On June 20th a London-based auction house will be selling some of Andy Warhol’s artwork for cryptocurrency. This is the first time such a renowned artist’s work has been auctioned using blockchain technology.
Dadiani Fine Art in London, England coordinated through its Dadiani Syndicate will be working with the blockchain platform Maecenas Fine Art in an effort to sell Andy Warhol’s 14 Small Electric Chairs (1980).
The artwork, which is currently valued at $5.6 million (US), will be listed on Maecenas blockchain platform this coming June 20th . Maecenas will put 49% of the Warhol work up for sale in cryptocurrencies, which will include the ART token.
There is a $4 million reserve price for the work, and the winner will have to comply with local government regulations due to the potential of money laundering.
The final price for the piece will be made official by a smart contract run on Ethereum. Maecenas says this will be the most transparent pricing mechanism to date run on the blockchain. blockchain technology.
One year ago Dadiani Syndicate made news when they announced they would begin accepting six of the top cryptocurrencies, which at the time were Bitcoin, Ethereum, Ethereum Classic, Ripple, Litecoin, and Dash.
14 Small Electric Chairs (1980) by Andy Warhol