Andy Warhol Painting To Be Sold Via Blockchain In ‘World’s First’ Crypto Art AuctionJune 7, 2018 4:00 pm
The “world’s first cryptocurrrency art auction” was announced Thursday and will be hosted by blockchain platform Maecenas, a news release shared with CoinTelegraph reported.
The platform, the report said, will be selling fractional ownership of Andy Warhol’s 14 Small Electric Chairs – worth $5.6 million – at crypto-friendly UK fine art gallery Dadiani Syndicate on June 20.
Buyers will be permitted to purchase digital certificates of partial ownership on the Maecenas blockchain platform using their ART token as well as Bitcoin and Ethereum to purchase 49 percent ownership interest in the painting, CoinTelegraph reported.
Using Maecenas exchange, the report said, a tamper-proof digital certificate linked to works of art on the blockchain, investors can then buy and sell to other investors.
A smart contract run on the Ethereum blockchain will determine the final price for Warhol’s painting, CoinTelegraph reported. Maecenas pointed out the reserve price is set at $4 million and all buyers must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Beginning in 2017, the report said, The Dadiani Fine Art gallery began accepting crypto as a payment, and the Dadiani Syndicate, which functions as a luxury marketplace, accepts Bitcoin, Ethereum and Litecoin (LTC) as payment options.
Blockchain tech has previously been applied in the art market to solve previous problems of verifying providence, copyright, ownership and valuation and authenticity of a piece, CoinTelegraph noted.
– WN.com, Jack Durschlag