Every day blockchain technology can find new application scenarios, including outside of the financial sector. In June it will be held an auction in which you plan to sell for cryptocurrency, the work of cult American artist Andy Warhol “Back sequence 14 little electric chair”.

Auction 20 June, will hold an art gallery Dadiani Fine Art, located in the fashionable London district of Mayfair. Partner of the action serves the working on the blockchain “decentralized art gallery” Fine Art Maecenas. The auction house is willing to accept payment in BTC and ETH.

At the time of writing, price “Little electric chair” is 732 bitcoin ($5.6 million). Undoubtedly, the day of the auction it will change. The auction house requires from potential buyers strict compliance with British laws and regulations.

“Reverse sequence 14 little electric chair”

Although not for the first time in the history of the work of art will be sold for the cryptocurrency (for example, in January 2018 at the auction Art Stage Singapore so was sold four paintings), in this case we are talking about the most expensive and most famous artifact.

The founder of the Syndicate Eliza Dadiani Dadiani noticed in connection with the sale of works of art:

We are going to bring to the global level, investments in works of art. Cryptocurrency will expand the market and make objects of art and luxury available to buyers of a new type.

Dadiani, who calls herself the “Queen” Krypto, previously told The Times that “the richest people in the world are looking for new ways of investing; the modern millionaire is not what it was before.”

The auction will be held on the blockchain of Ethereum and smart contract will determine the final price of the painting.

Although in the art world and in the past it was possible to hear conversations on the impact of blockchain confirmations it is not particularly observed. Undoubtedly, the characteristic of immutability inherent in the blockchain, can provide invaluable assistance in the arts — industry, which is mired in fraud and overpricing.

The blockchain would have helped to rectify the situation due to its ability to create and store the tracked recording, allowing collectors to verify the authenticity of paintings and other artifacts.