If you’re looking to procure a Picasso, reel in a Rubens or grab a Goya, look no further than decentralized art gallery Maecenas, a company which announced its token crowdsale date today.
The event begins at 5 p.m. CEST on Thurs., Sept 7. Users can purchase ART tokens which allow them to auction art on the blockchain-powered platform. Ethereum is required for those wishing to participate.
The first $10 million raised will be devoted to operational costs while the rest will be used to purchase art for auction.
Maecenas is working with Cofound.it, a platform that trains promising blockchain startups. A pre-sale begins on Priority Pass at 5 p.m. CEST on Tues., Sept. 5. The minimum sale threshold is $3 million USD, the milestone target is $10 million, and the hard cap $20 million.
“Who wouldn’t want a piece of a Picasso?” Maecenas CEO Marcelo Garcia Casil said. “Until now, only the super-rich took an interest in fine art auctions. But we divide paintings into digitized fragments so that they are affordable. Many more people will now have access to the world of fine art.”
Maecenas estimates the fine art industry is worth $65 billion every year. Traditional transaction fees can gobble up 30 per cent of that total.
ART utility tokens serve as clearing and settlement mechanisms for all transactions. A single work is broken into many pieces on the blockchain, with each being accompanied by tamper-proof ownership certificates. ART tokens can be used to bid for the certificates.
Maecenas management includes former Barclays, Credit Suisse and National Australia Bank official Marcelo Garcia Casil (CEO), investment bank platform designer Miguel Neumann (founding partner), and chief art officer Jérôme Crosier, who has more than two decades of experience as an art historian and advisor. Advisors include IG Bank CEO Fouad Bajjali, Helvetica Swiss Insurance CEO Tom Ludescher, legal expert Gimena Rabinad, Tryb Capital Partner Markus Gnirck, Aumakua Venture Fund Partner Scott Huan, Lightbulb Capital Partner Daniel Liebau, Grant Thornton Partner Luis Pastor, Wilbe Ventures Partner Alessandro Maiano, Fintech FUSION founder Guillaume Dubray and Finarchitects Founder Philippe Beckers.