Christie’s, the world’s leading art business, has announced plans to pilot encrypted registration of art transactions on a blockchain this November, as part of a unique collaboration with Artory, a leading independent digital registry for the art market.
Artwork from An American Place: The Barney A. Ebsworth Collection, including masterpieces from artists such as Edward Hopper, Georgia O’Keeffe, Willem de Kooning, and Jackson Pollock, will be auctioned off with blockchain-based certificates of sale. It is estimated to exceed $300 million total at auction.
“Our pilot collaboration with Artory is a first among the major global auction houses, and reflects growing interest within our industry to explore the benefits of secure digital registry via blockchain technology,” Richard Entrup, Chief Information Officer at Christie’s commented.
The recorded information includes title, description, final price, and date of sale. Buyers’ personal information is neither recorded on the blockchain nor by Artory itself.
“We are delighted to work with Christie’s on this industry-leading collaboration. As long-standing participants and business leaders within the global art market, the Artory team innately understands the needs of today’s art collectors and the broader desire within the industry to embrace new technologies that will help the marketplace evolve,” Nanne Dekking, CEO of Artory, said.