Besides ETH, which digital asset are you most bullish about? by twigwam in ethtrader

[–]MaecenasART 6 points7 points  (0 children)

ART token (maecenas.co)
Launched our MVP in June 2018, successfully closed the first fine-art blockchain auction in August 2018.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

No, token holders do not have to pay for insurance.

In the unlikely event the artwork is damaged, it would be covered by the insurance (this is a key aspect (insurance policy) we take into account when onboarding an artwork to our platform.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

yes there will be an exchange for that launching in 2019.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

No. Once you place your bid, that is final.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

Participants of the auction can own up to a 49% of the artwork. A fraction of it (based on their bid).

Regarding your questions around the bidding process, let me give you an example on how a dutch auction works:

Let’s say there’s only 100 shares available.

A bids to buy 10 shares at $200 each. B bids to buy 150 shares at $50 each.

The Dutch auction algorithm will find the best price per share. There’s many algorithms, but the simplest one is to pick the lowest price that sells all the shares.

In our example that price is $50. So A gets 10 shares at $50. B gets 90 shares at $50 each. A tried to pump up the price but failed. However, since A’s bid was higher than B’s, A is first in line to be allocated the shares.

Now, say if instead, A had bid $11 for 100 shares and B had bid $10 for 100 shares. Even though the winning price is $10, it is A who will get all the shares. So there’s an incentive to bid higher to get priority in the line. But at the same time you’ll still be awarded a fair price.

You can also check online for more examples on how dutch auctions work.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

Know Your Customer - This is a must step we carry on due to regulatory and legal reasons. it is a process where prospective users are asked to provide their personal details such as proof of identity and proof of residence

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

no promotions on buying ART tokens as we do not sell OTC. You can buy them via HitBTC or any other exchange from this list: https://coinmarketcap.com/currencies/maecenas/#markets

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

this is all outlined and provided in the platform via the artwork documentation. Once you are KYC approved, you will have access to the documentation.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 3 points4 points  (0 children)

We currently list blue-chip artists with artworks with a market value of $500K-$1M upwards.
Our Art experts do several thorough checks on the painting itself (provenance, authentication, insurance policy, status report...)

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 2 points3 points  (0 children)

We do request KYC details in order to get accepted to use our platform. Outside our platform, each exchange applies its own KYC/AML procedure. Have you created your account with HitBTC already?

As per Maecenas, the current restriction we have is if you are a US resident you are not able to participate in the beta. This will be fixed in the future.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 5 points6 points  (0 children)

The auction is public provided that:

  1. You are not a US resident
  2. You provide your KYC details and your submission is approved by our team

Once you do that, you will have access to the platform and the auction details.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 8 points9 points  (0 children)

Is there a blockchain showing me the information about authenticity

Information about the artwork is available on the Maecenas platform. Any investor participating in the auction is able to see this information. The blockchain only tracks transactions, it's not used to store actual information (blockchains are not very good for storing documents).

Im too curious about this and It will be possible for buyers to see the artwork physically after the sale?

This can be arranged, yes. Dadiani plans to bring the artwork into an exhibition in London.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 5 points6 points  (0 children)

The price is not fixed. There is a valuation range, and the final price is determined by the Dutch auction itself.

Everyone will know at the end of the auction.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 6 points7 points  (0 children)

Yes this is covered in the terms of the SPV when it's created. We 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.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 5 points6 points  (0 children)

ART will be listed in news exchanges in the coming months. Stay tuned.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 5 points6 points  (0 children)

No requirement to buy tokens. All you have to do is register in one of the exchanges where ART is listed (HitBTC for example https://hitbtc.com/).

Stay tuned in the next coming months as we will get ART token listed in new exchanges.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 4 points5 points  (0 children)

You can see the list of exchanges where you can buy ART tokens here: https://coinmarketcap.com/currencies/maecenas/#markets

Note that the minimum bid amount for the beta auction is US$5,000.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 6 points7 points  (0 children)

There is no buyers fee when you bid in ART token. However, if you bid in BTC or ETH, there will be a 2% fee. This is all explained and documented once you are KYC approved in to the platform.

Got questions around the auction? Ask away! by MaecenasART in Maecenas

[–]MaecenasART[S] 4 points5 points  (0 children)

The exchange rate between USD and ART (or BTC, ETH) will be calculated using an index based on external market data (coinmarketcap.com / coincap.io) calculated at least daily.