In the latest landmark for Bitcoin, cryptocurrency and blockchain technology, a London art gallery will later this month auction a portion of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.
Dadiani Fine Art in London’s upmarket Mayfair, through its luxury market place Dadiani Syndicate and in partnership with blockchain platform Maecenas Fine Art, will put 49% of the Warhol work up for sale in cryptocurrencies including Bitcoin and Ethereum on June 20.
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.