Blockchain Benefits Deemed Suitable by London-based Christie’s to Record Art Sales
London-based Christie's to Record Art Sales on a Blockchain
No limits these days for blockchain adoption even in arts auction as leading auction house, Christie's, is set to adopt blockchain for art sales and provenance data. Christie's is one of the foremost art auction houses in the world with a history going back to 1766.
The company has announced that it is in partnership with blockchain-powered digital art registry Artory to pilot the encrypted recording of auction transactions.
The pilot program will register Christie's upcoming autumn sale of artworks from the Barney A. Ebsworth Collection, a privately-held collection of 20th century Modernist American art, which is estimated to bring in $300 million in total.
The role of blockchain in arts
Artory said in a blog post that its blockchain registry offers a “secure digital record of transactions, with a goal of providing greater confidence in an artwork's ongoing provenance and greater efficiency in its eventual resale.”
Artory's blockchain platform will store data from each sale, including the item's title, description, final price and date.
The startup will indeed show what is possible with blockchain by providing a digital certificate of the transaction. Christie's will then issue each buyer a registration card to access the encrypted information about their purchased artwork.
Richard Entrup, chief information officer at Christie's said their pilot collaboration with Artory is a first among the major global auction houses, and reflects growing interest within their industry to explore the benefits of secure digital registry via blockchain technology.
Christie's offers around 350 auctions annually and handled sales of $4 billion in the first half of 2018.