Andy Warhol’s Work Available for Bitcoin Holders
On June 20, people will be able to buy Andy’s Warhol’s Fourteen Small Electric Chairs against digital currencies. The event will create history as it would be the first time a public auction will accept virtual currencies. It will also be a golden chance for fine art collectors as the popular American artist’s painting will improve the reputation of their collection manifolds.
Interested people can use bitcoin and ethereum to buy the artwork after collecting digital certificates from the owners. It should also be noted that people would be able to buy only a fraction of the painting. The auction would be conducted at Maecenas blockchain platform with the help of Dadiani Syndicate, a Mayfair-based cryptocurrency broker.
In order to explain the process of owning only a fraction of the artwork Marcelo Garcia Casil, Maecenas CEO, said, “This event marks the first-ever artwork to be tokenized and to be sold using blockchain technology. We’re making history.”
One must know that paintings have been bought using bitcoin earlier, but it would be the first time an auction will outrightly accept virtual coins. Back in the year, four paintings were purchased at Art Stage Singapore through crypto coins. The art fair used a system named Aditus which allows buyers to pay in any digital currency of their choice.
It was also reported that independent collectors were also using the stage to make profits. Joe Nash, a collector from Singapore, has auctioned his Australian art collection via Visionairs Gallery.
Use of digital tokens in art collection might not sound promising to typical collectors, but the technology has the potential to transform the sector. It will not only help in keeping real-time watch over every transaction but will assist easy transfer of ownership. Moreover, buyers will be able to examine the authenticity of the piece as this sector is overcrowded with replicas.
It will be an exciting moment when fine arts will meet high tech financial trading. The sector is plagued by cheap imitations, fraud, and tax evasion. The use of blockchain technology will create trust and legitimacy in the market.
Produced in the year 1980, Fourteen Small Electric Chairs comes from Warhol’s Reversal series. Bonhams, the auction house, currently values the artwork at $5.3 million, i.e., 4 million pounds or 815 bitcoins.
One must know that prices for artwork sold for virtual coins have to be set very frequently due to the high volatility of the currency. It becomes a huge financial risk for artists that do not have a regular source of income.
As of now, getting payments in bitcoin can be fruitful as it is expected to surpass the $20,000 mark by the end of the year. Bitcoiners might try to buy the painting as long as the value is down to sell it afterward which makes it an excellent opportunity for the business-minded collectors.
It would be interesting to see whether the auction will have any impact on the industry and on people who see art collection as unnecessary expenses.