A portion of Andy Warhol’s 14 Small Electric Chairs painting will be auctioned through the fine art blockchain platform Maecenas. The event, taking place on June 20, will be the first fine art cryptocurrency auction.
In a press release, Maecenas reveal that up to 49% of ownership will be on offer. Owning such a portion means that the buyer will not have true autonomy over where the painting is located but will receive payment if the painting is ever sold again. 49% of the painting is valued at £4.2 million (736.79 BTC).
What is Maecenas?
Maecenas is a fine art blockchain platform which allows for pieces to be seamlessly passed from one owner to another and aims to streamline the process of buying and selling art. Like cryptocurrency, fine art is also viewed as its own type of asset class, and therefore, asset management tools are needed.
How will the auction work?
Members of the auction can purchase part of the Andy Warhol’s Andy Warhol’s 14 Small Electric Chairs painting by using Bitcoin, Ether, or Maecenas’ own ‘ART‘ token. Once the painting is purchased, an Ethereum smart contract will be issued and cryptographically signed. This will signify the official transaction of the painting. Maecenas CEO, Marcelo Garcia Casil, stated that the event ‘marks the first-ever artwork to be tokenized and to be sold using blockchain technology.’
To participate in the auction, members are required to comply with KYC and AML regulations and procedures. To facilitate the auction, Maecenas has partnered with Dadiani Fine Art, a member of the Dadiani Syndicate. Dadiani Fine Art is a gallery located in Mayfair, London. Dadiani Fine Art and Maecenas are also showcasing a ‘tokenised art fund through the blockchain.’ Eleesa Dadiani, founder of Dadiani Syndicate, commented on this saying ‘For the first time ever high-value, blue-chip artworks will be available for everybody to own utilising the unique technology platform.’