One of the largest auction houses in the world Christie’s is introducing a blockchain system to safely store data on transactions for the sale of art and antiques.
Founded in 1766, Christie’s announced that it had signed a partnership agreement with Artory to test blockchain technology for recording transactions of auctions in an encrypted and secure form.
For the first time, the blockchain system will be used during the American Convent auction in November: the Barney A. Ebsworth collection, estimated by experts at $300 million and containing works by Edward Hopper, Jackson Pollock, Willem de Kooning, Georgia O’Keefe, Jasper Johns , Marsden Hartley and Charles Sheeler.
Each lot in the auction and the transaction will be registered on the blockchain-platform Artory, which will create a digital transaction certificate for each item. After the auction Christie’s will provide all buyers with a registration card to access the encrypted account of their work in the Artory Registry. CIO Christie’s noted:
It’s the first case with blockchain among international auction houses, which shows a growing interest in our industry in exploring the benefits of secure digital registries
The company of independent digital certification in the art market Artory assured that blockchain technology will “guarantee the security of digital transaction records,” which is especially important for large auction houses.
Christie’s auction house holds over 350 auctions annually. For the first half of this year, the auction house has already sold items of art and antiques for a total of $4 billion.