The painting fourteen small electric chairs is to be sold at auction, well not the whole painting just 49% stake in the painting. Before we get into how and why you would be willing to buy stake in a painting let’s go over what’s happening here. The art Gallery Dadiani Syndicate located in the UK is the where this painting recides and my understanding is where it will stay, what is for sale is digital certificates via the Maecenas Blockchain which means yeah it’s on an Altcoin.
So what do you get when you own a minor percentage of a painting, well even with a bit of research apparently this isn’t common so I’m not exactly sure. It seems like the idea is you can only own up to 49% so you have no control on what happens with this painting, if it’s resold, moved and what not but the logic is that if it is sold you should be able to receive the percentage of revenue equal to your ownership. (I’m sure this is after fees and cost of having it in a gallery).
So what’s the point in all this? Well sure it’s cool to see ownership on a blockchain, but other than just being cool this could be great for validation of ownership to families and when galleries split ownership and displaying. The current form of this which seems like a foolhardy investment and the certificates going to some random ico altcoin which could easily turn out to be trash or a scam and vanish in a year isn’t what I would use. The investment side screams losing a ton on fees and cost and not having and control to the actual piece but the concept itself is alright. In the end stay weary of weird investments and especially ICOs.