Monday, 22 October, 2018

Andy Warhol painting to be sold in crypto art auction

Ethereum blockchain to sell art- $5.6 Million Andy Warhol painting to be sold Andy Warhol’s 14 Small Electric Chairs Auctioned For Cryptocurrency
Charles Bowen | 10 June, 2018, 17:56

This is not the first time art has been auctioned don the blockchain or using c cryptocurrencies. The latest meeting of art and crypto comes via "Queen of Crypto" Eleesa Dadiani's high-profile United Kingdom art gallery Dadiani Fine Art, who, in partnership with Maecenas - a blockchain platform powering art ownership - will auction a portion of Andy Warhol's 14 Small Electric Chairs for bitcoin, ether, or ART tokens. Originally painted in 1980, the artwork is set to be auctioned off by Dadiani Fine Art in London's Mayfair district, in partnership with blockchain platform Maecenas Fine Art. The auction will take place on June the 20. Bitcoin (BTC) and Ethereum (ETH) will be accepted.

At the moment, the piece is valued at $5.6 million dollars - which is 730 Bitcoins at current prices. Also, the auction house has asked all participants to comply with local regulations to prevent money laundering.

In January, four paintings were bought using cryptocurrency at Art Stage Singapore.

The Andy Warhol paintings may be the most valuable and high profile to date, however. "Our shared vision is being implemented in the most exciting way - now we both look forward to embracing the resulting evolution of art investment".

Cryptocurrency adoption has progressively spread to new industries in order to disrupt their markets.

Dadiani refers to herself as the "Queen of Crypto", and told reporters that the "world's wealthy are looking for new ways to invest and the millionaire is changing".

More news: Asia T20 Cup: All-round Rumana Ahmed powers Bangladesh past India

"We're making history. This Warhol is the first artwork of many more to come", Casil added.

The auction will be carried out on the ethereum blockchain with a smart contract determining the final price for Warhol's art.

"For the first time ever, high-value, blue-chip art works will be available for everybody to own - utilising the unique technology platform developed by Maecenas, you can now own a piece of history", said Eleesa Dadiani, founder of Dadiani Syndicate.

But there are also people, such as Duncan MacDonald-Korth, one of the co-authors of the DACS "Art Market 2.0" report, who remain convinced that the technological integrity of blockchain will eventually transform the art market.

Blockchain creates a permanent, traceable record of each and every transaction, whether it's for art or Bitcoin.

If collectors utilize this, it will make it far easier to trace and verify pieces.

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