The Warhol painting was auctioned on the blockchain
The picture of Andy Warhol “Reverse sequence of small electric chairs”, written in 1980, was sold 100 participants with investment blockchain platform Maecenas during the private beta launch, the website of the Blockchain.
Within a few weeks after the start of the auction received more than 800 applications that exceeded all expectations. The auction was organized jointly with the London gallery of art Dadiani Syndicate.
Head of Maecenas Marcelo Garcia Casil said:
This is a historic moment for us and for the whole blockchain community. We passed an important milestone, marking the beginning of a new era. Tokenization assets — the most significant and promising scenario of using blockchain technology, and we are proud to be the pioneers in this field. This work of Warhol will be the first of many and we intend to lead the financial revolution in the art market.
Eliza Dadiani, founder of the company Dadiani Syndicate, added:
The auction was held in a sort of gray area; it’s a new model on the market, with a history spanning centuries. Unprecedented demand and the speed at which was sold the first fraction of the Warhol — these factors confirm our view of the possibility of a more democratic and open-market investment in the arts.
For the first time in the history of the work of art belonging to the brush of the famous painter was licenzirovanie and successfully sold using blockchain technology. The most significant offer on the Dutch auction (with a gradual decrease in the initial price) was $6.5 million; during the auction, smart contracts, Ethereum used over 6 million tokens ART.
Among the buyers were sophisticated investors cryptocurrency enthusiasts and professionals in the field of fine art mainly from Europe and Asia.
Platform Maecenas managed to achieve the main goal of its private beta launch which was to carry out the whole process of Dutch auction and tokenservice a work of art.
Maecenas was tokenservice picture “the Reverse sequence 14 little electric chair”, dividing it by a constant digital certificates, or fractions, based on Ethereum. Then buyers bought part of the picture for bitcoin, esters or native cryptocurrency Maecenas — tokens ART. The entire auction was conducted on smart contracts.
Blockchain Maecenas gives buyers access to works of art that have been verified and stored in a safe manner. The owners of the factions can at any time to sell their certificates to other buyers in the area Maecenas. Original sale certificate and subsequent trafficking is tracked in the blockchain.
The picture of the “Reverse sequence 14 little electric chair” is a part of the so-called “Reverse series”, post-processing series by the same author, created in the 1960s, “the Series of death and disease.” The painting is certified by organization “Council of authentication of works of Andy Warhol” in new York.
The auction for the sale of this painting started July 25 and ended four weeks later, two weeks early. The final price of the faction was established smart contract on Ethereum, which many believe is the most honest and transparent mechanism for assessment on the blockchain.