Art Investment

Andy Warhol’s 14 Small Electric Chairs To Be Sold in Blockchain Art Auction

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Kim Randall-Stevens

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7 June 2018

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World’s first blockchain art sale will enable fractional ownership of iconic Warhol piece. The beta auction platform launched on 20 June 2018.

Maecenas, in collaboration with Dadiani Syndicate, the first fine art gallery in the UK to accept cryptocurrency payments for collectibles, have selected Andy Warhol’s 14 Small Electric Chairs (1980) for the world’s first cryptocurrency art auction.

 14 Small Electric Chairs (1980), Andy Warhol

Andy Warhol (American, 1928 - 1987)
14 Small Electric Chairs Reversal Series
silkscreen ink and polymer paint on canvas
Dated 1980 on the overlap (reverse, upper left corner)
202 x 82 cm (79 3/4 x 32 1/6 in) 

 

14 Small Electric Chairs (1980), listed on Maecenas’ blockchain platform on 20 June 2018. Up to 49% ownership interest in the painting will be made available for purchase in auction on the 25th of July 2018 at 10am CET. Part of Warhol’s acclaimed “Reversal” series, the iconic painting is currently valued at US$5.6m (£4.2m). Buyers will be able to purchase digital certificates on the blockchain representing fractional ownership in the painting using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Maecenas’ native cryptocurrency, ART.

Final auction price per share will be determined by a Smart Contract run on the Ethereum blockchain.

 The final auction price for each painting share will be determined by a Smart Contract run on Ethereum, notably one of the fairest and most transparent pricing mechanisms to date on the blockchain. It is the first time that a work of art from an internationally renowned artist will be sold using blockchain technology.

 “We’re making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology. 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.” 

Maecenas CEO Marcelo Garcia Casil.

 

 Eleesa Dadiani, founder of Dadiani Syndicate, will be auctioning 14 Small Electric Chairs by Andy Warhol on the Maecenas art investment platform.

 “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.”

Eleesa Dadiani, founder of Dadiani Syndicate

The reserve price of 14 Small Electric Chairs (1980) is to be set at $4m / £3m. All buyers will be subject to full “know your customer” (KYC) and anti-money laundering (AML) checks that will assure that the purchases are compliant with financial regulations.

  

 Some of Andy Warhol’s symbolic images - Campbell's Tomato Soup, Marilyn, Chairman Mao, and the Electric Chair.

14 Small Electric Chairs (1980) is part of Warhol’s 1980 Reversal series - a postmodern reworking of his iconic 1960s Death and Disaster Series. The dimensions for 14 Small Electric Chairs are 202.5 x 81.8 cm. It has been exhibited in Zurich, Vienna, Hamburg and Seoul. The work is accompanied by a certificate of authenticity from the Andy Warhol Art Authentication Board in New York.

Along with Warhol’s Campbell’s Tomato Soup Can, Green Coca-Cola, Dollar Bill and Marilyn Monroe, the Electric Chair is one of Warhols’ most iconic images. The piece also features a finger swipe that is largely believed to have been made by Warhol’s own hand.

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About Dadiani Fine Art

Dadiani Fine Art, under the umbrella of Dadiani Syndicate, is a fine art gallery founded in 2014 located at iconic 30 Cork Street, Mayfair, London. Dadiani Fine Art specialises in post-modern and contemporary fine art, as well as 18th and 20th-century European art. In 2017, Dadiani Fine Art became the first ever gallery to begin accepting multiple cryptocurrencies as payment for works of art.

Dadiani Syndicate is a special purpose company, pioneering in cross-border trade. The company facilitates trade between a wide network of private and corporate investors.

www.dadianisyndicate.co.uk

www.dadianifineart.com

 

About Maecenas

Maecenas is an art investment platform enabling fractional ownership of artworks. Maecenas leverages blockchain technology to create tamper-proof verifiable provenance and to enable real-time digital settlement of transactions.

Maecenas lets buyers and sellers of art create and manage their own liquid fine art portfolios. Through its platform, art galleries and art collectors can evaluate the value of their existing artworks.

www.maecenas.co

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Topics: Art Investment

Kim Randall-Stevens

Written by Kim Randall-Stevens

Kim Randall-Stevens was born in Hong Kong and grew up residing across the globe in South East Asia, Europe and the United States . She graduated with a masters degree from Inchbald School of Design and went on to manage David Gill Galleries, a leading contemporary art gallery in London before moving back to Asia in 2007 to continue her work in the arts. With her consulting & art advisory partnership, Kim brings a wealth of experience of 18 years in the world of contemporary and fine art. Based in Singapore, Kim works with collectors, advising and acquiring art for private collections and funds. Kim also consults closely with art galleries, artists and art fairs, advising on strategy and development, most recently, working with the Singapore Contemporary Art Show and the Asia Contemporary Art show in Hong Kong managing their exhibitor relations for the entire south east Asia region.

Please read the following disclaimer >

This blog post is illustrative and for informative and general education and discussion purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation. This information is provided with the understanding that with respect to the material provided herein (i) MAECENAS is not acting in a fiduciary or advisory capacity under any contract with you, or any applicable law or regulation, (ii) that you will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives, (iii) that you are capable of understanding and assessing the merits of a course of action and evaluating investment risks independently.. MAECENAS does not purport to and does not, in any fashion, provide tax, accounting, actuarial, recordkeeping, legal, broker/dealer or any related services. You should consult your advisors with respect to these areas and any material with regards to investment decisions. You may not rely on the material contained herein. MAECENAS shall not have any liability for any damages of any kind whatsoever relating to this material. No part of this document may be reproduced in any manner, in whole or in part, without the written permission of MAECENAS except for your internal and/or personal use. This material is being provided to you at no cost and any fees paid by you to MAECENAS are solely general educational purposes. All of the foregoing statements apply regardless of (i) whether you now currently or may in the future become a user of MAECENAS’s platform or products and (ii) the terms contained in any applicable contract between you and MAECENAS.

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