In an interesting turn of events, a portion of Andy Warhol’s 1980 artwork “14 Small Electric Chairs” is being auctioned off for cryptocurrency. According to a report from Forbes, 49% of the Warhol piece is up for grabs via cryptocurrency such as Ethereum and Bitcoin.
The auction is currently scheduled to take place on June 20th and is being held by Dadiani Fine Art in partnership with the blockchain platform Maecenas Fine Art. Right now, “14 Small Electric Chairs” is valued at $5.6 million (around 730 Bitcoin). A reserve price for the piece has been set at $4 million, and all interested buyers are required to comply with local regulation in order to prevent money laundering.
The Warhol auction isn’t the first time artwork has been purchased with cryptocurrency. Back in January, four paintings were bought with cryptocurrency at Art Stage Singapore. However, this is the first time a piece from such a prolific artist has been auctioned for cryptocurrency at such a high price point, 730 Bitcoin ($5.6 million).
The auction serves as a new way for the world’s wealthy to invest according to Eleesa Dadiani, founder of Dadiani Syndicate. Dadiani has been dubbed the “Queen of Crypto” due to her interest in cryptocurrencies. In an interview with the Times of London, Dadiani addressed the auction, stating:
“We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury.”
Meanwhile, Maecenas chief executive Marcelo Garcia Casil noted that the sale will “help transform the art market.” So, if you have 730 Bitcoin on hand and are interested in owning a piece of Warhol history, be sure to mark June 20th’s auction on your calendar. While you wait for the auction’s start date, what do you think of luxury purchases using cryptocurrency?