Christie’s, the world’s leading art business, has announced that it used blockchain technology to record the Barney A. Ebsworth Collection sale at its auction house in New York. The collection was sold for a total of $323 million. All sales were recorded on the Artory blockchain, the technology partner of Christie’s.
“The introduction of blockchain into sale has opened a new collecting audience to the benefits of blockchain technology in the art space. The Ebsworth Collection has been the ideal pilot for exploring this exciting innovation, given the rich history and provenance of the artworks in the collection and the exceptional prices achieved for major blue-chip artists,” commented Richard Entrup, CIO at Christie’s.
The recorded information includes title, description, final price, and date of sale. Buyers’ personal information is neither recorded on the blockchain nor by Artory itself.
“We are delighted to work with Christie’s on this industry-leading collaboration. As long-standing participants and business leaders within the global art market, the Artory team innately understands the needs of today’s art collectors and the broader desire within the industry to embrace new technologies that will help the marketplace evolve,” Nanne Dekking, CEO of Artory, said.