Legendary Auction Firm to Store Art Sales on Blockchain
The legendary Christie auction firm based in London is shifting to BC technology to confidentially and firmly collect and log data of its sales.
The organization is amidst the world’s oldest auction houses, dating to 1766. According to their press statement this week, it will be partnering with Artory, a BC-powered art registry, to begin collecting and storing records of the auction’s upcoming sales and transactions.
The new program aims to record the agency's upcoming fall sale of all artwork from a private collection consisting of Modernist American art form the 20th century, which they believe will draw in around $300m.
The BC framework used by Artory will record data such as the name of each item, its description, the price for which it was sold, and the date of each transaction. In addition, they will produce virtual proof of each transaction, which Christie will also issue to customers in the form of a registry card.
The CIO of Christie’s said that their partnership with Artory is among the first in terms of auction houses. Artory also posted a statement on their blog saying that they will provide secure records of each transaction, and aims to contribute to a collective confidence surrounding art sales globally.
Christie's holds over 300 auctions each year, with sales of around $4 billion only in the first six months of 2018, stated their release.