By Lewis Findley on Oct 3, 2019 4:40:48 PM
Blockchain Art Auction
First AI, now blockchain. For the first time, blockchain was used in an art auction.
Dadiani Fine Art, who managed the auction of 'Fourteen Small Electric Chairs' by Andy Warhol, became the first gallery to accept cryptocurrency in the landmark online auction sale.
There was a catch though. Only 49% of The painting, valued at £4.2m, was sold!
This means that the majority shareholder, Eleesa Dadiani, can still keep the item in her possession.
So, how did it all work?
How the Blockchain auction worked
Image Via - Telegraph
Before the auction took place, the reserve was set at £3m.
Bidders who registered for the auction could purchase certificates, on a platform managed by Maecenas, using Bitcoin (BTC), Ethereum (ETH) and ART.
In addition, the platform enables the secure transfer of certificates between shareholders who are subject to KYC and AML checks.
A fascinating system, what does this mean for the future of art? A lot.
Art can change the landscape of a room and sometimes, these artworks are a few clicks away! Check out this guide on Art, Antiques & Collectables in Auction and see how you can change your home.
Blockchain technology is finding its way into multiple industries which is changing the general consensus on this emerging technology.
In regard to the art market, it's already used for provenance, authenticity and valuations.
Now? Democratising the art market to make it easier to enter.
So, for investors who want to buy shares in art, as opposed to whole painting, could this be a new alternative?
What are your thoughts? Head over to the comments and let us know!
If you missed our article on the painting created by artificial intelligence, check it out here: Is AI Art a Medium?
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