Advancements in cryptocurrency are not slowing down! Dadiani Fine Art has decided to allow cryptocurrency as a form of payment. Dadiani Fine Art will be allowing potential buyers to have partial ownership of Andy Warhol’s painting “14 Small Electric Chairs” from 1980. The auction will be in order to have 49% ownership of the painting. 49 % value of the painting is currently valued at 5.6 million dollars, which is approximately 730 Bitcoin. This first auction of its kind will occur on June 20th, 2018. The art gallery set the reserve price at 4 million dollars (520 Bitcoin). Marcelo Garcia Casil, Macenas CEO, stated:
“We’re making history. This Warhol is the first artwork of many more to come.”
The art gallery has teamed up with the Blockchain platform Macenas Fine Art in order to host “the world’s first cryptocurrency auction.” Macenas Fine Art is accepting payments in Bitcoin, Ethereum, and Litecoin. Dadiani Fine Art will end up being the first art gallery to accept cryptocurrency. The founder of Dadiani Syndicated stated: “Beyond this, Maecenas and Dadiani are launching the world’s largest and first tokenized 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.”
By Dadiani opening its payment to accept cryptocurrency, it has the ability to attract many types of buyers that previously may have not been interested. “We aim to render the future of fine art investments to a global reach. The cryptocurrency will broaden the market bringing a new type of buyer to art and luxury,” stated Eleesa Dadiani, founder of Dadiani Syndicate. It appears that Dadiani is determined to hold its place in cryptocurrency history with the first art auction of its time… that of cryptocurrency! What are your thoughts? Will the first cryptocurrency auction be a success? Will there be buyers due to cryptocurrency that would not have participated otherwise? Tell us your thoughts and keep an eye out for the follow up article on the results and for more cryptocurrency news!
Works Cited
Bambrough, Billy. “Andy Warhol Art To Be Sold For Bitcoin Via Ethereum Blockchain.” Forbes, Forbes Magazine, 8 June 2018, www.forbes.com/sites/billybambrough/2018/06/07/andy-warhol-art-to-be-sold-via-blockchain-for-cryptocurrency-including-bitcoin/#5550eb72250d.
Fedow, Lenore. “Daily CryptoCann Report: Crypto Art Auction Features Andy Warhol Painting; Canada Senate May Legalize Recreational Marijuana.” Proactiveinvestors NA, 7 June 2018,
Web, Dev. “Andy Warhol Paintings to Be Auctioned for Cryptocurrencies.” Cryptnus, 7 June 2018, cryptnus.com/2018/06/andy-warhol-paintings-to-be-auctioned-for-cryptocurrencies/.
Zuckerman, Molly Jane. “Andy Warhol Painting to Be Sold via Blockchain in 'World's First' Crypto Art Auction.” Cointelegraph, Cointelegraph, 9 June 2018, cointelegraph.com/news/andy-warhol-painting-to-be-sold-via-blockchain-in-world-s-first-crypto-art-auction.
