If you’ve ever dreamed of owning a Warhol, and have a bit of cryptocurrency tucked away in wallet somewhere, now could be your chance. Well, almost…
A work of art by Andy Warhol, valued in the region of £4m, is to be publicly auctioned for cryptocurrency according to reports. In fact, the sale of digital certificates relating to the piece on the block – ‘Fourteen Small Electric Chairs’ – will effectively created a blockchain secured crowdshare, allowing investors their own slice of the art world.
The gallery undertaking the innovative sale, Maecenas, calls itself a “decentralised art gallery” operates an Ehtereum-derived smart contract system built upon its own Art Token (ART), where – working alongside Mayfair-based broker Dadiani Syndicate – it allows sellers to receive payment in any fiat or cryptocurrency they wish – and aim to prove that “anyone can own a Warhol” – providing they can stake the necessary Bitcoin, Ether or whatever.
The Warhol, or at least the certificates that ensure a stake in its future value, will go up in a ‘dutch auction’ – as outlined in the Maecenas whitepaper – on June 20th.
“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.
“We’re making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology. We are proud to be pioneers in this space – this is the result of many years of hard work,” Marcelo Garcia Casil, CEO of Maecenas, said. Noting that “This Warhol is the first artwork of many more to come.”