A new kind of art auction is taking paintings out of the picture. You can go online and buy shares in an iconic Andy Warhol work using cryptocurrency—but the physical object will not hang in your home, and you can’t own it all.
Today (June 20), the first such blockchain art auction begins. Up for sale is a 1980 Warhol silkscreen called 14 Small Electric Chairs. Only 49% of the painting—so just under 7 small electric chairs—is available for purchase. The other 51% will remain with the current owner, Eleesa Dadiani. That means she’ll hold chief control over the artwork, but offer digital certificates of ownership to successful bidders.
Read @ Quartz