Christie’s Auctioneers, a major auction house, has made history by using blockchain technology to sell art amounting to $317.8 million.
The record-breaking auction was held yesterday, seeing a total of 42 masterpieces being sold with everything being recorded on a private implementation of the Ethereum blockchain developed by Artory.
Prestigious Collections Sell for Eye-Watering Figures
Of all the artworks sold at Christie’s Auctioneers, two masterpiece sales caught the eye of everyone. Bidders from 23 countries bid to own the prestigious collection, Chop Suey, done by Barney A. Ebsworth. The masterpiece was finally sold for a whopping $91,875,000. On Thursday, 49 more artwork by Ebsworth will also be up for sale, with all the data being recorded on the blockchain.
Jackson Pollock’s artwork, Composition with Red Strokes, also fetched a handsome amount, going for a cool $55,437,500.
Artory’s Ethereum-based Blockchain
Artory’s software which was used to record the event via blockchain utilized the Ethereum private blockchain, making it a first-of-its-kind in the universe to have conducted such a huge art sale. The distributed ledger is coded to store encrypted data for final prices, auction dates, descriptions, and the item titles.
However, it does not disclose the identities of the art owners in a bid to keep all the involved parties as anonymous as possible.
The software is also developed to provide art buyers with all the necessary information regarding a particular artwork. This include its history and any digital certificates generated upon every sale.