A London gallery has launched a cryptocurrency art auction, selling shares in a piece by Andy Warhol.
The world’s first blockchain art sale launched on June 20 by Maecenas, in collaboration with gallery Dadiani Syndicate. You can be the owner of a fraction of 14 Small Electric Chairs (1980) by Warhol – up to 49 per cent is available for purchase in the online auction, using Bitcoin, Ethereum, and ART, a cryptocurreny created by Maecanas. The painting is valued at approximately £4.2 million, which translates to about 850 Bitcoin.
As a lover of consumer culture, the late artist would probably have been super into this new venture.
“Anyone can own a Warhol,” a statement from the platform said. Its aim is to continue “democratizing access to fine art” and expand the world of art investment. Dadiani Syndicate is the first British art gallery to accept payments in cryptocurrency.
“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," said Marcelo Garcia Casil, the CEO of Maecenas. “This Warhol is the first artwork of many more to come.”
The final auction price will be decided by a ‘Smart Contract’ on Ethereum, a mechanism known for its transparency on blockchain. The reserve price of 14 Small Electric Chairs (198) is at £3 million, and all buyers will be checked out before sale.
It’s one of the iconic artist’s most well known images and has toured the world, as part of his Reversal Series that reworked the 1960s Death and Disaster collection.
Find out more about the auction here.