Christie’s To Trial Blockchain Data Recording via Partnership With Artory October 13, 2018 October 13, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsOctober 13, 2018 by Kelly Cromley

Christie’s To Trial Blockchain Data Recording via Partnership With Artory

The 250 years plus old auction house Christie’s is planning to trial blockchain technology for auction data. The decision was taken after entering into a partnership with blockchain art startup Artory that was announced Thursday October 11.

Christie’s will deploy the technology to offer details of art works offered as well as certificates of purchases to buyers.

Christie has stated that the plan has been “timed to coincide” with the forthcoming $300 million sale of US modernist art in London and Los Angeles later this month.

Clarifying the motivation behind the scheme, Christie’s CIO Richard Entrup said it offered a chance for “clients to experience this technology for themselves and to explore the advantages of having a secure encrypted record of information about their purchased artwork.”

He stated:

“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.”

Blockchain will permit the auctioneer to offer a “permanent digital record of relevant information” concerning every deal, with the buyer having an enrollment card to access it.

In the meanwhile, Artory CEO Nanne Dekking stated there was a “broader desire within the industry to embrace new technologies.”

The conventional art world has been generally slow to accept technological innovation, regardless of ventures such as a ground-breaking Andy Warhol “cryptocurrency art auction” in June.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.