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Using Bitcoin To Purchase Art Collection

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In the latest landmark for Bitcoin, cryptocurrency and blockchain technology, a London art gallery will later this month auction a portion of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.

Dadiani Fine Art in London’s upmarket Mayfair, through its luxury market place Dadiani Syndicate and in partnership with blockchain platform Maecenas Fine Art, will put 49% of the Warhol work up for sale in cryptocurrencies including Bitcoin and Ethereum on June 20.

The sale of 49 percent ownership interest in the painting, which is part of Warhol’s 1980 Reversal series, will allow buyers to purchase digital certificates of partial ownership on the Maecenas blockchain platform using their ART token as well as Bitcoin (BTC) and Ethereum (ETH).

Maecenas creates tamper-proof digital certificates linked to works of art on the blockchain, which investors can then buy and sell to other investors on the Maecenas exchange.

According to the press release, while a smart contract run on the Ethereum blockchain will determine the final price for Warhol’s painting, Maecenas noted that the reserve price is set at $4 mln and that all buyers must comply with KYC and AML checks.

It’s far from the first time art has been bought with crypto — four paintings were bought with cryptocurrencies at Art Stage Singapore in January — but it may be the most high profile and for the most money.

But blockchain — which creates an immutable, traceable record of every transaction, whether for art or Bitcoin — will make it easier for collectors to trace and verify pieces.

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HedgeCulture  is the leader in blockchain news and a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. HedgeCulture is an independent operating subsidiary of HedgeCulture Group, which invests in cryptocurrencies and blockchain startups.

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