Andy Warhol’s 14 Small Electric Chairs To Be Sold in Blockchain Art Auction
World’s first blockchain art sale will enable fractional ownership of iconic Warhol piece. The beta auction platform launches on 20 June 2018.
Maecenas, in collaboration with Dadiani Syndicate, the first fine art gallery in the UK to accept cryptocurrency payments for collectibles, have selected Andy Warhol’s 14 Small Electric Chairs (1980) for the world’s first cryptocurrency art auction.
Andy Warhol (American, 1928–1987)
14 Small Electric Chairs Reversal Series silkscreen ink and polymer paint on canvas Dated 1980 on the overlap (reverse, upper left corner), 202 x 82 cm (79 3/4 x 32 1/6 in)
14 Small Electric Chairs (1980) will be listed on Maecenas’ blockchain platform on 20 June 2018. Up to 49% ownership interest in the painting will be made available for purchase in auction. Part of Warhol’s acclaimed “Reversal” series, the iconic painting is currently valued at US$5.6m (£4.2m). Buyers will be able to purchase digital certificates on the blockchain representing fractional ownership in the painting using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Maecenas’ native cryptocurrency, ART.
Final auction price per share will be determined by a Smart Contract run on the Ethereum blockchain.
The final auction price for each painting share will be determined by a Smart Contract run on Ethereum, notably one of the fairest and most transparent pricing mechanisms to date on the blockchain. It is the first time that a work of art from an internationally renowned artist will be sold using blockchain technology.
“We’re making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology. We are proud to be pioneers in this space — this is the result of many years of hard work. This Warhol is the first artwork of many more to come. We’re starting this exciting journey alongside our strategic partner Dadiani, who not only fully supports our vision, but also will play a key long-term role in helping us transform the art market.” said Maecenas CEO, Marcelo Garcia Casil.
Eleesa Dadiani, founder of Dadiani Syndicate, will be auctioning 14 Small Electric Chairs by Andy Warhol on the Maecenas art investment platform.
“For the first time ever high-value, blue-chip art works will be available for everybody to own utilising the unique technology platform developed by Maecenas. You can now own a piece of history! This is not a divisive strategy but a win-win for all. Beyond this, Maecenas and Dadiani are launching the world’s largest and first tokenised art fund through the blockchain. This will simplify and expand art investment even further. Our shared vision is being implemented in the most exciting way — now we both look forward to embracing the resulting evolution of art investment.” added Eleesa Dadiani, founder of Dadiani Syndicate.
The reserve price of 14 Small Electric Chairs (1980) is to be set at $4m / £3m. All buyers will be subject to full “know your customer” (KYC) and anti-money laundering (AML) checks that will assure that the purchases are compliant with financial regulations.
14 Small Electric Chairs (1980) is part of Warhol’s 1980 Reversal series — a postmodern reworking of his iconic 1960s Death and Disaster Series. The dimensions for 14 Small Electric Chairs are 202.5 x 81.8 cm. It has been exhibited in Zurich, Vienna, Hamburg and Seoul. The work is accompanied by a certificate of authenticity from the Andy Warhol Art Authentication Board in New York.
Along with Warhol’s Campbell’s Tomato Soup Can, Green Coca-Cola, Dollar Bill and Marilyn Monroe, the Electric Chair is one of Warhols’ most iconic images. The piece also features a finger swipe that is largely believed to have been made by Warhol’s own hand.
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About Dadiani Fine Art
Dadiani Fine Art, under the umbrella of Dadiani Syndicate, is a fine art gallery founded in 2014 located at iconic 30 Cork Street, Mayfair, London. Dadiani Fine Art specialises in post-modern and contemporary fine art, as well as 18th and 20th-century European art. In 2017, Dadiani Fine Art became the first ever gallery to begin accepting multiple cryptocurrencies as payment for works of art.
Dadiani Syndicate is a special purpose company, pioneering in cross-border trade. The company facilitates trade between a wide network of private and corporate investors.
Maecenas is an art investment platform enabling fractional ownership of artworks. Maecenas leverages blockchain technology to create tamper-proof verifiable provenance and to enable real-time digital settlement of transactions.
Maecenas lets buyers and sellers of art create and manage their own liquid fine art portfolios. Through its platform, art galleries and art collectors can evaluate the value of their existing artworks.
Topics: Art Investment
Originally published at blog.maecenas.co.