Andy Warhol Artwork to be Sold in Blockchain Auction

"Utilizing the unique technology platform developed by Maecenas, you can now own a piece of history".

"We're making history. This Warhol is the first artwork of many more to come", Casil added.The auction will be conducted on the Ethereum blockchain, and a smart contract will determine the final price for Warhol's painting. Going beyond its usage in financial and industrial sectors, the ethereum blockchain will be used in June 2018 to carry out the auction of Andy Warhol's 1980 artwork, 12 Small Electric Chairs for cryptocurrencies.

According to Maecenas, Dadiani Syndicate, a crypto-friendly art gallery in the United Kingdom, will be auctioning fractional ownership of the pieces on June 20.

It is the first time that an artwork from an internationally renowned artist will be sold using blockchain technology. "The higher the values get, the more incentive there will be for the market to be properly financialized".

Legendary American pop artist Andy Warhol's artwork "14 Small electric chairs" now valued at $5.6 million is set to be sold using the Ethereum blockchain.

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Buyers will be able to purchase digital certificates on the blockchain representing fractional ownership in the work, which is now valued at £4.2m ($5.6m). He envisages a large-scale trading platform on which investment banks and hedge funds will be able to trade fractions of art in digital currency.

"We aim to render the future of fine art investments to global reach".

Even though this is not the first time an art piece is bought via cryptocurrency, it is regarded to be the most expensive and most high profile. Also, the auction house has asked all participants to comply with local regulations to prevent money laundering.

The dimensions for 14 Small Electric Chairs are 202.5 x 81.8 cm. The work is accompanied by a certificate of authenticity from the Andy Warhol Art Authentication Board in NY. Along with Warhol's works Campbell's Tomato Soup Can, Dollar Bill, Marilyn Monroe and Green Coca-Cola, Electric Chair is considered to be an icon and an all-American emblem. The piece also features a finger swipe that Warhol's own hand supposedly made.

Additionally, blockchain technology will completely change the way in which art is transacted. Investors can undertake transactions through a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

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