$5.6 Million Andy Warhol Painting For Auction on Blockchain
In a world first, Andy Warhol’s painting “14 Small Electric Chairs” will go on auction via the Maecenas blockchain platform. The platform will provide the purchase of digital certificates for partial ownership of the painting, with up to 49 percent being offered.
Potential buyers can pay in ART tokens or with Bitcoin (BTC) and Ethereum (ETH) at the auction on June 20th. The painting is currently valued at $5.6 million, meaning a 49 percent share would cost approximately 364 Bitcoins.
Maecenas is an exchange that provides a platform to buy and sell works of art on the blockchain using tamper-proof digital certificates. The reserve price set for the Warhol painting is $4 million but the final price will be determined by an Ethereum smart contract.
The auction is being hosted by the Dadiani Fine Art gallery – a London art gallery that has shown interest in cryptocurrency lately. They began accepting payment via cryptocurrency last year and in January this year, hosted an exhibition in their Mayfair gallery that only accepted payment via cryptocurrency.
The art world has had a number or recent forays into cryptocurrency, with a recent series of paintings released in March containing hidden keys to wallets holding up to $9000 worth of cryptocurrency.
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