Andy Warhol’s painting, “14 Small Electric Chairs” will go on auction via the Maecenas blockchain platform. Bidding will be held on June 20 at the British art gallery Dadiani Syndicate. The cost of the canvas is $5.6 million, writes the British media.
It is noted that the auction will conduct the Maecenas blockchain platform using the ART token, Bitcoin (EXANTE: Bitcoin), or Ethereum (ETH/USD). The platform will provide the purchase of digital certificates for partial ownership of the painting, with up to 49 percent being offered.
The final price of Warhol's paintings will be determined by a smart contract run on Ethereum. The reserve price is set at $4 million. Customers must comply with AML / KYC requirements.
The Maecenas platform creates secure digital certificates tied to art objects that investors can buy and sell. Art Gallery Dadiani accepts payment for cryptocurrency since 2017.
This is not the only example of using blockchain in the art market. The technology is already used to verify art objects, to resolve issues of copyright, property, valuation, and authenticity of works.
Earlier, Verisart joined forces with Paddle8 to launch P8Pass, a system that uses blockchain to authenticate art. The company already started brokering another partnership with ArtSystems for the first art inventory management platform.