Andy Warhol Art Will Be Sold For Cryptocurrencies
Bitcoin and the other cryptos are really getting popular. A London art gallery has recently decided to auction a portion of 15 Small Electric Chairs, an art piece created by Andy Warhol, using cryptocurrencies. The sale will be made by Dadiani Fine Art and Dadiani Syndicate in a partnership with Maecenas Fine Art and 49% of the work will be up for sale on June 20.
This art piece is valued at $5.6 million USD, which is about 730 Bitcoin. Buyers need to comply with local regulation and the price of the piece starts at $4 million USD. Bitcoin and Ethereum will be accepted at the sale. The final price will be determined via an Ethereum smart contract.
Art Sold For Cryptos
This is not the first time that art has been sold using cryptocurrencies like Bitcoin. In January, a total of four paintings were bought with cryptos in Singapore and there some start-up companies that are starting to sell pieces. In fact, many experts are talking recently about how the blockchain technology will be able to change the way in which art is valued and sold in the market.
Eleesa Dadiani, the founder of Dadiani Fine Art and Dadiani Syndicate, stated that the companies intend to use the cryptos to broaden the art market and bring in new types of buyers to the game. According to the so-called Queen of Crypto, the millionaires around the world are changing and finding new ways to invest.
The CEO of Maecenas, Marcelo García Casil, is also hyped about cryptos. He says that they are making history and that there are many more auctions to come. The blockchain can work as a way to prevent fraud, as it uses digital ledgers that create a traceable record of every transaction made using it.