• Mike Bishop JD

Andy Warhol Painting Tokenized

The Andy Warhol painting "14 Small Electric Chairs" (1980) was tokenized, raising US$1.7m for 31.5% ownership (a valuation of US $5.6m). The sale was conducted over 4 weeks beginning July 2018 and was completed two weeks earlier than planned.

One hundred participants were invited to participate in the auction out of more than 800+ sign-ups from 56 countries.

During the auction period, 36 bids were received, out of which, 34 were successful being highest bid of $6.5M. 

Maecenas, the art tokenization platform that sponsored the offering, marketed it to their 2000 site users as well as through a marketing partnership with Dadiani, a luxury investment syndicate group. Both platforms hailed this first sale a success and the only t e beginning of things to come.

Source: https://blog.maecenas.co/blockchain-art-auction-andy-warhol