Leading Auction House Christie’s to Record Art Sales on a Blockchain
Christie 's in London, one of the world' s oldest and most renowned art auction houses, is turning to block – chain technology to securely store sales and source data.
The company, which has a history dating back to 1766, announced on Thursday that it will co-operate an encrypted record of the auction transaction with Artory, a block-chain-based digital art registry.
The demonstration program registers Christie's upcoming autumn arts sale at the Barney A. Ebsworth Collection, a collection of 20th-century Modernist American Art collections estimated to total $ 300 million.
Artory's block chain platform stores data for each sale, including the title, description, final price and date of the item. The startup also provides a digital certificate for the transaction.
Christie & # 39; s issues a registration card that gives each buyer access to encrypted information about their purchased work.
Richard Entrup, Christie's CIO, said:
"Pilot collaboration with Artory is the first of the major global auction companies and reflects the industry's growing interest in exploring the benefits of secure digital registries through block-chain technology."
In its blog post, Artory said that its block-chain registry "provides a secure digital record of transactions to increase the artistic origin and efficiency of resale."
Christie & # 39; s announces that it has offered 350 auctions annually and has sold $ 4 billion in the first half of 2018.
The block chain technology has gained momentum throughout the arts industry. Last month, Andy Warhol's paintings of 14 small electric chairs (1980) were sold to tokens in a block chain using a smart, etherized contract.
Christie's image through Shutterstock
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