The move to sell the valuable Andy Warhol paintings in such a way landmark for Bitcoin, cryptocurrency and blockchain technology.
Maecenas, a blockchain platform that democratises access to fine art, and Dadiani Syndicate, the first fine art gallery in the United Kingdom to accept cryptocurrency payments for collectibles, have selected Andy Warhol's 14 Small Electric Chairs (1980) for the world's first cryptocurrency art auction.
The auction will be conducted by Dadiani Fine Art in London's Mayfair district, in collaboration with blockchain platform Maecenas Fine Art.
The Warhol, or at least the certificates that ensure a stake in its future value, will go up in a "dutch auction" - as outlined in the Maecenas whitepaper - on June 20th. To facilitate the auction, Maecenas has partnered with Dadiani Fine Art, a member of the Dadiani Syndicate.
We're making history. This Warhol is the first artwork of many more to come.
Marcelo García Casil, the Maecenas chief executive said this sale would transform the art market.
In reference to the price, the piece is tagged at 732 BTC or $5.6 million and would surely change according to market conditions on sales day.
Legendary American pop artist Andy Warhol's artwork "14 Small electric chairs" now valued at $5.6 million is set to be sold using the Ethereum blockchain.
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Maecenas is an art blockchain platform enabling fractional ownership of artworks.
Even though this is not the first time an art piece is bought via cryptocurrency, it is regarded to be the most expensive and most high profile.
That particular piece has a reserve price set at $4 million, and all buyers must comply with local money laundering regulations.
'Our shared vision is being implemented in the most exciting way-now we both look forward to embracing the resulting evolution of art investment'.
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. Along with Warhol's works Campbell's Tomato Soup Can, Dollar Bill, Marilyn Monroe and Green Coca-Cola, Electric Chair is considered to be an icon and an all-American emblem. It has been exhibited in Zurich, Vienna, Hamburg and Seoul. The piece also features a finger swipe that Warhol's own hand supposedly made.
The art industry's shift towards blockchain technology can be great news for art lovers. Dadiani's gallery, which began accepting cryptocurrencies previous year, is among the first in the United Kingdom to accept digital currencies in exchange for art.
Buyer will be able to bid on the works in cryptos including Bitcoin and Ethereum on June 20.
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