Leading Auction House Christie’s To Use Blockchain For Recording Art Sales

Christie’s, the auction house with a history that has been around for a while has announced that it would make use of blockchain technology to record auction data.Christie’s, the auction house with a history that has been around for a while has announced that it would make use of blockchain technology to record auction data.Christie’s, the auction house with a history that has been around for a while has announced that it would make use of blockchain technology to record auction data.Christie’s, the auction house with a history that has been around for a while has announced that it would make use of blockchain technology to record auction data.

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Christie’s, the auction house with a history that has been around for a while has announced that it would make use of blockchain technology to record auction data.

Blockchain chosen for its features

In its press release, Christie’s stated that it would be partnering with blockchain-powered digital art registry Artory to begin the encrypted recording of auction transactions. It would be used to provide details and certificates of purchases to buyers.

The auction house also stated that the plans for the partnership were timed to coincide with the upcoming $300 million sales of U.S. modernist art in London and Los Angeles by the end of the month.

The CIO of Christie’s, Richard Entrup while explaining the reason behind this move stating that the partnership has made it possible for its clients to experience the blockchain technology by themselves.

It would also enable them to explore the advantages of having a securely encrypted record of information about their purchased artwork, he further stated.

He noted that their pilot collaboration with Artory is a first among the major global auction houses. It is a sign that the auctioning industry is interested in exploring the benefits of secure digital registry via blockchain technology.

Barney A. Ebsworth collection to be the first blockchain recorded arts auction

The auction revealed that the high-profile sale of the Barney A. Ebsworth Collection in New York next month would be the first auction to be recorded by blockchain technology.

This move continues to solidify Christie’s position as the leader among the art world’s technologically savvy. This became evident after the auction house launched its inaugural Art + Tech summit last summer in London.

The partnership between Christie’s and Artory has been on the table since July, back when Nanne Dekking the COE of Artory made a speech at the auction house’s summit.

Marc Porter, Christie’s chairman of the Americas stated that this is a natural extension of how they innovate in partnership with their clients, especially in the context of major collections.

He added that the sale of the collection of Elizabeth Taylor marked the first time the auction house piloted online-only auctions with the help of its e-commerce channel.

The team at Christie’s have pointed out that the sale of each piece of art in the Ebsworth Collection such as the titles, descriptions, final price and other vital details, will all be recorded securely on the Artory blockchain.

Artory in a blog post noted that the blockchain registry it offers its customers ensure that a secure digital record of transactions is achieved. Their main aim is to provide more confidence in an artwork’s ongoing provenance and increase its efficiency during a resale.

Christie’s is not the only art company that is looking to blockchain. Last month, Andy Warhol’s 14 Small Electric Chairs (1980) painting was tokenized. It was later sold on a blockchain with the aid of Ethereum’s smart contract.

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