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The first multi-million-dollar artwork ever tokenized and sold on-chain.
In June 2018 Maecenas and London's Dadiani Fine Art tokenized Andy Warhol's '14 Small Electric Chairs' (Reversal Series) and auctioned fractions of it for ETH, BTC and Maecenas' ART token. Up to 49% of the painting was offered; the auction closed with 31.5% sold for roughly $1.7 million against a $5.6 million valuation, making it the first work at this value to change hands fractionally on a public blockchain.
Historically the most important listing in this category and, today, the most cautionary. WRHL1 proved a multi-million-dollar painting could be fractionalized and sold on a public chain, and the contract is still live with its full 1,000,000-token supply readable on-chain. But Maecenas wound down, no venue quotes the token, and the $5.60 figure is a 2018 auction clearing price rather than a current mark. The tokens remain freely transferable, which is more than most tokenized art can claim; what they are worth is an open question no market is currently answering.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers.
The ERC-20 transfers freely on Ethereum, but the Maecenas platform has wound down and no exchange quotes it. Treat the listed price as a 2018 historical mark, not a live valuation.
The contract holds 1,000,000 tokens against the whole painting, so each token is a one-millionth beneficial interest. 315,000 were sold in the auction.
