The artwork, "14 Small Electric Chairs", won't be auctioned like other pieces, however.
The official announcement of the world's first cryptocurrency art auction held by blockchain company Maecenas was released yesterday, June 7. The piece, now valued at $5.6 Million (734 BTC) has its reserve price set at $4 Million.
That particular piece has a reserve price set at $4 million, and all buyers must comply with local money laundering regulations. In the auction, Dadiani and Maecenas will make available up to a 49% ownership interest in the painting, which is now valued at US$5.6m (£4.2m).More news: Trump plows into G-7 summit, facing foreign critics
Once the painting has been sold, and etheruem smart contract will be issued and cryptographically signed by Maecenas. The event, taking place on June 20, will be the first fine art cryptocurrency auction. In fact, just last month at Ethereal Summit in NY last month multiple artworks were auctioned off for cryptocurrencies.
But there are also people, such as Duncan MacDonald-Korth, one of the co-authors of the DACS "Art Market 2.0" report, who remain convinced that the technological integrity of blockchain will eventually transform the art market.
It is the first time that an artwork from an internationally renowned artist will be sold using blockchain technology. This Warhol is the first of many more to come. The latest meeting of art and crypto comes via "Queen of Crypto" Eleesa Dadiani's high-profile United Kingdom art gallery Dadiani Fine Art, who, in partnership with Maecenas - a blockchain platform powering art ownership - will auction a portion of Andy Warhol's 14 Small Electric Chairs for bitcoin, ether, or ART tokens.More news: Gavin Patterson is out as BT CEO
'Our shared vision is being implemented in the most exciting way-now we both look forward to embracing the resulting evolution of art investment'. The Dadiani Syndicate, an upscale platform for investment into different market areas, works with Bitcoin, Ethereum, and Litecoin.
Even though there have been rumors in the art world regarding blockchain influencing their industry, there is yet to be an execution. The work is accompanied by a certificate of authenticity from the Andy Warhol Art Authentication Board in NY. Maecenas leverages blockchain technology to create tamper-proof verifiable provenance and to enable real-time digital settlement of transactions.More news: Former Obama Adviser Suggests Trump Is Russia's 'Chief Advocate' and Defender
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