Bitcoin to be used for selling Andy Warhol’s Art- through Ethereum Blockchain
Bitcoin is accepted for purchasing Andy Warhol’s art. By the end of June, an Art gallery in London will be conducting an art auction for a portion of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.
Mayfair based Dadiani Fine Art in London upmarket, through its luxury marketplace Dadiani Syndicate and in partnership with blockchain platform Maecenas Fine Art 49% of the Warhol work for sale in June.
Warhol’s ‘Fourteen Small Electric Chairs’, which is currently valued at £5.6m, will be auctioned on June 20 as digital certificates. Artworks can be purchased using bitcoin, Ethereum, and other cryptocurrencies. This will allow investors to buy a fraction of the iconic artwork, meaning “anyone can own a Warhol”, according to the blockchain platform Maecenas.
The Artwork cost 730 Bitcoins. $4 million. All buyers should follow the regulations in London to prevent any laundering of money.
Founder of Dadiani Syndicate, Eleesa Dadiani said: “We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury.”
Maecenas chief executive, Marcelo García Casil said to the Times the sale will aid to transform the art market.
He further added we’re making history. This Warhol is the first artwork of many more to come.
The final price for Warhol’s painting’s price will be decided by the smart contract running on the Ethereum blockchain.
The first-time art has been introduced to crypto – four paintings were brought with cryptocurrencies at the Art Stage Singapore in January, with the most high profile, and for the most money.
Image via Dadiani Fine Art Gallery
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