Another feather added to the Blockchain hat. A record-breaking art sale with the adoption of Blockchain technology was conducted at the famous Christie’s auction house in New York. The Barney A.Ebsworth collection reached the roof with a total of $317,801,250, becoming the most valuable auction to be ever recorded on Blockchain.
The auction was successfully completed in partnership with art-focus technology provider, Artory, making a permissioned Blockchain available to host the auction information.
Sales off the chart
The night of auction witnessed several record sales for the presented art pieces, minimum of thirteen records were set at the night. Edward Hopper’s “Chop Suey” single-handedly fetched a huge sum of $91,875,000. Participants from 23 countries were involved in the bidding war, the auction curator by Barney A.Ebsworth included famous artists from all around the globe.
Blockchain for the better
Details of every art piece that has been auctioned off were stored by Artory’s private Ethereum based Blockchain. Precisely 42 art pieces were auctioned off and the details were recorded by the Blockchain backed system. The permissioned Blockchain, known as “The Registry logs” has all the information about the artwork, including the sales, artist, final price, auction date, item title, restoration and thefts. The information about the identity of owners is not stored to protect the privacy of the art owner.
This system ensures all the buyers a secure system that has hold of all the data required for their art. It helps the buyers a great deal in not purchasing a fake artwork. After every successful sale of the article, a digital certificate will be generated that clears the doubt in the air for both the buyer and auctioneer.
Christie’ announced a partnership with Artory in the past October; this partnership plays a vital role in increasing the transparency of artwork auctions. The information released after the partnership revealed that Barney A.Ebsworth collection was expected to make more than $300 million, will be the first sale after the implementation of Blockchain technology. The 252-year-old auction house is planning to continue its impressive run in 2018, with the upcoming new batch containing 49 pieces and is mentioned as the most valuable artwork of the 20th century.