The firm launching the platform is running a crowdfunding campaign to raise capital.

Art investors, collectors and owners will later this year be able trade shares in fine art through a new platform powered by blockchain technology. 

Maecenas says it is looking to shake up the $56 billion industry with its new platform that matches art owners with investors, while the blockchain technology underpinning transactions will create a fairer and more open market, reduce costs and increase transparency.

Distributed ledger technology, or blockchain technology, is a virtual distributed ledger of transactions shared peer-to-peer that can record ownership across a public network of computers rendered tamper-proof by advanced cryptography. It is already known as the platform underpinning the controversial digital currency bitcoin. The technology is seen as having uses that go far beyond financial transactions to areas including transfer of legal agreements, for example.

The technology is causing a stir within the financial services sector as its supporters believe it could reduce hidden expenses in the financial system by ousting inefficiencies across areas such as payments, syndicated loans and equity clearing. 

The platform will allow investors to purchase a fractional share of listed art. They will be charged a 2 per cent fee per transaction while owners will pay 6 per cent of the listed price – a stark contrast to auction house fees that often reach 30 per cent. 

The platform is targeting sophisticated investors looking to diversify their portfolios with art investments. Investors will be required to pay at least $5,000 to part-own a piece of listed art and pay an initial deposit of $50,000 to open an account on the platform. 

Maecenas is currently running a crowdfunding campaign on Seedrs to raise additional capital for its platform's launch. The firm has a minimum target of £400,000 ($515,429) and is offering 12.4 per cent equity. 

It has already received £200,000 from a Swiss venture capitalist.  

It is set to be rolled out in August, Maecenas said in an emailed statement to this publication. 

“This is an industry which has been tainted by a history of fraud, money laundering and obscure practices,” said Maecenas co-found and chief executive Marcelo Casil. “We want to democratise the fine art market by guaranteeing transparency and fairness. We will offer the most competitive fees in the market, giving every investor the chance to own a share of a masterpiece”.