Bitcoin has already made a big splash in the fashion realm, with it now set to do the very same in the art world. Emerging Blockchain platform Maecenas has announced that it will host the very first cryptocurrency art auction. If this is actually the first cryptocurrency art auction is debatable – the piece of art that’s acting as the centerpiece of it all is without question a show stealer. What’s being sold is a fractional investment in Andy Warhol’s 14 Small Electric Chairs – one of the late artist’s most famous works. According to reports, the piece is worth approximated $5.6 million, with the sale to set to take place at Dadiani Syndicate in the UK on June 20th.
Own a Piece of Art History
For an auction of such value to occur isn’t unusual, largely Andy Warhol’s art tends to be highly sought after. But, what is different about this auction is that the winning bidder will only be a part-owner of the piece, purchasing a 49% stake. Those looking to bid will be able to do so via the Maecenas blockchain platform using Bitcoin, Ethereum, or its own dedicated ART token. Maecenas is generating traction in the Blockchain ream by creating tamper-proof digital certificates that are directly linked to works of art. Investors then are able to hold full or part ownership in a piece or installation that can then be sold to other Maecenas investors.
Marcelo Garcia Casil (Maecenas CEO) has declared the auction as a history-making event, “We’re making history. This event marks the first-ever artwork to be tokenized 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. This Warhol is the first artwork of many more to come. We’re starting this exciting journey alongside our strategic partner Dadiani, who not only fully supports our vision, but also will play a key long-term role in helping us transform the art market.”
Eye-Watering Price Tag
There is no denying that Maecenas is presenting an innovative concept to the current Blockchain marketplace. According to press releases and promotional materials, it appears that this sale is going to be a landmark moment for the company. The reserve price of $4 million has been announced prior to the auction, with it has also been made clear that all bidders must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Only the Finest
The Dadiani Fine Art Gallery in London accepted its first cryptocurrency transaction last year, while the Dadiani Syndicate continues to represent a forward-thinking luxury marketplace that accepts Bitcoin, Litecoin, and Ethereum. This certainly isn’t the first time that we’ve seen Blockchain be applied to the art market. It has already been used as a means to solve issues in determining provenance, authenticity, copyright, ownership, and even valuation. However, as far as direct transactions are concerned, this auction does appear to present something new for Blockchain.
Do You Have 765 BTC to Spend?
As far as art goes, to own a piece of Andy Warhol’s critically revered Reversal Series is a special opportunity. However, you best be prepared to part with a serious amount of BTC if you have any intention of acquiring it during the upcoming Maecenas auction.