USD 5.6 Million Andy Warhol Art to be Sold via Ethereum Blockchain
The blockchain technology has started finding its own new case uses each day. One day it is bond issuances and the next day it is educational certificates. And tomorrow you might even be able to buy a bottle of water to pay your gas with it. Well, we do not know about tomorrow for certain, but what we do know is that we can use to auction some really good art presently.
The Ethereum blockchain will be used to facilitate the auction of Andy Warhol’s 1980 work for cryptocurrencies. The auction is going to be carried out in a place no other than the famous Dadiani Fine Art in London’s Mayfair district. The event will be that of a joint partnership with blockchain platform Maecenas Fine Art. All in all, about 49 percent of Warhol’s works would be for sale on June 20 and the auction house is more than willing to accept the payment in the forms of bitcoin and Ethereum.
At the time of writing the price was regarded to be valued at 732 BTC or USD 5.6 million. But this is likely to change at the day of trading as per the crypto market valuation based on then. The same price number of BTCs will not be applicable then. It could be more or less, depending upon the market conditions and the price rates on June 20. As of now, the reserve price mentioned is USD 4 million or 25 BTC. The auction house has made it mandatory that they require the potential buyers to strictly comply with the local regulations.
The founder of Dadiani Syndicate, Eleesa Dadiani, explained, “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.”
She earlier told The Times, “The world’s wealthy are looking for new ways to invest and the millionaire is changing”. Maecenas Chief Executive, Marcelo García Casi believes that the sale is bound to help the art market have a major makeover, adding that, “We’re making history. This Warhol is the first artwork of many more to come.”
The entire auction is going to be conducted on the Ethereum blockchain and a smart contract will be in place that will determine the final price for Warhol’s painting.