There has been a setting of a new milestone in blockchain adoption following a record-breaking sale of a piece of art on a blockchain at Christie’s auction house.
The Use of Artory’s Private Blockchain for the Art Sale
At the famous Christie’s auction house in New York, the sale of the Barney A. Ebsworth Collection sale on the 13th of November raised a record-breaking amount of $317,801,250, thereby becoming the most valuable art auction recorded on a blockchain ever. Christie’s auction house stated in a press release that the auction was handled jointly by Artory, a technology provider focused on the arts, and its blockchain was used with permission to host the information on the auction.
Previous record sales for American art pieces were broken the night of the 13th of November, and at least thirteen new auction records were set. $91,875,000 was bid for Edward Hopper’s Chop Suey alone. There were partakers from 23 different countries who made bids for an art collection curated by famous collector Barney A. Ebsworth which had the work of famous artists like Jackson Pollock, William de Kooning, Charles Demuth, and Georgia O’Keeffee.
Artory’s private Ethereum blockchain implementation recorded details concerning the sale which realized 42 art pieces being auctioned off. The Registry (Artory’s permissioned blockchain) significant information in the life cycle of an artwork such as sales, final prices, auction dates, item titles, restorations, and thefts. The privacy of art collectors and investors, however, is not stored on the private blockchain, as the identity of investors is strictly respected.
This allows for a secure and immutable digital record available to potential buyers, ensuring that money is not lost buying fakes. For every sale of an artwork, there is a generated certificate, and this allows for buyer assurance and helps Christie’s auction house ensure that original artworks are auctioned in its premises.
Art Auctions to be Continuously Made on the Blockchain
Earlier in October, there was a report on the partnership between the famous auction house and the art technology provider to register its artwork sales and increase transparency in the artworks and collectibles auction space. The report at the time publicized that the Barney A. Ebsworth collection sale, expected to realize an amount north of $300 million would be the first application of the partnership, as the 252-year-old auction house aims to surpass its $4.04 billion worth of art auctioned in the first half of this year 2018.
Another batch of 49 pieces from the Barney A. Ebsworth collection – described as the ‘most important privately-held collection of 20th Century American Art’ will on the 22nd of this month November, go on auction. The auction will also be recorded on The Registry, Artory’s private Ethereum blockchain.
Worthy of note is the fact that other art sales have previously been planned to be auctioned on the blockchain like the Andy Warhol art which was set to be sold for bitcoin on the Ethereum blockchain. Apportion of Andy Warhol’s 1980 work “14 Small Electric Chairs” was prepared to be sold at its current value at the time, $5.6 million or 730 Bitcoins (BTC).