Auction house Christie’s will use the blockchain

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Auction house Christie’s will use the blockchain

Christie’s London, one of the oldest and most famous art auction houses in the world, will be stored in the blockchain information about sales and the origin of the art facilities.

The press service of Christie’s said that the auction house, started cooperation with the blockchain-a platform Artory, created a pilot service to store information about the selling items. Actually, we are talking about the most important data – the origin and sale of objects.

The pilot project will start soon: Christie’s plans to tour the West coast of the United States, during which will be exhibited at the sale of works from the collection of Barney A. Ebsworth. 9 APR 2018 Barney did not and now exhibits his collection needs a new home. According to preliminary estimates the collection of Ebsworth will go under the hammer for $300 million.

Christie’s desire to insure with blockchain is clear: it is better to spend money on creating a service than to pay compensation for the fakes that used to fall on the auction even such well-known companies.

The blockchain from Artory will store information about each transaction, including the name, detailed description, final price and date. At the end of the transaction, Christie’s will give each buyer a registration card to access the encrypted information of the acquired works.

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