Art with bitcoin 0

[suspense39]

Burkey had brought up the subject of buying art with bitcoin.....just saw this

 

 

http://www.bbc.com/news/business-40703182

[delekkerste]

No bubble here.  

[SquareChaos]

My favorite part.

 

Quote

Marcelo Garcia Casil, for example, is chief executive and co-founder of Maecenas, an online marketplace that will enable art owners to sell shares in their expensive works of art (worth more than $1m) and raise money far more cheaply than they could though a bank.

And the owners also get to keep possession of their artworks while sharing up to 49% of the ownership.

Investors, who ordinarily wouldn't be able to afford multi-million-dollar works of art, will be able buy shares or units in the work using cryptocurrency. They will then be able to sell these units later in the marketplace. Each transaction is recorded cryptographically on the Ethereum blockchain.

"We want to make fine art accessible for everyone," says Mr Casil, who was born in Argentina, now lives in Singapore, and has a background in investment banking.

 

Who would like to purchase shares of any piece of art I currently own? I'm selling up to 49% of their fair market value - get in while the getting is good.

[PhilipB2k17]

Why do you even need Bitcoin or a block chain to buy & sell partial ownership shares of art? 

[The Shoveler]

On 7/26/2017 at 0:56 AM, SquareChaos said:

Who would like to purchase shares of any piece of art I currently own? I'm selling up to 49% of their fair market value - get in while the getting is good.

Coming soon, comic art default swaps...

 

 

(Bitcoin = indictment futures)

[comicwiz]

Beyond the issues associated to cryptocurrency which have been brought up numerous times before, the aspect that is impossible for me to reconcile is the anonymity. This reads more like an advertorial for the gallery owner and her budding prospects of having their own cryptocurrency.  Heralding blockchain as a system to help along art authentication is fraught with problems. Just because provenance "can be recorded" in the blockchain doesn't mean it won't be contested with new information emerging, and/or when it's proven (often far too late to remedy those who have been burned) the provenance was made-up and/or the authentication loop is subverted by those who stand to gain from the anonymity of trading art in such an environment. On the other hand, this might be a great system for sellers with a penchant of creating fake provenance on "unused/rejected" covers and market their snakeoil.

Edited July 29, 2017 by comicwiz