Christie’s establishes partnerships to optimize art auctions

Christie's, the leading art auction house, is taking advantage of the immutability feature of the innovative blockchain technology to record art transactions

Christie’s, a leading art company based in the United States, is collaborating with Artory to register the sales of works of art in the blockchain. The main objective is to promote transparency in the art world through a secure digital record of accurate information about works of art and collectibles.

Founded in 1766, Christie’s offers art lovers the best auctions and private sales of works of art of the highest quality created by recognized artists.

Christie’s will prepare a permanent digital record of works of art from November. The details of all the works of art from ‘An American Place: The Barney A. Ebsworth Collection’ sold on Christie’s innovative platform will be stored in a distributed ledger and a secure and encrypted certification of the transaction will be delivered to the highest bidder.

Thanks to the immutability property of the blockchain, the relevant data about the illustrations sold will be permanently available to the owner. It is estimated that the auctions will generate more than 300 million dollars with the help of the block chain.

Artory will create a digital certificate of each transaction for Christie’s, and the latter will provide customers with a registration card to securely access an encrypted record of information about the acquired artwork.

L.Sáenz

Source: InfoCoin

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