Christie’s Will Become the First Major Auction House to Use Blockchain in a Sale

 October 12, 2018

A bidder raises his paddle at Christie's in Rockefeller Center in New York City. Photo by Fernando Leon/Getty Images/artnet News


SHARE IT:


     

“The sale of Barney A. Ebsworth’s collection of American modernism will be backed by the technology.” – reported by artnet News

Christie’s is teaming up with blockchain-secured art registry service Artory for its upcoming sale of the Barney A. Ebsworth collection of American modernism. The house is set to become the first major auctioneer to apply the innovative technology.

The blockchain company bills itself as the world’s most secure art-centric database, storing “highly trusted, vetted data about artworks,” and “significant events in the lifecycle of artworks.”

According to Artory founder and CEO Nanne Dekking, blockchain technology can bolster buyer confidence in an uncertain and opaque market. As a former high-ranking auction house staffer, including stints as vice chairman and worldwide head of private sales at Sotheby’s, New York, Dekker says he understands the concerns of wealthy auction clients.

“Today’s buyers are more skeptical and risk-averse,” he told artnet News. “They want to buy with absolute confidence. Artory was created to be a partner for the art marketplace in addressing these challenges.”

Ahead of the sale, potential buyers can log on to the service to view a complete transaction history of the works in the auction before bidding. On the other hand, the company says that collectors who register their artworks with Artory have a greater chance of selling their work without compromising their identity, as information on owners isn’t stored on the database.

Meanwhile, Christie’s made it clear that they view the partnership as an experiment, emphasizing their desire to test their clients’ receptiveness to the nascent technology.

“Our pilot collaboration with Artory… reflects growing interest within our industry to explore the benefits of secure digital registry via blockchain technology,” Christie’s chief information officer Richard Entrup told artnet News. “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.”

Originally published by Henri Neuendorf at artnet News

Advertisements

Tags: , , , , , ,

Subscribe to our weekly Monaco newsletter

* indicates required

Monaco Wealth Management will use the information you provide on this form to be in touch with you and to provide updates and marketing. Please let us know all the ways you would like to hear from us:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at newsletter@monacowealthmanagement.com. We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Latest News
%d bloggers like this: