale platform for investment into different market areas, works with Bitcoin, Ethereum, and Litecoin. The final price of the painting will be determined by smart contracts run on the Ethereum blockchain. We are proud to be pioneers in this space-this is the result of many years hard work. This Warhol is the first artwork of many more to come.

'We're starting this exciting journey alongside our strategic partner Dadiani, who not only fully supports our vision but also plays a key long-term role in helping us transform the art market'.

If you've ever dreamed of owning a Warhol, and have a bit of cryptocurrency tucked away in wallet somewhere, now could be your chance. This is not a divisive strategy but a win-win for all. Blockchain technology can significantly revolutionize the art world when it comes to authentication, as forgeries make up for about 40 percent of the artworks in market circulation.

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"We aim to render the future of fine art investments to global reach".

The reserve price of 14 Small Electric Chairs (1980) is to be set at $4m / £3m.

Even though this is not the first time an art piece is bought via cryptocurrency, it is regarded to be the most expensive and most high profile.

Along with Warhol's Campbell's Tomato Soup Can, Green Coca-Cola, Dollar Bill and Marilyn Monroe, the Electric Chair is one of Warhol's most iconic images. The event will take place at fintech-welcoming United Kingdom gallery Dadiani Syndicate on June 20, where an Andy Warhol painting will be sold using blockchain technology.

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