On June 20th, 49% ownership of the famous 1980 work, 14 small electric chairs, will be made available on the Maecenas platform, in exchange for ETH, BTC or the platform’s native ART token. Since the recent announcement of this auction taking place, ART token has exploded by 75.46% in the last 24hrs.
Currently valued at $5.6million, with a $4million reserve price, the artwork is a classic example of Warhol’s contemporary post-war Reversal series, which is accompanied by an official certificate of authenticity from the Andy Warhol Art Authentication Board.
The platform will utilise Ethereum smart contracts in determining the final closing price, as well as subjecting all bidders to strict Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks to ensure legal compliance with the Financial Conduct Authority.
Eleesa Dadiani, founder of the syndicate, has hailed this auction so far as a huge success for cryptocurrencies,
“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”
The Dadiani Syndicate claims to be the ‘world’s first special purpose company turning digital wealth into real wealth’, and offers clients the opportunity to buy luxury items and assets, in exchange for cryptocurrencies. Their collaboration with the Maecenas platform represents a long-term partnership where both parties ‘will play a key… role in helping… transform the art market’.
This will not be the first time artwork has been purchased, or involved with cryptocurrencies. Several pieces were sold in Singapore in early January this year, as well as french artist, PBOY, making $1,000 in BTC by attaching QR codes to his wall murals.