Christie & # 39; s Records $ 318 Million Art Sale on a Blockchain


A new milestone in the adoption of blockchain was established with the successful recording of a record-breaking art sale on a blockchain.

On November 13, the sale of the Barney A. Ebsworth Collection at the famous Christie's New York home auction gathered a total of $ 317,801,250, making it the most art auction ever. precious to record on a blockchain. In a press release on the auction, Christie & # 39; s revealed that the auction was managed in collaboration with Artory, an art technology provider, using its licensed blockchain to host auction information .

Record-breaking sales data

On a night when several sales records of American art pieces occurred, at least thirteen auction records were recorded, with Edward Hopper & # 39; s Chop Suey alone it collects $ 91,875,000. The auction has seen participants from 23 countries looking for a collection of art curated by the famous collector Barney A. Ebsworth who has had the work of famous artists like Jackson Pollock, William de Kooning, Charles Demuth and Georgia O & # 39; Keeffee.

In total, 42 works of art were auctioned, with the private implementation of Artory's Ethereum blockchain recording the details of the sale. The licensed blockchain known as the Registry records all significant information in the life cycle of an art work such as sales, end prices, auction dates, item titles, restorations and thefts. The only non-memorized information is the identity of the owners, which ensures that the privacy of art collectors and investors is strictly adhered to.

In this way, all potential buyers have a secure and unchangeable digital recording of the historical artwork they are buying, ensuring that they do not lose money by buying fakes. Every time the work is sold, a digital certificate is generated that enhances the buyer's warranty and helps Christie to ensure that only the original art works are auctioned in their premises .

In October, CCN reported that Christie & # 39; s announced a partnership with Artory to record its sales of works of art and increase the transparency in the space of art works and collectibles. According to information revealed at the time, the sale of the Barney A. Ebsworth collection, which is expected to generate more than $ 300 million, will be the first implementation of the partnership, given that the 252 year auction house wants to exploit its impressive performance of 2018 which saw an amazing $ 4.04 billion worth of art works in the first half of 2018.

On Thursday, a new batch of 49 pieces from the Barney A. Ebsworth collection – described as the "most important private collection of 20th century American art" – will be auctioned off, with Artory's blockchain solution set to be used again.

Shutterstock foreground image.

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