Christie’s again embraces blockchain technology and shows how it can improve the art market. On Wednesday, the iconic auction house announced a new partnership with Kresus, a crypto wallet service provider.
This company is holding an auction for a photography collection for Kresus’s founder, Trevor Traina. As per reports, Christie’s will offer digital ownership certificates to people participating in the auction to help showcase their ownership.
Christie’s Uses Blockchain to Boost Trust in Art Ownership
The sale will feature 130 lots, each with a digital certificate issued on the Base blockchain. This system offers a secure, digital record of who owns each piece.
Traina hailed this system as an improvement for the art market, making it easier to keep track of art ownership. Nicole Sales Giles, a representative from Christie’s, said that this pilot program is another step towards improving trust in the art market. “Using blockchain for ownership certificates helps us maintain authenticity and transparency,” she said.
Auction House Christie’s Raised $3M From the Sale of 130 Photographs from the Collection of the Former US Ambassador to Austria; Each of Which Included a Digital Certificate of Ownership Recorded on the #ETH Layer 2 @base pic.twitter.com/QjaHH8gQbo
— matthew sigel, recovering CFA (@matthew_sigel) October 4, 2024
Christie’s is not new to blockchain technology. The auction house made history in 2021, selling Beeple’s digital artwork for $69 million. Now, with this photography auction, they are expanding the use of blockchain to provide transparency and security for collectors.
How important is this for the market?
The digital certificates being introduced by Christie’s are important for the art world. They offer a more secure and transparent way to prove ownership.
Traditionally, art collectors have relied on paper documents to confirm ownership and provenance. However, these can be lost, damaged, or forged. Blockchain-based certificates reduce these risks.
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