Picasso auctioned off using Blockchain

A private art dealer in the municipality of Zug, Switzerland is making history; by selling off his private art collection using Blockchain technology. The private person has a collection of paintings by many famous artists, Picasso being one of the most profound. In 2018, the company Maecenas was officially the first to launch the open blockchain platform that democratises access to fine art. People who have always dreamt of owning famous paintings can buy shares in a Picasso, Warhol, Monet, and others.   Remember, Blockchain cuts out the middle-man, severely reducing external costs. So now we can all own a piece of a famous painting without billion-dollar price tags. Tokenisation allows us to spend a minimal amount of money on this pleasure. According to The Art Market Report, issued by The European Fine Art Fair, each year during its 10-day March event in The Netherlands, this year the art market was sized at $40 billion.

Yes, Fine art tokenisation has happened before. However, this is the first time a private art dealer has been able to undertake such a task with the help of the Swiss start-up www.whitelabel-coins.com. Following the principle of the Maecenas that have transformed artworks valued at tens of millions of dollars into tiny digital units, the works of art can be easily bought and sold in real time. It is, practically, a stock market for art, but with far less friction or fees. Now, hopefully, other private art dealers will follow this digitalisation train, allowing people from all walks of life worldwide to be able to invest or participate in the art market.

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7 thoughts on “Picasso auctioned off using Blockchain

  1. Beautiful!!! Technology at its best at the moment, I may say. So amazing that just from the comfort of my home, I can buy and be a shareholder of any asset as long as it has been opened for token contribution through the Blockchain technology.

  2. The middlemen are still necessary and important to me if you may ask. Blockchain technology sound and looks way too abstract to spend my precious token in such, all in the name of having a share in an asset.

  3. Gracias to the brain behind this awesome technology. Maecenas, you’ve done really great. No need for the long banks and financial transactions to get what I want.

  4. Wow… this is really great, in fact, one of the beauties of cryptocurrency. even though you dont have cash, you can still purchase masterpieces of artwork in real time. Kudos to you guys

  5. As interesting as the idea of a stock market for artwork via blockchain technology seems, it appears that it makes no provision for lovers of art to private own great artworks at minimal costs.

  6. Finally, an average earner gets the breakthrough that he yearns for with this development. He can boast to his friend “I own a part of the famous Picasso artwork” Hahaha…

  7. This is really great, I guess it may take a while for people to buy into this idea, as many are still in the dark with regards to the widespread application of blockchain technology

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