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‘World’s First’ Crypto Art Auction to Sell Andy Warhol Painting via Blockchain

Blockchain platform Maecenas announced Wednesday its plans to hold the “world’s first cryptocurrency art auction”, featuring a piece by famed artist Andy Warhol, as reported by Cointelegraph.

Crypto-friendly art auction

The auction will be held at UK fine art gallery Dadiani Syndicate on 20 June, with a 49% ownership stake of Andy Warhol’s 14 Small Electric Chairs up for sale. The piece is part of Warhol’s 1980 Reversal series, currently valued at USD 5.6 million, with a reserve price set for the part-ownership at USD 4 million.

Digital certificates will be issued confirming part-ownership upon purchase via the Maecenas blockchain platform. The acquisition can be made with either Maecenas’s ART token, Bitcoin, or Ether. To make the purchase of Warhol’s piece, buyers must be fully KYC and AML compliant.

Maecenas offers immutable purchase history and ownership information, connecting investors and art dealers on the platform while running a smart contract on the Ethereum blockchain for this particular piece.

Cryptocurrency is becoming an increasingly popular payment method for art investors. In 2017, the Dadiani gallery began accepting cryptocurrency payment methods, as did the luxury market alternative Dadiani Syndicate which accepts Bitcoin, Ether and Litecoin.

Blockchain solutions

Blockchain can offer a practical solution to issues regarding copyright, ownership, and authenticity, problems faced in the art industry but certainly not restricted to it.

Sam Radocchia, co-founder of art blockchain authentification platform Chronicled described the main ambitions of the company as ”improving provenance and reducing art forgery“.

Registering art on the blockchain creates a cryptographic link between a physical work and the blockchain, meaning once it is registered, its identity can be automatically authenticated for potential buyers. This eliminates any forgeries or shady dealings from taking place.

There is also the added benefit of being able to monitor pieces of art while they are traveling. Blockchain has the potential to let buyers track the entire journey of their purchase on a mobile app, ensuring what they receive is true to what they paid for.

 

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