In the world’s first of its kind, pop artist Andy Warhol’s paintings are to be sold via Blockchain for Bitcoin. The world’s first crypto art auction was announced by Blockchain platform Maecenas on June 7. The announcement of the auction will be considered a milestone move for Bitcoin, cryptocurrency and Blockchain technology. The platform will have a fractional possession of Andy Warhol’s 14 Small Electric Chairs that is estimated to a whopping $ 5.6 million, which closely amounts to 730 Bitcoin. The reverse price of the painting has been kept as $ 4 million for all buyers. The auction is to be done at UK’s Dadiani’s Syndicate fine art gallery which is a crypto friendly gallery.
Dadiani’s fine art gallery is based at the luxury upmarket in Mayfair, London that began accepting cryptocurrency since the year 2017, whereas Dadiani’s Syndicate accepts Bitcoin, Ethereum and Litecoin as payment options. The sale of 49% of Warhol’s painting will allow buyers to purchase digital certificates on Maecenas Blockchain platform using Bitcoin and Ethereum.
It is not for the first time that a painting has been bought with cryptocurrency, but it certainly is the most high profile one with the largest sum of money involved in one single transaction. Didiani who has been called the queen of crypto told the Times of London newspaper that the world’s rich and wealthy are looking forward to new ways to invest and “the millionaire is changing”. This particular auction will transform the art market in ways art is valued and sold in the market. Marcelo Casil the Chief Executive of Maecenas told the Times “We’re making history. This Warhol is the first artwork of many more to come”.
The blockchain will help create a very transparent system for every transaction, whether it’s for Bitcoin or for art. Meanwhile, a start up Everledger is working on the ways to reduce risks involved in such dealing.
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