Blockchain has been making its presence felt in every sector starting from education and financial institution to liquor industry. It has also made its way into the art industry. Ethereum blockchain will be employed to facilitate the auction of Andy Warhol’s 1980 work-14 Small Electric Chairs, in exchange for cryptocurrencies.
The auction executed by Dadiani Fine Art at the London’s Mayfair district in partnership with blockchain platform Maecenas Fine Art will put 49% of the Warhol work up for sale on June 20th. The auction house will accept Bitcoin and Ethereum as payment.
The piece is currently estimated at $5.6 million, which is about 730 Bitcoin. This is not the first time that an art piece is purchased using cryptocurrency, but it is said to be the most expensive and high profile. In January 2018, the Art Stage Singapore validated sale of four painting using cryptocurrencies.
The founder of Dadiani Syndicate, Eleesa Dadiani, 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.”
The auction will be commenced on the Ethereum blockchain and using smart contracts, the final price of the painting will be determined. At a recent convention in London, the co-founder of blockchain identify company Codex Protocol, Jess Houlgrave, stated:
“The highest estimate of fraudulent art pieces in the market is 40 percent. In this regard, blockchain’s benefits immediately come to mind – specifically the maintenance of traceable records on a public database that art collectors can view to verify their pieces.”
Eleesa Dadiani, who is popularly called ‘Queen of Crypto’ on May 6th had also tweeted an article, “tokenized Diamonds to Explore ‘Space of What’s Possible With Blockchain” with an opinion that she shared with Times of London newspaper that:
“The world’s wealthy are looking for new ways to invest and the millionaire is changing.”
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