Thanks to the blockchain, anyone can own a tiny part of a masterpiece. They just can’t touch it.
A portrait of the artist as a crypto speculation. The world of finance isn’t done yet with its effort to turn artistic masterpieces into tradeable securities.
A decade ago it was hedge funds and bankers selling small shares in works by Andy Warhol and his ilk as investment opportunities. Today it’s the cryptocurrency crowd. If history’s a guide, the risk and cost of owning a tiny part of an illiquid, hard-to-value asset still outweighs the rewards.
And all that without ever getting to hang the picture on your wall. The new tilt at art trading is as much a throwback to pre-crisis financial engineering as it is about crypto-futurism.
A British gallery is promising to sell up to 49 percent of Warhol’s 14 Small Electric Chairs in a blockchain-powered online auction. Buyers can pay in Bitcoin, Ether or other tokens. They’ll take cash too if you’re that way inclined. Read more from bloomberg.com…
thumbnail courtesy of bloomberg.com