Maecenas Fine Art and Dadiani Syndicate have partnered up to conduct the first cryptocurrency art auction in history. Maecenas is a blockchain platform that aims to democratize access to fine arts, while Dadiani Syndicate branded itself a trailblazer by being the first fine art gallery in the UK to accept payments in cryptocurrency.
The first cryptocurrency art auction will feature Andy Warhol’s 14 Small Electric Chairs. The painting is part of the artist’s 1980 Reversal series. Participants of the auction will be bidding for fractional ownership of the piece of art – 49 percent interest to be specific.
The auction will be held on the 20th of June at Dadiani Syndicate, which will accept payments in Bitcoin, Ethereum, and ART (Maecenas’ own token).
The final price of the Andy Warhol painting will be determined by a smart contract run on the Ethereum blockchain. However, the reserve price is at $4 million. Furthermore, all bidders have to pass KYC and AML checks.
This cryptocurrency art auction is only the first in the strategic, long-term partnership between Maecenas Fine Art and Dadiani Syndicate. The two entities plan to auction off other highly valuable works of art in the same manner – accepting crypto payments and selling fractional ownership. Their shared vision is to provide “new opportunities for art ownership and broaden and deepen the global art market.”