Block technology is increasingly becoming useful every day from bond issuances to educational certificates. Going beyond its usage in financial and industrial sectors, the ethereum blockchain will be used in June 2018 to carry out the auction of Andy Warhol’s 1980 artwork, 12 Small Electric Chairs for cryptocurrencies.
The auction will be conducted by Dadiani Fine Art in London’s Mayfair district, in collaboration with blockchain platform Maecenas Fine Art. A total of 49 percent of Warhol’s art will be up for sale on June 20, and the auction house will receive bitcoin and ethereum as payment.
In reference to the price, the piece is tagged at 732 BTC or $5.6 million and would surely change according to market conditions on sales day. Apparently, the reserve price is 25 BTC or $4 million. Potential buyers at the auction are required to stick to local laws.
Even though this is not the first time an art piece is bought via cryptocurrency, it is regarded to be the most expensive and most high profile. In January, the Art Stage Singapore had a sale of four paintings in exchange of cryptocurrencies.
Eleesa Dadiani, the founder of Dadiani Syndicate explained the development:
“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.”
Dadiani refers to herself as the “Queen of Crypto,” and told reporters that the “world’s wealthy are looking for new ways to invest and the millionaire is changing.” Reverberating her view is Maecenas Chief Executive, Marcelo Garcia Casil, who is of the opinion that the sale “would help transform the art market.”
“We’re making history. This Warhol is the first artwork of many more to come,” Casil added.
The auction will be carried out on the ethereum blockchain with a smart contract determining the final price for Warhol’s art.
Even though there have been rumors in the art world regarding blockchain influencing their industry, there is yet to be an execution. Certainly, blockchain’s indisputable properties can be of great importance in the art industry which is hindered with fakes and unregulated pricing.