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.