Bitcoin and blockchain are being used for many different things in various fields. But this time, a London art gallery will auction part of an Andy Warhol collection from 1980. We are talking about his work 14 Small Electric Chairs. The interesting fact is that it will be done via cryptocurrencies.
Andy Warhol Accepts Bitcoin
So as to sell this work, Dadiani Fine Art in London, in partnership with the blockchain platform Maecenas Fine Art will be selling 49% of the Warhol work up for sale in cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) will be accepted. The auction will take place on June the 20th.
At the moment, the piece is valued at $5.6 million dollars – which is 730 Bitcoins at current prices. Additionally, the reserve price for the work is $4 million, informed Forbes. All buyers will have to be compliant with local regulations to avoid money laundering.
Eleesa Dadiani, founder of Dadiani Syndicate, said:
“We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury.”
Dadiani is also known as the Queen of Crypto, and told the Times of London that wealthy investors are searching for new ways to invest their funds.
Moreover, it is interesting to mark that a smart contract running on the Ethereum blockchain will determinate the final price for Warhol’s painting.
Additionally, blockchain technology will completely change the way in which art is transacted. There is an estimated 40% of fraudulent art pieces on the market, according to the blockchain identity company Codex Protocol. With distributed ledger technology it would be very easy and useful to have a way to trace and verify pieces that are sold.
In the past, the Singapore-based collector known as Joe Nash was selling part of an Australian art collection for virtual currencies.