[ANN] [ART] Maecenas: First ever fine artwork to be auctioned on the blockchain!

[Wandaline]

Is the auction public for everybody or not, or it is only for the buyers?

[Potchii]

What's the advantage of owning ART, if then you can commit ETH or BTC as well to purchasing a piece of art?

[Manycoinslover]

Seriously? What have Art got to do with blockchain. This is a super lame case of usage of blockchain. Blockchain does not mean getting funding to do Art, do you understand?

[DrexzKirby03]

Are the paintings going to have securities?

[tarayqueen]

Is The auction made to own only 49% of the artwork, which is estimated 3 millions dollars approximately? What happens if the biddings exceed? Do the investor get the whole work?

[DrexzKirby03]

On what basis do you accept new artwork?

[tarayqueen]

How will you incentivise the collectors who originally own the painting?

[Maecenas]

Will this project become an avenue for up-and-coming artists in the future? Or only for established artists and their works?

Yes, once we can leverage economies of scale, and figure out the best way to allow investors to support emerging artists. We need to build a strong foundation first

[marco.polo.hodls]

I would like to know if there will be a secondary market for the artwork shares. If it will not be possible to sell shares, it will be a very illiquid investment, right?

There will be a secondary market. They are going to launch a trading platform in 2019 where artwork share owners will be able to buy/sell those shares

[marco.polo.hodls]

Is The auction made to own only 49% of the artwork, which is estimated 3 millions dollars approximately? What happens if the biddings exceed? Do the investor get the whole work?

Yes only 49%. The other 51% remains in ownership of the collector to ensure that the piece is looked after and promoted to increase its value over time.

[Annieluvyou]

Purchasing shares from antique arts is something unique.
But one thing i need to ask, can the purchaser of this token to keep the antique stuff?
And what will happened to the value of this coins if the antique stuff get broken?

[marco.polo.hodls]

Are the paintings going to have securities?

Yes, the painting will be securities

[junforever]

If you have a bounty available for spanish translation and/or for promoting your project and/or moderate your discord/telegram project channels (in english and/or spanish crypto channels) I would like to reserve it!, this is my portfolio and my previous works and the list of crypto channels where I can promote your project

http://bit.ly/2HvGwNx

Please let me know if you are interesting with a pm, thanks and good luck with your project!

[marco.polo.hodls]

Purchasing shares from antique arts is something unique.
But one thing i need to ask, can the purchaser of this token to keep the antique stuff?
And what will happened to the value of this coins if the antique stuff get broken?

The physical artworks is in custody of the art vault who has the legal obligation of looking after it. And obviously there is insurance protecting any damage or theft (which is extremely unlikely due to the high security of these facilities).

[marco.polo.hodls]

Seriously? What have Art got to do with blockchain. This is a super lame case of usage of blockchain. Blockchain does not mean getting funding to do Art, do you understand?

Blockchain is essential for the tokenisation of the assets. Also it adds security as the ownership is clearly provable.
I also recommend you to check this out
https://medium.com/maecenas/the-art-token-b179590f54ee

[marco.polo.hodls]

What's the advantage of owning ART, if then you can commit ETH or BTC as well to purchasing a piece of art?

Auction house, art dealers etc. charge too high fees and ART will help avoid those fees, democratise the transactions effectively. So basically lowering the fee is a practical advantage of doing auction with ART.

[marco.polo.hodls]

Is there a mechanism for a painting sold for ART to be resold to a single owner. Eg. someone buys shares in the Warhol but loses the private key, how can a future investor fully own the piece?

Yes this is covered in the terms of the SPV when it's created. They know the identity of everyone who co-owns the Warhol so you can never lose your investment due to technical problems because there is an offline old fashioned paper record of it in custody of an official agent.

[BearuBear]

i’m so obsessed with contemporary art so it is tremendously good news. andy would be glad that his art stands at the forefront of modern tech

[iwasneverhere]

So, it is just a basic auction of the ART that stored in the blockchain? But what if the auction was taking bids off?

[marco.polo.hodls]

How many Art Token do I get with 5.000 USD? & How the exchange rate between USD and Art token is fixed? How are calculated the transaction costs?

How many Art Token do I get with 5.000 USD?
-You don't get any ART tokens for $5,000. The investment you make is for fractions of the Andy Warhol artwork.

How the exchange rate between USD and Art token is fixed?
How are calculated the transaction costs?
-Not possible to peg the price in a free market. It's about the cost of transaction really. Each transaction has an overhead and produces a certain revenue. The investment amount has to be above break even.