Disruptive technology comes to the art industry once again as British auction house, Christie’s, partners with blockchain-based Artory for an upcoming sale.
Blockchain’s ability to store immutable and permanent data makes it a great tool for record keeping. Major retailers are using the technology and so is the art world. In fact, Live Bitcoin News previously reported how an Andy Warhol piece was successfully tokenized thanks to blockchain technology.
Now, according to Artnet News, Christie’s will soon be experiencing the benefits of this disruptive technology for themselves. The auctioneering powerhouse will be collaborating with Artory, a blockchain-based art registry service. The platform’s website states that they are a “secure registry of verified information about artworks and collectibles, and their history”.
From Origin to Sale
Artory’s founder and CEO, Nanne Dekking, has experience in the auction industry, previously working for major houses like Sotheby’s. He gave some insight as to how his registry can help clients:
Today’s buyers are more skeptical and risk-averse. They want to buy with absolute confidence. Artory was created to be a partner for the art marketplace in addressing these challenges.
The new team’s first order of business will be Christie’s upcoming sale of the extensive collection of American modernism pieces accumulated by the revered collector, Barney A. Ebsworth. Artory’s role in this narrative is to provide a secure place for possible buyers to view the history of the artwork on offer. In addition, any collectors hoping to sell their work can register on the platform without having to provide personal information about themselves, just about the piece that they want to sell.
Christie’s Tests the Blockchain Waters
However, Christie’s has stressed the fact that this a test run to determine client interest in using blockchain technology during the auctioneering process. The company’s chief information officer, Richard Entrup, explained:
Our pilot collaboration with Artory… reflects growing interest within our industry to explore the benefits of secure digital registry via blockchain technology. The entrepreneurial spirit of the Ebsworth family and their embrace of leading-edge technology makes Christie’s November sale of the Ebsworth Collection an ideal platform for our clients to pilot this technology for themselves.
Only time will tell whether or not Christie’s chooses to embrace the technology. However, there are many companies all around the world who have done just that. E-retailing giant, Amazon, has hopped on the blockchain train and even the World Bank Group has proclaimed its virtues.
Countries like China are heavily investing in the technology and Australia has plans to launch its own blockchain. This seems to point to the fact that blockchain is here to stay and perhaps early adopters will have a much-needed edge over their competitors.
Do you think this latest blockchain-based collaboration will be a success? Let us know in the comments below!
Images courtesy of Pixabay and Shutterstock.
Blockchain’s ability to store immutable and permanent […]