Christie recently announced that it will pilot its art business plan on blockchain technology. The leading art business of the world will pilot its encrypted registration of art transactions on the blockchain platform coming fall. For the purpose, it will collaborate with one of the leading independent digital registries in the art market, Artory.
From henceforth, each and every artwork coming from “An American Place: The Barney A. Ebsworth Collection” will have encrypted and secure certification of the sale. The facility will start from November at Christie. The successful bidder will receive it so that he will always have a permanent digital record and relevant information regarding the artwork.
Incidentally, Christie is organizing the West Coast tour of major artworks from its 20th Century American Art Barney A. Ebsworth Collection which is one of the most recognized privately-owned collections. The collaboration announcement has been timed perfectly with the upcoming tour and most probably will give a boost to the pilot program. The auction amount is expected to exceed beyond $300 million.
While talking about its decision to implement this art business plan, the CIO of Christie Richard Entrup stated that it wants to provide the clients a chance “to experience this technology for them and to explore the advantages of having a securely encrypted record of information about their purchased artwork.” Entrup further added that its pilot collaboration is first of its kind among the major auction houses in the world and reflects the growth in the interest about this technology within its industry, Cointelegraph reported.
According to Entrup, the industry wants to explore the benefits that blockchain technology can provide through a secure digital registry. With the help of this technology, the auctioneer will be able to offer its buyer a permanent digital record about the relevant information about each sale.
While revealing his views on the collaboration of Artory in this new art business plan with Christie, CEO of Artory Nanne Dekking stated that there is a growing desire in the art industry to adopt new technologies, Christie reported.
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