Christies auction house is one of the most famous and oldest auction houses with a history going back to 1766 is ready to adopt blockchain tech to securely store sales and provenance data.
A press release was published mentioning that it will be collaborating with blockchain-powered digital art registry Artory to pilot the encrypted recording of auction transactions.
The pilot program will register Christie’s upcoming autumn sale of artworks from the Barney A. Ebsworth Collection, a privately-held collection of 20th century Modernist American art, which is estimated to bring in $300 million in total.
Artory’s blockchain platform will store data from each sale, including the item’s title, description, final price and date. The startup will also provide a digital certificate of the transaction.
Christie’s will then issue each buyer a registration card to access the encrypted information about their purchased artwork.
Richard Entrup, chief information officer at Christie’s said:
“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.”
The move to blockchain was taken due to a vast amount of data collected which is approximately 350 auctions annually and handled sales of $4 billion in the first half of 2018, according to the release.
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