Dadiani Fine Art in London, in partnership with blockchain platform Maecenas, will put 49% of the Andy Warhol work up for sale on June 20. The sale could help transform the art market by bringing increased price transparency, direct access, and authenticity verification to a market that has historically lacked it.
The piece is currently valued at $5.6 million — that's about 730 Bitcoin. The reserve price for the piece is set at $4 million and all buyers must comply with local regulation to prevent money laundering. It's far from the first time art has been bought with crypto — four paintings were bought with cryptocurrencies at Art Stage Singapore in January — but it may be the most high profile and for the most money. Eleesa Dadiani, the founder of Dadiani Syndicate, said: "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."