In what looks like being another landmark “first” for cryptocurrency and blockchain technology, later this month a London art gallery will auction up to 49% of Andy Warhol’s 1980 work “14 Small Electric Chairs.” Interested parties can take part in the auction, but in order to do so must use cryptocurrency instead of hard cash.
Earlier today (June 7) blockchain-based Artistic platform Maecenas announced that up to 49% of Andy Warhol’s 14 Small Electric Chairs (1980) will be available for purchase with cryptocurrency. The auction will take place on June 20 and will likely be the world’s first cryptocurrency art sale. The auction will be held in collaboration with Dadiani Syndicate, the first fine art gallery in the UK to accept cryptocurrency payments for works of art.
“Anyone Can Own A Warhol”
Warhol’s Fourteen Small Electric Chairs is part of his 1980 Reversals series. The print is regarded as one of Warhol’s most visceral, disturbing works, and is currently valued at $5.63 million.
Andy Warhol was the creator and greatest exponent of “Pop Art”, and his most famous images such as his prints of Marilyn Monroe and a Campbell’s Tomato Soup tin are among the most iconic images to emerge from the 1960s.
Fourteen Small Electric Chairs will be auctioned in the form of digital certificates that can be purchased using Bitcoin, Ethereum and other cryptocurrencies. Investors are free to buy a small fraction of the famous print, created personally by one of the 20th Century’s greatest icons, meaning that literally “anyone can own a Warhol,” so stated Maecenas.
The Dadiani Syndicate gallery’s aim is “democratizing access to fine art”, and it will be partnered with Mayfair-based cryptocurrency broker Dadiani Syndicate during the Warhol auction.
Describing the unique event, Eleesa Dadiani, founder of Dadiani Syndicate said:
“For the first time ever, high-value, blue-chip art works will be available for everybody to own – utilizing 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… [We] look forward to the resulting evolution of the world of fine art.”