Andy Warhol’s 14 Small Electric Chairs (1980), which is currently valued at a range of US$ 5.1 – US$ 6.2 million will be the first ever fine artwork to be tokenized and auctioned on the Maecenas art blockchain platform, for its beta launch.
Maecenas, in partnership with Dadiani Syndicate, a fine art gallery, will make up 49% of 14 Small Electric Chairs available in the form of tokens that represent “fractional ownership” of the artwork to participants in a Dutch auction.
Prospective participants must create an account with Maecenas in order to participate in the online auction. A limited number of users will be allowed to participate in the beta launch.
The auction will start on Wednesday, 25th of July 2018 at 10 am CET and will last up to 6 weeks or until the funding target has been met.
In order to be eligible, participants are required to provide their KYC details for verification and will be subject to a full anti-money laundering (AML) check that will assure that the purchases are compliant with financial regulations.
Maecenas will use blockchain technology to fractionalise and securely distribute tamper-proof digital artwork tokens of 14 Small Electric Chairs. On Maecenas, prospective buyers can see that the artwork has been verified and is stored securely.
The artwork will then be put on auction via a Dutch Auction process on Wednesday, 25th of July, in which the final price per fractional unit will be determined by a Smart Contract. The auction will run for a maximum of 6 weeks or until the funding target has been met.
Both the initial sale and any subsequent buying and selling of these fractional units are tracked on a blockchain.