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Limited edition contemporary art, designed by contemporary artists including British artist Damien Hirst and Tracey Emin, is available to buy online for a small fraction of the original price.

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Created for display on phones, computers, TVs and iPads, the original artwork is created in limited runs, costing between £5 and £500.

Launched on Thursday, the website called s[edition] allows authenticated artwork to be downloaded from an online vault.

In the future, collectors will be able to trade their art with other members on an s[edition] marketplace.

'It is a new medium, which I think is exciting' said artist Tracey Emin, 'I like the idea of original pieces of art going to people directly for a low price. When you are an artist and you get to a certain level, it means that you have forced yourself out of the market for a lot of people, and this makes pure art available.'

By Friday morning, 18 people had reportedly already purchased the most expensive art by Damien Hirst. For Heaven's Sake, priced at £500, is a high definition video of the artist's famous diamond-encrusted skull.

Emin has offered several variations on her neon light series, which spells out advertising slogans in fluorescent colours.

'If you were to buy a neon, well most people couldn't, so this way they could actually have a neon in their room, in their living room, at a party for example on their screen, and it is reasonably inexpensive.'

Other famous names involved in the project include conceptual artist Michael Craig-Martin, photographer Wim Wenders and US illustrator Shepard Fairey.

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