Andy Warhol’s 14 Small Electric Chairs Auctioned For Cryptocurrency
10 June, 2018, 17:54
You can now own a piece of history!
A work of art by Andy Warhol, valued in the region of £4m, is to be publicly auctioned for cryptocurrency according to reports. 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. The gallery, which offers a commercial mix of contemporary and older British, American and Russian art, gained notoriety when it became the first in the city to accept payments in Bitcoin and other cryptocurrencies.
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.
Even though there have been rumors in the art world regarding blockchain influencing their industry, there is yet to be an execution.
"We're making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology". Reverberating her view is Maecenas Chief Executive, Marcelo Garcia Casil, who is of the opinion that the sale "would help transform the art market".
The Andy Warhol paintings may be the most valuable and high profile to date, however.
Andy Warhol's painting "14 Small Electric Chairs" is to be sold in a partial exchange for cryptocurrencies on June 20.
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'Our shared vision is being implemented in the most exciting way-now we both look forward to embracing the resulting evolution of art investment'.
That particular piece has a reserve price set at $4 million, and all buyers must comply with local money laundering regulations. The auction will be compliant to the laws in the United Kingdom and all buyers will be subject to full Know-Your-Customer (KYC) and anti-money laundering (AML) checks.
The dimensions for 14 Small Electric Chairs are 202.5 x 81.8 cm. Using Maecenas platform, art lovers can purchase a fraction of a work easily in a verified manner, akin to buying shares in a company. It has been exhibited in Zurich, Vienna, Hamburg and Seoul.
Currencies used will include Bitcoin, Ethereum and the ART token.
Along with Warhol's Campbell's Tomato Soup Can, Green Coca-Cola, Dollar Bill and Marilyn Monroe, the Electric Chair is one of Warhol's most iconic images.
Blockchain creates a permanent, traceable record of each and every transaction, whether it's for art or Bitcoin.