World-first blockchain art sale begins with Warhol original
A 'world-first' blockchain art sale will enable fractional ownership of an iconic piece of Andy Warhol art.
Launching this month, the auction platform will allow anyone to buy a fraction of Warhol's '14 Small Electric Chairs'.
Maecenas, which describes itself as 'the first open blockchain platform to democratise access to fine art', will work in collaboration with investment platform Dadiani Syndicate on the process.
"This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology," said CEO Marcelo Garcia Casil. "We are proud to be pioneers in this space – this is the result of many years of hard work.
"This Warhol is the first artwork of many more to come.
"We’re starting this exciting journey alongside our strategic partner Dadiani, who not only fully supports our vision, but also will play a key long-term role in helping us transform the art market."
The business says that its buyers will still be subject to full checks, including for anti-money laundering checks that will assure the purchases are compliant with financial regulations.
Eleesa Dadiani, founder of Dadiani Syndicate, added: "For the first time ever high-value, blue-chip art works will be available for everybody to own utilising the unique technology platform developed by Maecenas.
"You can now own a piece of history! This is not a divisive strategy but a win-win for all. Beyond this, Maecenas and Dadiani are launching the world's largest and first tokenised art fund through the blockchain.
"This will simplify and expand art investment even further. Our shared vision is being implemented in the most exciting way - now we both look forward to embracing the resulting evolution of art investment."