In an announcement today, the blockchain platform Maecenas said that it will hold “the world’s first cryptocurrency art auction”. The news comes from a press release from a local outlet, where the platform says that it will be selling fractional ownership of Andy Warhol’s 14 Small Electric Chairs which are worth $5.6 million at the crypto-friendly fine art gallery named Dadiani Syndicate and based in the UK.
The painting is part of Warhol’s 1980 Reversal series. It will involve the sale of 49% ownership, allowing buyers to purchase digital certificates of partial ownership on the Maecenas blockchain platform using the ART token as well as Bitcoin (BTC) and Ethereum (ETH).
Currently, Maecenas is specializing in tamper-proof digital certificates linked to works of art on the blockchain, allowing investors to buy and sell to other investors within the Maecenas exchange.
According to the press release, the final price for Warhol’d painting will be determined by a smart contract run on the Ethereum blockchain – but the first reserve price is set at $4 million and all buyers must comply with KYC and AML checks.
The Dadiani Fine Art Gallery, on the other hand, first began accepting crypto as a payment in 2017 through the Dadiani Syndicate which functions as a luxury market that accepts Bitcoin, Ethereum, and Litecoin as the standard payment options.
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