Christie’s Auction House has launched a new pilot program in collaboration with Artory that will put art transactions on the blockchain for the first time.
The project will launch with the upcoming collection ‘An american Place: The Barnet A. Ebsworth Collection’ in November, with secure, encrypted certification for each sale stored on blockchain.
Richard Entrup, chief information officier 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 entrepreneurial spirit of the Ebsworth family and their embrace of leading-edge technology makes Christie’s November sale of the Ebsworth Collection an ideal platform for our clients to experience this technology for themselves and to explore the advantages of having a secure encrypted record of information about their purchased artwork.”
The collection is estimated at over $300 million, and will be unveiled at the Rockefeller Center, New York from November 4.
“We are delighted to work with Christie’s on this industry-leading collaboration,” added Nanne Dekking, CEO of Artory. “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.
“This November, Artory is pleased to work with Christie’s and the Ebsworth family to mark the start of a blockchain digital journey for each work in this spectacular collection, and to show the art world how digital encryption technology can benefit buyers and collectors in the future.”