Decentralized art gallery Maecenas announced today that it will hold one of the highest value auctions offering payment with cryptocurrencies. On sale is a 49% ownership of Andy Warhol’s 14 Small Electric Chairs, valued at $5.6 million.
Investors can buy the share of ownership in the painting using Maecenas' ERC20 token ART, Bitcoin (BTC) or Ethereum (ETH). By using blockchain technology, there will be an immutable record of ownership from the moment of purchase. Maecenas uses digital certificates to provide proof of ownership of pieces of art which can be sold on the Maecenas exchange.
The painting, part of the 1980 Reversal series, was made by the iconic designer Andy Warhol. He was known for pushing the boundaries on what was acceptable to broadcast on television and the Campbell Soup prints. The highest amount paid for a Warhol painting is $105 million for a 1963 canvas called Silver Car Crash (Double Disaster).
The reserve price of the painting is set at $4 million. Buyers must fulfil KYC and AML requirements and a smart contract will be used to determine the final price. The auction is being held in collaboration with Dadiani Syndicate.
In January, four paintings were sold at Art Stage, in Singapore, using cryptocurrencies. Independent painters are also using virtual currencies to get paid. Collector Joe Nash sold some of his Australian art collection through Visionairs Gallery which accepts Bitcoin.
Nash said: “I have a dual purpose. First, to give exposure to Australian art, including works by major aboriginal artists. Second, I hope that giving access to cryptocurrencies will draw in technologists who have not bought art before."
Blockchain artist Vesa Kivinen makes paintings about money and cryptocurrencies and accepts payments in Bitcoin, Ethereum and Litecoin. His next performance will be in Las Vegas at the World Cryptocurrency Conference.
Gola Yashu, Bitcoin & Forex Writer, and News BTC said about Vesa: “Besides Andy Warhol, there have not been many professional artists who have made art about the financial world or money in general. We dare to say this takes it to another level.”