House of Fine Art announces crypto exhibition

House of Fine Art (HOFA) is claiming to be the first art gallery to put up its entire collection for purchase with cryptocurrencies.

Elio D’Anna, Founder of the Mayfair, London gallery, told the Evening Standard: “We knew straight away that this was an opportunity too good to pass by. At the moment, digital currencies are becoming commonplace among a wide array of savvy consumers, providing a seamless, and cost-effective method to exchange value globally.”

HOFA’s eight-week cryptocurrency art exhibition is in partnership with cloud-based digital money platform Uphold. It will start in London at the beginning of October before moving to HOFA’s new Hollywood gallery.

Adrian Steckel, CEO and Chairman of Uphold, labels it an “important step forward for the cryptocurrency community”.

Anyone can own a Warhol

Maecenas, working with Dadiani Syndicate, recently became the first fine art gallery in the UK to accept cryptocurrency payments for collectibles. It selected Andy Warhol’s 14 Small Electric Chairs for an auction, in which 49% ownership of the painting was on offer.

Owning such a portion meant that the buyer would not have true autonomy over where the painting was located but would receive payment if it was ever sold again. 49% was valued at £4.2 million.

“For the first time ever, high-value, blue-chip art works will be available for everybody to own – utilising the unique technology platform developed by Maecenas, you can now own a piece of history,” said Eleesa Dadiani, Founder of Dadiani Syndicate.

“This is not a divisive strategy, but a win-win for all… We look forward to the resulting evolution of the world of fine art.”

Further details on that here.