Hang This
The PEAK Malaysia|February 2019

The advent of cryptocurrency has upended the way art is priced and sold.

Victoria Burrows
Hang This

The world of cryptocurrency may be an esoteric, unregulated and tempestuously fluctuating virtual Wild West, but it is giving the staid and lofty luxury art world a run for its money.

Last August, a USD1.7 million fraction of Andy Warhol’s 14 Small Electric Chairs (1980) was auctioned in cryptocurrency through a new digital art investment platform, called Maecenas. The 31.5 per cent of the artwork (the rest is owned by a single private individual) was sold in four weeks to 100 investors who bought digital certificates in cryptocurrencies including bitcoin, Ethereum and Maecenas’ own ART Token, as well as traditional fiat currencies (pounds, dollars and yen).

The sale took place through a partnership with Dadiani Fine Art, an art gallery in London’s exclusive Mayfair district, which was probably the world’s first to accept multicryptocurrency.

The gallery is part of a bigger crypto brokerage, Dadiani Syndicate, that founder Eleesa Dadiani set up in 2017 to allow the virtually wealthy to buy real-world things: gems, bullion, racehorses, private jets and yachts. One mysterious Chinese client bought four Formula 1 cars, collectively valued at GBP4 million, in cryptocurrency Litecoin.

The Maecenas auction was a test run, a private beta launch of the platform aiming to prove that blockchain-based asset tokenisation is both viable and efficient. “We wanted our first artwork to be from an iconic, instantly recognisable artist who is known for producing good returns, but also is popular enough so that non-art experts can still relate to it,” says Marcelo Garcia Casil, founder and CEO of Maecenas Fine Art, which has offices in London and Singapore.

Diese Geschichte stammt aus der February 2019-Ausgabe von The PEAK Malaysia.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der February 2019-Ausgabe von The PEAK Malaysia.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE PEAK MALAYSIAAlle anzeigen
Designing In Continuity
The PEAK Malaysia

Designing In Continuity

The Importance of Embracing Sustainable Design in an Increasingly Challenging World

time-read
5 Minuten  |
May 2020
Beyond Bali
The PEAK Malaysia

Beyond Bali

Get to know Indonesia’s “new Balis” - five destinations set to bring in tourists and bolster the industry for the country in the next few years.

time-read
4 Minuten  |
May 2020
A World Apart
The PEAK Malaysia

A World Apart

Discover unparalleled coastal tranquillity at Anantara Desaru Coast Resort & Villas, where luxury and indulgence go hand in hand.

time-read
7 Minuten  |
May 2020
The Beat Of Their Own Dram
The PEAK Malaysia

The Beat Of Their Own Dram

This luxury independent bottler just released an impressively high-scoring whisky from a distillery many have never heard of. Here’s why it should be the first of many to add to your collection.

time-read
2 Minuten  |
May 2020
Best Laid Plans
The PEAK Malaysia

Best Laid Plans

One of Malaysia’s legendary architects sheds light on being the latest recipient of the prestigious PAM Gold Medal.

time-read
5 Minuten  |
May 2020
DESIGNING A LEGACY
The PEAK Malaysia

DESIGNING A LEGACY

Eduardo Cosentino of Cosentino Group talks taking over the family business, embracing a global market as well as leaving behind a legacy for the next generation.

time-read
4 Minuten  |
May 2020
WHAT'S IN STORE
The PEAK Malaysia

WHAT'S IN STORE

HOW DANG TAI LUK PUT MYNEWS IN THE NEWS.

time-read
8 Minuten  |
May 2020
SO FAR, SO GOOD
The PEAK Malaysia

SO FAR, SO GOOD

The city of Auckland has all the bustling excitement of a cosmopolitan hub with none of the overcrowded frenzy, and the SO Auckland sits at the very heart of it all.

time-read
3 Minuten  |
May 2020
UNITED IN BATTLE AGAINST COVID-19
The PEAK Malaysia

UNITED IN BATTLE AGAINST COVID-19

It is not business as usual for luxury brands this year as their stores are forced to close due to strict government lockdowns and their supply chains disrupted. However, that does not mean the luxury industry has been rendered idle by the Covid-19 pandemic. Far from it, luxury brands are stepping up to offer assistance to combat the spread of the disease. It is a rare display of solidarity of fierce rivals coming together to face the current global health crisis.

time-read
3 Minuten  |
May 2020
Good Thinking
The PEAK Malaysia

Good Thinking

Our selection for the best in design marry form and function in outstanding conception and detail. Some have already gained accolades at the Red Dot Design Awards 2019, while others are quite simply stunning in creation.

time-read
8 Minuten  |
May 2020