One of the oldest and most well-known art auction houses across the globe, Christie’s is embracing blockchain. The London-based auction house is planning to utilize the blockchain technology to keep a record of ownership and sales data.
Christie’s Working with Digital Art Registry, Artory
The auction house revealed that it plans to collaborate with Artory to begin the recording of auction deals through encryption. Artory is a digital art-registry, backed by the blockchain technology. The collaboration with Artory will mark Christie’s upcoming autumn sale of illustrations from the collections of Barney A. Ebsworth. Ebsworth’s is a 20th-century private collection of American Modernist art. The traditional collection could fetch a total of $300 million. Therefore, the enthusiasm behind this move on the part of Christie’s is understandable.
Christie’s Blockchain Platform
Artory will provide Christie’s with a blockchain platform. The platform will store pertinent data of all the transactions. Therefore, the information will include the item’s description, title, final price, and the date of sale. Furthermore, the firm will provide a digital certificate listing the details of the transaction. The auction house will then issue each buyer with a registration card that they can use to access the encrypted artwork data relating to their purchase.
Reflective of Growing Interest in Blockchain
The chief information officer at Christie’s, Richard Entrup, heaped praise on the blockchain technology. He asserted that the pilot collaboration with Artory will feature among the major partnerships with relation to global auction houses. Furthermore, he is of the opinion that the association will reflect the growing acceptance of the blockchain technology. Therefore, the artwork industry displays increased willingness to explore the prospects of the blockchain’s secure digital registry.
Enhanced Efficiency of Blockchain
Moreover, Artory welcomed the move and claimed to offer a secure digital record of deals through its blockchain registry. They aim to infuse greater confidence and enhanced efficiency in an artwork’s resale. According to the figures quoted in the release, Christie’s is responsible for approximately 350 auctions every year.
Additionally, it handled sales of $4 billion in the first six months of 2018. Therefore, it is no wonder that the collaboration between Christie’s and Artory is causing great excitement. It is expected to be profitable for both organizations.
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