Objects of Art to be Purchased with Digital Currency in Mayfair Gallery

Aug 10, 2018 at 15:36 // News
Coin Idol
Art to be Purchased with Digital Currency

One of the most luxurious London galleries, Mayfair offers customers the option to buy every single item in its collection using virtual coins. The gallery claims it is the first to provide such a fintech service. The high-end fine art for sale includes sophisticated works of Zhuang Hong Yi, Richard Orlinski, and Hunt Slonem.

“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,” Elio D’Anna, co-founder of the gallery, says.

Crypto Collaboration

Having noticed a great demand for crypto payments, especially in bitcoin, The House of Fine Art (HOFA) in Mayfair started to think over this developing financial technology. Later the gallery considered it a good business opportunity and asked the digital currency platform Uphold to offer its payment services and capitalize on the demand.

“Our relationship with The House of Fine Art represents an important step forward for the cryptocurrency community, as it clearly demonstrates its ability to open up access to highly-coveted products, in this case, fine art,” Adrian Steckel, the CEO of Uphold, commented.

At the time, the platform can accept payments in eight largest virtual coins, namely Bitcoin, Litecoin, Ethereum, Basic Attention Token, Bitcoin Cash, Dash, Bitcoin Gold, and XRP.

Precious Art

Prices at the gallery start at about £4,000 and go up to £250,000 for pieces of Italian sculptor Stefano Bombardieri. The precious works of the sculptor Richard Orlinski, contemporary artist Zhuang Hong Yi, and neo-expressionist Hunt Slonem belong to the exquisite collection put up for sale. London will host the exhibition in early October before it will travel to the new gallery in Hollywood.

The HOFA claims its primacy in cryptocurrency area, however, Andy Warhol's artwork made of 14 small electric chairs was announced to be auctioned for crypto coins last month. The sale of 49% of the painting is to be performed online via blockchain.

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