Andy Warhol Painting Sold for Millions on Maecenas Blockchain

Blockchain is enabling a new era of frictionless payments and is disrupting multiple industries across the board-including art.

Last month, Andy Warhol's "14 Small Electric Chairs" was sold on decentralized auction platform Maecenas.

Bidders on Maecenas purchased a 31.5 percent stake in Andy Warhol's "14 Small Electric Chairs" painting during an online auction, according to a press release.

Founded in 2017, Maecenas allows users to purchase up to 49 percent of valuable art collectibles using Bitcoin, Ethereum or the platform's native ART token.

Using cryptocurrency, 100 participants invested $1.7 million in Warhol's piece, which is currently valued at $5.6 million.

The sale of "14 Small Electric Chairs" marks Maecenas' first successful tokenization and auction of a world-renowned art piece.

"Tokenization of assets is the most prominent and exciting use case of blockchain technology, and we're proud to be pioneers in this space. This Warhol painting is the first of many more to come and we are looking forward to seeing and leading the financial revolution for the art market."

With assistance from London-based gallery Dadiani Syndicate, Maecenas was able to issue over 6 million ART tokens and attract a bid worth $6.5 million during the auction.

The success of the platform's launch opens a new realm of possibility for future art investments by collectors, investors, galleries and funds wishing to take part in the exclusive art trade.

"This auction was unchartered territory; a new model in an age-old market. The unprecedented demand, and speed with which the first fraction has been sold, has gone a long way to validating our vision of a more democratic and open art investment market."