Share of Warhol painting to be sold at world’s first crypto art auction

June 07, 2018
Chris Wheal

Art gallery, Dadiani Syndicate and blockchain platform, Maecenas will launch the world’s first cryptocurrency art auction selling a 49% ownership interest in an Andy Warhol’s 14 Small Electric Chairs (1980) painting.

The painting is part of Warhol’s 1980 Reversal series. The sale of the stake valued at $5.6m £4.2m) will take place on 20 June at the Dadiani a fine art gallery based in the UK, which accepts cryptocurrency payments for collectibles.

Blockchain tech is seen as a solution to a number of issues in the art world including verifying providence, copyright and ownership.

History-making art

The sale will mark the first time an art piece by an international artist of such stature has been sold using the blockchain technology. Marcelo Garcia Casil, CEO of Maecenas, view the platform and Didiani as “pioneers” and said in a release: “We’re making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology.”

Buyers will be able to purchase digital certificates of partial ownership on the Maecenas platform using Bitcoin (BTC), Ethereum (ETH) and ART tokens. Investors can buy and sell to other investors on the exchange. There is a reserve price set at $4m. The final value for the piece will be determined by a smart contract on Ethereum.

Eleesa Dadiani, founder of Dadiani Syndicate claimed “it was not a divisive strategy but a win-win for all.” She said the two were also launching the world’s largest and first tokenised art fund through the blockchain to further “simplify and expand art investment”.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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