Maecenas is a blockchain-based platform that describes itself as an online marketplace that’s democratizing access to Fine Art. Using this platform, anyone can invest in a very expensive artwork (worth more than $1m) by purchasing a fraction of it. Maecenas is teaming up with the Dadiani Syndicate art gallery in Mayfair to host the first ever cryptocurrency art auction. On June 20th, 49% ownership of the famous multi-million-dollar work of art by Andy Warhol, fourteen small electric chairs, will be available for sale in the form of digital certificates that can be purchased using bitcoin, ethereum and the platform’s own cryptocurrency ART token.
After the announcement of the auction, the platform’s native ART token has exploded by 75.46% in just 24 hours. The artwork on sale is a classic example of Warhol’s contemporary post-war Reversal series. It is accompanied by an official certificate of authenticity from the Andy Warhol Art Authentication Board and is currently valued at $5.6million, with a $4million reserve price. “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,” said Eleesa Dadiani, founder of the syndicate.