More people are buying art with cryptocurrency than ever before. It is imperative for the long-term adoption of cryptocurrency that consumer markets evolve so that you can use crypto to purchase everything from everyday groceries to luxury items.
Life imitates art more than art imitates life. 2018 has been an interesting year as the relationship between art and crypto grows into something not just beautiful, but productive.
Buying Andy Warhol art with cryptocurrency
We live in a world where millions of dollars’ worth of art can be tokenized and bought online with cryptocurrency. It’s a revolution in the art world that is only just beginning to be realized. Although individual art owners can offer private deals for buying art with cryptocurrency, we have seen an upsurge in art galleries and artists offering their entire collections in crypto.
One of the most publicized examples of the evolving nature of cryptocurrency and art was earlier in 2018 when a two-meter high painting by the renowned American artist, Andy Warhol, was sold with crypto.
The painting is known as “14 Small Electric Chairs” and was sold via a blockchain-based platform that is dedicated to art investment called Maecenas. The painting was sold via an auction where a total of USD 1.7 million was raised to gain a 31.5% stake in the art piece. The total worth of the painting was USD 6 million. The auction was a massive success with more than 800 bidders vying for the painting that was conducted using smart contracts.
The success of this idea was a boon for not just Maecenas, but also for artists looking for other avenues to sell their art. Buying art with crypto has moved up a notch in 2018 and promises to be one of the success stories in a year for crypto that has been challenging at best.
The evolving nature of buying art with cryptocurrency
Art galleries are also starting to see the benefits of enabling their collections to be purchased with cryptocurrency. Buying art with cryptocurrency is getting easier. A prominent London art gallery, House of Fine Art (HOFA) in Mayfair opened up an exhibition in August where you can purchase paintings in crypto.
The founder of HOFA, Elio D’Anna, was upbeat when talking about the decision to enable their customers to use crypto to buy paintings by saying that “We knew straight away that this was an opportunity too good to pass by. At the moment, digital currencies are becoming commonplace among a wide array of savvy consumers, providing a seamless, and cost-effective method to exchange value globally.”
The possibility of buying art with cryptocurrency is available right across their collection, with the owners of HOFA believing we are amidst an art revolution. There were some exquisite art pieces available to buy with crypto at the exhibition, such as some beautiful works from the French Sculpture, Richard Orlinski. There were also some stunning sculptures from the popular Italian artist, Stefano Bombardieri if you had 250,000 BTC on hand. Pieces at the exhibition were high-end and started from GBP 4,000.
Artists selling entire collections in cryptocurrency
It is now becoming commonplace for artists to sell their entire collections online in cryptocurrency. Artists are always the first people to look for alternative ways to sell their collection, which is epitomized by the self-taught artist, Lincoln Townley, who is helping to revolutionize the art world by not just selling his entire art collection in crypto, but also by creating a community of digital buyers.
Lincoln Townley already has a reputation for excellence and was hailed by movie legend, Michael Caine, as the “next Any Warhol”, which is a serious mantle to live up to. Many A-list celebrities have purchased Townley’s art such as Al Pacino, Samuel L Jackson, Sting and Ronaldinho.
Townley used social media to attract those interested in buying art with cryptocurrency. The British artist sold all his entire collection in a single week, using special media platforms such as WhatsApp to reach out to potential buyers.
Townley talked to the British newspaper, The Express, about the appeal of crypto and how it can help artists reach their goals:
“I’m always looking at ways to do things differently in my route to market. There is no two ways about it. The people who invest in Bitcoin are without doubt speculators – they are looking at something with more of a risk.”
“But that’s why I thought to myself, these are the sort of people that would be interested in purchasing my art as an extension of their investment portfolio.”
“There are so many other ways to get sales with technology.”
2018 has been a massive year for artists who are looking for new ways to sell their work online. The options for buying art with cryptocurrency are only just starting to be realized. As crypto adoption gets nearer, the art world is one of the industries that will benefit from the growth of crypto in consumer markets.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.