Andy Warhol's Painting Is Sold At Auction For $1.7 Million In Crypto
A London gallery Dadiani Syndicate sold a stake of Andy Warhol's famous work 14 Small Electric Chairs for $1.7 million in cryptocurrency. The auction was held with the support of the Maecenas blockchain platform, trades and deals were carried out by means of smart contracts, CCN reports.
800 people took part in the blockchain auction, including both crypto investors and art lovers. The organizers tokenized the picture and divided it into a number of digital certificates that could be purchased for bitcoins, ethers, and internal ART tokens developed by the Maecenas platform.
Part of Andy Warhol's work 14 Small Electric Chairs (source: maecenas.co)
The buyer of the largest share paid $1.7 million in the cryptocurrency for the right to own 31.5% of the picture, the total value of which is estimated at $5.6 million. The work of the American artist is the first known piece of art sold at a blockchain auction for digital assets.
Marcelo Garcia Casil, the head of Maecenas, stressed that technology could change the art market dramatically.
"Tokenization of assets is the most prominent and exciting use case of blockchain technology," Casil said in a statement. "This Warhol painting is the first of many more to come."
Dadiani Syndicate was the first art gallery in Europe to work with cryptocurrencies, as well as the first one in the world to accept several types of tokens. According to the founder Eliza Dadiani, high-yielding art objects became available to a higher number of collectors by using cryptocurrencies. She also mentioned the launch of a tokenized blockchain-based art fund together with Maecenas.
As previously reported, artist Ai Weiwei created tokens for an art project.