Christie’s Auction House in New York partnered with Artory in November and made its mark in blockchain history. The Barney A. Ebsworth Collection sale on November 13th raised a total of $317,801,250, becoming the most valuable art auction to ever to be recorded on a blockchain.
In total, 42 art pieces were auctioned off to participants in over 23 countries, and Artory’s private Ethereum blockchain implementation recorded every detail of the sale. The collection curated by famous art collector Barney A. Ebsworth included works of art by famous artists such as Jackson Pollock, William de Kooning, Charles Demuth, and Georgia O’Keeffee.
Artory’s Etherum is a permissioned blockchain that logs all significant information in the life cycle of an artwork. Events such as sales, auction dates, title, restoration, and theft are all recorded and stored. The blockchain ensures that prospective buyers have a secure and immutable digital record of the history of the artwork they are buying.
Every sale at Christie’s also produces a digital certificate that attests to the authenticity of the artwork, guaranteeing that only original artworks are auctioned. The identity of the owners, however, is absent to ensure the privacy of collectors and investors is strictly maintained.