Andy Warhol Paintings to be auctioned for cryptocurrency
A series of Andy Warhol paintings are to be sold for cryptocurrency using an auction via the Ethereum blockchain.
The move to sell the valuable Andy Warhol paintings in such a way landmark for Bitcoin, cryptocurrency and blockchain technology.
A London art gallery will auction a section of Andy Warhol’s 1980 work 14 Small Electric Chairs later this month for cryptocurrencies.
Dadiani Fine Art in London’s upmarket Mayfair is partnering with blockchain platform Maecenas Fine Art for the sale.
The auction will take place through the dealer’s luxury marketplace Dadiani Syndicate.
49 percent of the Andy Warhol paintings from the collection will be up for sale in the cryptocurrencies-only sale.
Buyer will be able to bid on the works in cryptos including Bitcoin and Ethereum on June 20.
One piece is currently valued at $5.6 million which is currently about 730 Bitcoin, according to the live price charts.
That particular piece has a reserve price set at $4 million, and all buyers must comply with local money laundering regulations.
Fine art and crypto
It’s not the first time valuable works of art have been bought with crypto.
In January, four paintings were bought using cryptocurrency at Art Stage Singapore.
The Andy Warhol paintings may be the most valuable and high profile to date, however.
The founder of Dadiani Syndicate, Eleesa Dadiani, said in a statement:
“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, who is often referred to as the “Queen of Crypto,” says the world’s wealthy are looking for new ways of investing and “the millionaire is changing.”
Maecenas chief executive, Marcelo García Casil, told the Times Newspaper the sale would transform the art market, saying:
We’re making history. This Warhol is the first artwork of many more to come.
Ethereum blockchain smart contracts will determine the final price for each Warhol’s painting.
When the art world, Blockchain, and the distributed ledger collide
In recent years, many suggest that Blockchain will transform the art world, through both valuations and sales.
During a recent cryptocurrency event in London, the co-founder blockchain identity company Codex Protocol, Jess Houlgrave, said it’s estimated that around 40 percent of art sold on the market is fraudulent.
Blockchain creates a permanent, traceable record of each and every transaction, whether it’s for art or Bitcoin.
If collectors utilize this, it will make it far easier to trace and verify pieces.