The decentralized art gallery Maecenas has announced, on 20. June to auction off the art work “14 in Small Electric Chairs,” Andy Warhol, the world’s first crypto-art auction. Interested investors will have the opportunity to buy up to 49 percent of shares of the image. The new procedure will revolutionize the art market.
Works of art have always been highly-valued objects of desire. Passionate collectors from all assets for an oil Painting or a sculpture, if the Creator is considered to be significant enough. For wealthy families such pieces are reliable and safe investments, you can inherit through the generations. The art market, however, was always a world in itself. Here, art dealers and gallery owners will not give in passing millions of dollars for individual plants, what is for outside observers often incomprehensible.
How does the art auction on the Blockchain?
The London gallerist of Maecenas in the Blockchain technology, the possibility of the art market to revive, by democratising it. On your platform, you can divide the individual works of art in thousands of digital certificates, similar to a company that makes itself in the Form of shares for sale. These certificates are, thanks to the cryptographic properties of the Blockchain in a tamper-proof, the investor can trade with them easily and without the middle man digital.
As soon as a work of art is listed on Maecenas, begins procedure a bidder. In this, the investors to enter confidential bids on how many certificates you want to purchase for what price. Bidder must go through in the run – up to a KYC (Know Your Customer) and AML checks (Anti Money Laundering). Due to the cryptographic technology of this process is, according to the Maecenas of safe, fair and to manipulate heavier than previous art auctions. The prices are in Fiat and crypto – currencies, the buyer can decide in which Form you have to pay. Of a Token by the name of the TYPE to avoid conversion risk.
14 electric chairs
For the first art in action on the Blockchain, the dealers have selected a highly valued work of Pop-Art legend Andy Warhol. Warhol revolutionized his time with his reproductive techniques the art world. There was not a single work by the artist, but the whole series. His neon-colored Marilyn Monroe and Campbell’s soup cans to hang in different versions all over the world.
So it is with the “14 Small Electric Chairs”, which are the object of the first crypto-auction. In 1960, he has alienated for the first time, a picture of an electric chair in the context of his “Death and Disaster Series”, reproduced, and as an abstract pattern on the canvas to get banned. His electric chairs hang today in many museums, including the Tate in London and the Guggenheim in New York.
Now the auction is originated in 1980, when Warhol edited his old designs for his “Reversals”series. The picture is estimated to be $ 5.6 million, Maecenas has set a reserve price of 4 million. The Blockchain art auction starts on the 20. June in the Dadiani Fine Art gallery in London.