Andy Warhol’s painting will be auctioned on June 20th in “world’s first cryptocurrency art auction”. The auction will take place at the UK Dadiani Syndicate fine art gallery on June 20th.
The Maecenas blockchain platform will sell fractional ownership of “14 Small Electric Chairs”, a painting currently worth $5.6 million. Successful buyers will receive digital certificates of partial ownership. Those certificates can then be re-sold on Maecenas exchange to other collectors.
Bitcoin (BTC), Ethereum (ETH) and ART tokens can all be used for the purchase.
According to the press release, final price will be determined by smart contracts on Ethereum network, but a reserve price of $4 million is set. All buyers must undergo KYC and AML checks.
The Dadiani Fine Art gallery accepts cryptocurrency as a means of payment since 2017. It accepts Bitcoin, Ethereum and Litecoin.
This isn’t the first time that cryptocurrency and art meet. Andy Bauch’s “New Money” series contained coded private keys to multiple cryptocurrency wallets. Whoever decrypted the keys could withdraw the funds. Each of the wallets held up to $10 thousand in various cryptocurrencies.
Do you think that partial ownership held on blockchain is the future of art collecting? Share your thoughts in the comments below!