For the first time in history cryptocurrencies would be used for Artwork auctioning
In an event which would be known to all as the very first official fine art cryptocurrency auction that is all set to be conducted on June 20th, It was announced that a portion of Andy Warhol’s 14 Small Electric Chairs painting would also be auctioned via Maecenas, a fine art blockchain program.
Furthermore, Maecenas announced through a press release, that only as much as 49% of ownership would be up for grabs. From a buyer’s perspective, this means that owning such a portion would not present them with any true autonomy over where the painting is located, however, the buyer would be eligible to receive payment if the painting is ever sold again. The approximate value of 49% of the painting is £4.2 million (736.79 BTC).
In simple words Maecenas is an intelligently designed fine art blockchain platform that permits every artwork to effortlessly be passed from one owner to another, it also aims to revamp the entire process of buying and selling art. Similar to cryptocurrency, fine art is also regarded as its own specific type of asset class, thus calling for the need of asset management tools.
Functions of the auction?
Every Member participating in the auction can purchase part of the Andy Warhol’s Andy Warhol’s 14 Small Electric Chairs painting via Bitcoin, Ether, or Maecenas’ own ‘ART‘ token. Prior to the painting being purchased, an Ethereum smart contract would be issued and signed cryptographically. This will then mark the official transaction of the painting.
Commenting on the upcoming event, Marcelo Garcia Casil, the CEO of Maecenas said: “This marks the first-ever artwork to be tokenized and to be sold by utilizing the blockchain technology.”
How to participate in the event?
For being eligible to participate in the event, a member would have to comply as per KYC and AML regulations and procedures. Further, for the purpose of facilitating the auction, Maecenas has announced its partnership with Dadiani Fine Art, a member of the Dadiani Syndicate. Dadiani Fine Art is a gallery situated in Mayfair, London. Dadiani Fine Art and Maecenas are also displaying a ‘tokenised art fund through the blockchain.’
According to the founder of Dadiani Syndicate, Eleesa Dadiani, “For the very first time in history, high-value, blue-chip artworks would be presented and can be owned by every single individual through the implementation of this unique technology platform.”