by Nuno Menezes
Dadiani Fine Art (DFA), one of the most prestigious Galleries in the UK, announced June 29 it was preparing to accept six of the leading cryptocurrencies for works of art. With this, DFA is positioning itself as the precursor to a new revolution in the world of Art.
The gallery will initially start accepting bitcoin and five other principle digital currencies; ether, ripple, ether classic, litecoin and dash and it plans to accept more digital coins in the future. One other surprising development is that DFA will also be launching its own coin, DadiCoin (DDC), which will be based on the Ethereum network and the listing will soon be announced.
Dadiani Fine Art was founded by Eleesa Dadiani, art dealer of Georgian-Jewish-Russian descent. Bringing cryptocurrencies to the British art market was one of the goals for Eleesa Dadiani. Ms Dadiani stated:
“This could be a turning point for the cryptocurrency market. For many years, it has been ridiculed, but when traditional businesses, such as art galleries, take it seriously it is a sure sign that this is a very important technology that will change things as we know it. It will also open the market to a new type of buyer, people who regard cryptocurrency as more valuable and stable than traditional currencies. They will become part of an old money market, using new money.”
The gallery is one of the most distinguished in London. It is located in the heart of the art district in Mayfair, near the Royal Academy of Arts, at number 30 Cork Street which was once home to the Peggy Guggenheim’s Jeune Gallery, launching Peggy’s career. It was also there that Wassily Kandinsky had his first ever London show. Dadiani goes on saying:
“We are combining old world business ethics and practice with the new world of technology – the current system is becoming stale and needs to be disrupted. Cryptocurrencies will provide a bridge from the elitist, centralist fine art market to a decentralized, open source world where many more will be able to become a part of this exhilarating market.”
Eleesa Dadiani believes that cryptocurrencies can bring a breath of fresh air to the art world. Besides, she sees cryptocurrency as a new technology that will have a significant impact throughout several industries. The Art dealer hopes that introducing digital currency in the Art industry will help it survive in a challenging economic climate helping it to cope with higher business rates and other increasing costs.
Dadiani told BTCManager via email:
“All our exhibitions, going forward, will make mention and play on this part of our functionality even when the actual nature of the exhibition is unrelated; it needn’t be related in concept, but on the principle that we are entering into a new ethos by broadening our way of trade. The acceptance of cryptocurrency is for buying artwork at this stage only whilst we work on additional applications.”
Bitcoin and other leading cryptocurrencies will be accepted at Dadiani Fine Art’s groundbreaking new exhibition, ‘The Noise,’ which opens on July 13. ‘The Noise’ harks back to a more romantic racing era characterized by noise, fear and danger and is a tribute to the heyday of motor racing, the first of its kind ever to be staged. Since each Ferrari exhaust is made from Inconel alloy, can only be used in a single race, the exhibition will feature six unique sculptures made from the exhausts of Formula One cars and rare motor racing memorabilia. The sculptures are said to evoke memories of motor racing’s glory days before the screaming V-8 engine was replaced by today’s quieter turbo-charged engines. Heritage F1, a main sponsor of the exhibition, is the only company in the UK to buy and sell F1 cars. The company has collected a lot of paraphernalia from F1 and a lot beautiful hand-drawn blueprints of cars dating back to the 1970s.
The owner of Heritage F1, Mike O’Connor, stressed:
“F1 cars are the pinnacle of engineering. Cost is no object in the design. The engineers are the best of the best and have created engineering perfection, just like a great artist creates great art. The story attached to each one is what makes them valuable – we are selling the history.”
Established in 2014, DFA is dedicated to both emerging and established artists, as well as to the rediscovery and nurturing of those with a life-long devotion to their practice, whose work is yet to attain the recognition it merits. Recognized by museums and held in distinguished private collections, it is their aim to reintroduce their heritage to a new generation of art devotees. Since these guidelines are aligned with a futuristic vision of what art will become DFA decided that accepting cryptocurrencies would be the perfect leap forward in the race to achieving its goals.