The relationship between the world of art and cryptocurrency has slowly been moving forward, but a new global art exhibition seeks to revolutionize it.
Premiering this October in London’s Mayfair, inspirational works by the likes of Zhuang Hong Yi, Richard Orlinski and Hunt Slonem will be available for collectors to buy. The twist? Payment is available only in cryptocurrencies.
It’s made possible via a collaboration with digital platform Uphold, and will continue in Mayfair until November before moving to West Hollywood, Los Angeles.
The gallery in question, The House of Fine Art (HOFA), announced the groundbreaking eight-week exhibition to fall in line with London’s innovative Art event, Frieze 2018. Known for their high-end fine art, the owners wanted to showcase an event which would include the growing cryptocurrency community.
This event will be followed up by a show in West Hollywood in LA to inaugurate HOFA’s first U.S. gallery, joining existing galleries in London Mayfair and Mykonos, Greece.
HOFA first noticed a demand for Bitcoin payments last year and decided to approach the digital money platform Uphold to offer a wider range of payment, and capitalize on the demand. After all, there’s an art to spotting a good business opportunity.
A HOFA spokesperson describes what makes this the perfect partnership and why it is so appealing to art collectors:
“We had already experienced great demand for transactions to be made with bitcoin and wanted to expand on this.
We talked to Uphold and 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.”
Not the first
Although the theme of exclusive cryptocurrency payment for Art is thought to be a world-first, they are not the only gallery to offer crypto payment.
Last month it was announced a £4.2 million work of art by Andy Warhol, 14 Small Electric Chairs, was to be publicly auctioned online for cryptocurrency. The landmark auction by Dadiani Fine Art, also in Mayfair, will see 49 percent of the piece auctioned off in cryptocurrency.
The perfect payment solution?
Despite the noise surrounding the volatility of the market, cryptocurrency is a payment solution that is growing in popularity with both investors and those that are looking for more streamlined financial service alternatives traditional banking methods and the costs and inefficiencies that accompany them.
With lower fees, and real-time proof of transactions, crypto can offer many other benefits such as eradicating the risks of fraud. With the risk of identity theft on the rise with traditional bank accounts, cryptocurrency exchange platforms like Uphold are helping to disrupt the world of financial services.
Adrian Steckel, is the CEO and chairman of Uphold Inc. He said:
“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.
We look forward to supporting this endeavor and continuing to build our technology to support other innovative organizations seeking to modernize their commerce systems.”
The platform currently supports transactions in Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Basic Attention Token (BAT), Bitcoin Cash (BCH), Dash (DASH), Bitcoin Gold (BTG) and XRP (XRP).
At HOFA, gallery prices start at about £4,000 but rise sharply to around £250,000 for pieces by Italian sculptor Stefano Bombardieri. The collection includes works by American Hunt Slonem, whose neo-expressionist paintings currently hang at The Metropolitan Museum of Art and the Guggenheim, and French sculptor Richard Orlinski.
London Official Exhibition Dates: 2nd October – 9th November @ HOFA Gallery, 58 Maddox Street, London
LA Official Exhibition Dates: 18th October – 30th November @ HOFA Gallery, 819 La Cienega Blvd, West Hollywood, LA