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Is Blockchain the right solution for auction houses?

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AFP / Getty ImagesDON EMMERT / AFP / Getty Images

The art world witnessed an extraordinary auction on November 13 at Christie's New York Auction House. Not only did the collection of the late Barney A. Ebsworth raise over $ 300 million, setting the new world record for Edward Hopper and Willem de Kooning, but also for the first time ever, the results of the great sale to # 39; auction were recorded using blockchain technology. To do this, Christie & # 39; s has collaborated with Artory, the main independent blockchain-based register for the art market built on Ethereum Blockchain.

Artory of Register, built on the public blockchain, creates a system for the verification, storage and protection of transactional data, while allowing the owner of the artwork to remain completely anonymous. One of the critical differences between Artory and similar services is that the company uses third-party controlled service providers, such as auction houses, to provide data for their records, creating a reputation guarantee that information is correct.

Weeks before the auction Richard Entrup, CIO of Christie & # 39; s, commented in a press release: "Our pilot collaboration with Artory … reflects the growing interest in our industry to explore the benefits of secure digital registry through blockchain technology ".

However, things were not so optimistic just a few years ago. In 2016, when Jason Rosenstein, CEO of Portion, a decentralized online auction house for luxury goods and rare collectibles, spoke with Christie's auctions and if Sotheby & # 39; s on a potential collaboration, both were not ready to explore adding this technology to their authentication process. Both auction houses have suggested that their brand and reputation have ensured the authenticity of works of art and have not felt compelled to use a decentralized database.

Today, Portion offers an open market exchange of digital and physical works with the mission to satisfy young collectors by collaborating with important brands and establishing relationships with living artists. "

So, why did Christie approach the use of blockchain technology and collaborate with Artory to record Ebsworth's sales figures?

The success of Bitcoin's cryptocurrency and attention to the provoked blockchain could be one of the reasons. Jason Bailey, the founder of Artnome and a Portion consultant suggests that "the lack of valid data has led to a big problem with falsification and mis-attribution" and the fact that Christie used the blockchain for the Ebsworth collection is a first step towards transparency data and a greater provenance. also suggests that "the art market currently fails to support the majority of artists who work significantly." Portion and similar services offer artists the opportunity to obtain rights for the art works they create.

Does this mean that all auction houses will now add blockchain tools to record auction data on a regular basis? Much will depend on the extent to which the great actors of the art market, including Sotheby & # 39; s, will adopt this technology in their operations and we still have to observe how long it will take.

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AFP / Getty ImagesDON EMMERT / AFP / Getty Images

The art world witnessed an extraordinary auction on November 13 at Christie's New York Auction House. Not only did the collection of the late Barney A. Ebsworth raise over $ 300 million, setting the new world record for Edward Hopper and Willem de Kooning, but also for the first time ever, the results of the great sale to # 39; auction were recorded using blockchain technology. To do this, Christie & # 39; s has collaborated with Artory, the main independent blockchain-based register for the art market built on Ethereum Blockchain.

Artory of Register, built on the public blockchain, creates a system for the verification, storage and protection of transactional data, while allowing the owner of the artwork to remain completely anonymous. One of the critical differences between Artory and similar services is that the company uses third-party controlled service providers, such as auction houses, to provide data for their records, creating a reputation guarantee that information is correct.

Weeks before the auction Richard Entrup, CIO of Christie & # 39; s, commented in a press release: "Our pilot collaboration with Artory … reflects the growing interest in our industry to explore the benefits of secure digital registry through blockchain technology ".

However, things were not so optimistic just a few years ago. In 2016, when Jason Rosenstein, CEO of Portion, a decentralized online auction house for luxury goods and rare collectibles, spoke with Christie's auctions and if Sotheby & # 39; s on a potential collaboration, both were not ready to explore adding this technology to their authentication process. Both auction houses have suggested that their brand and reputation have ensured the authenticity of works of art and have not felt compelled to use a decentralized database.

Today, Portion offers an open market exchange of digital and physical works with the mission to satisfy young collectors by collaborating with important brands and establishing relationships with living artists. "

So, why did Christie approach the use of blockchain technology and collaborate with Artory to record Ebsworth's sales figures?

The success of Bitcoin's cryptocurrency and attention to the provoked blockchain could be one of the reasons. Jason Bailey, the founder of Artnome and a Portion consultant suggests that "the lack of valid data has led to a big problem with falsification and mis-attribution" and the fact that Christie used the blockchain for the Ebsworth collection is a first step towards transparency data and a greater provenance. also suggests that "the art market currently fails to support the majority of artists who work significantly." Portion and similar services offer artists the opportunity to obtain rights for the art works they create.

Does this mean that all auction houses will now add blockchain tools to record auction data on a regular basis? Much will depend on the extent to which the great actors of the art market, including Sotheby & # 39; s, will adopt this technology in their operations and we still have to observe how long it will take.

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