Decentralised art gallery Maecenas, and digital wealth consultants Dadiani Syndicate, are selling fractional ownership of an iconic Andy Warhol painting in what is claimed to be the first blockchain art sale.
According to a blog post on the company’s website on Thursday, Warhol’s 14 Small Electric Chairs (1980) will be listed on Maecenas’ blockchain platform on 20 June 2018, with up to 49 percent ownership interest in the painting made available for purchase at auction.
Part of Warhol’s acclaimed “Reversal” series, the iconic painting is currently valued at USD 5.6 million. Buyers will be able to purchase digital certificates on the blockchain, representing fractional ownership in the painting using /BTC, /ETH and Maecenas’ native cryptocurrency, /ART. An Ethereum smart contract will determine the final auction price of each painting share.
“We’re making history. This event marks the first-ever artwork to be tokenized and to be sold using blockchain technology,” said Maecenas CEO, Marcelo Garcia Casil. “We are proud to be pioneers in this space – this is the result of many years of hard work. This Warhol is the first artwork of many more to come. We’re starting this exciting journey alongside our strategic partner Dadiani, who not only fully supports our vision, but also will play a key long-term role in helping us transform the art market.”
“Beyond this, Maecenas and Dadiani are launching the world's largest and first tokenized art fund through the blockchain,” added Eleesa Dadiani, founder of Dadiani Syndicate. “This will simplify and expand art investment even further. Our shared vision is being implemented in the most exciting way – now we both look forward to embracing the resulting evolution of art investment.”
The reserve price of 14 Small Electric Chairs (1980) is to be set at USD 4 million. The company said all buyers will be subject to full KYC and AML checks that will assure that the purchases are compliant with financial regulations.