Tuesday, 11 December, 2018

Andy Warhol Paintings to Be Auctioned for Cryptocurrencies

Julia Gonzales | 10 June, 2018, 17:58

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. The event, taking place on June 20, will be the first fine art cryptocurrency auction.

The first artwork will be Andy Warhol's 1980 silk-screen painting "14 Small Electric Chairs Reversal Series", will be supplied by Dadiani Fine Art, based in the Mayfair district of London. Further, for the objective of facilitating the auction, Maecenas has announced its partnership with Dadiani Fine Art, a member of the Dadiani Syndicate.

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.

He said, "We're making history". Echoing her thoughts is Maecenas Chief Executive, Marcelo García Casil, who believes the sale "would help transform the art market". "The higher the values get, the more incentive there will be for the market to be properly financialized".

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Every Member participating in the auction can purchase part of the Andy Warhol's Andy Warhol's 14 Small Electric Chairs painting via Bitcoin, Ether, or Maecenas" own "ART' token.

Maecenas is an art blockchain platform enabling fractional ownership of artworks. This will simplify and expand art investment even further. Also, the auction house has asked all participants to comply with local regulations to prevent money laundering.

'Our shared vision is being implemented in the most exciting way-now we both look forward to embracing the resulting evolution of art investment'. The art market, after all, despite its shortcomings, is still democratic enough that people can buy and actually own works for less than $10,000 that turn out to be good investments. It has been exhibited in Zurich, Vienna, Hamburg and Seoul.

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. The piece also features a finger swipe that is largely believed to have been made by Warhol's own hand. Dadiani's gallery, which began accepting cryptocurrencies a year ago, is among the first in the United Kingdom to accept digital currencies in exchange for art. Investors can undertake transactions through a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

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