Andy Warhol painting to be listed in world’s first crypto auction
The upcoming auction aims to democratize the sale of fine artworks by selling portioned ownership stakes.
One of American pop art pioneer Andy Warhol’s paintings will be listed on blockchain platform Maecenas, to be sold at the platform’s upcoming cryptocurrency auction later this month. This will mark the first occasion that an internationally acclaimed artist’s work will be sold using blockchain technology.
Maecenas is an art blockchain platform that leverages blockchain technology to create secure and verifiable provenance and real-time digital settlements. The platform will partner with fine art gallery Dadiani Syndicate, based in the United Kingdom. The gallery accepts cryptocurrency payments in exchange for collectibles.
Maecenas and Dadiani Syndicate will offer fractional ownership of Warhol’s 1980 work, 14 Small Electric Chairs.
Up to 49% ownership interest in the painting will be listed on Maecenas’ blockchain on June 20, 2018. The artwork is currently valued at US$5.6 million. Investors will be given the opportunity to purchase digital certificates in the form of cryptocurrencies such as bitcoin, Ethereum and Maecenas own ART token.
The reserve price will be set at US$4 million. All buyers will need to meet “know your customer” (KYC) and anti-money laundering (AML) requirements to ensure that purchases comply with necessary financial regulations. The final price of the artwork will be determined by a smart contract run on Ethereum’s blockchain.
The iconic painting is part of Warhol’s 1980 postmodern reversal series. The dimensions of the artwork are 202.5 x 81.8 cm. The piece has been exhibited in Zurich, Vienna, Hamburg and Seoul. An authenticity certificate from the Andy Warhol Art Authentication Board in New York will accompany the work and the piece features a finger swipe that is believed to have been made by Warhol’s own hand, according to the Dadiani Syndicate.
For the first time ever high-value, blue-chip art works will be available for everybody to own utilizing the unique technology platform developed by Maecenas. You can now own a piece of history! This is not a divisive strategy but a win-win for all. Beyond this, Maecenas and Dadiani are launching the world’s largest and first tokenized art fund through the blockchain. This will simplify and expand art investment even further.
Dadiani Syndicate founder Eleesa Dadiani
Later this month, controversial cryptocurrency influencer John McAfee will auction off blockchain-connected promissory notes. There will be a limited supply of notes, which are redeemable for meetings with McAfee.
The US Marshals Service, America’s oldest federal law enforcement agency within the Department of Justice, held its latest cryptocurrency auction earlier this year in March, selling approximately 2,170 seized bitcoins.
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