Adopting blockchain into the day to day life of the general populace has been the main agenda of the industry in recent time. In light of this, a recent report made it known that a record-breaking art sale was finalised on a blockchain network. The art sales recorded about $318 million changing hands, making it the most valuable art auction to ever be recorded on a blockchain.
Christie’s Auction House Art Sales
The report announcing the art sales made it known that the Barney A. Ebsworth Collection was sold for a whopping sum of $317,801,250. These sales were conducted at the Christie’s auction house in New York.
In a recently published press release, it was made known that the auction was done in collaboration with an art-focused technology provider named, Artory. The report made it known that Artory made use of its permissioned blockchain to host the auction information.
According to the report, it was made known that the auction saw several sales records for American art pieces broken. The report also made it know that not less than thirteen auction records were set. The most expensive art piece in the collection is the Edward Hopper’s Chop Suey and it was said to fetch a whopping sum of $91,875,000. The record also showed that participants from 23 countries were present at the auction. The auction was curated Barney A. Ebsworth, a famous collector.
42 art pieces were auctioned off, and this includes works of famous artists like William de Kooning, Jackson Pollock, Georgia O’Keeffee and Charles Demuth.
Artory’s Blockchain
The Artory’s private Ethereum blockchain was used to keep an adequate record of each arts lifecycle. The permissioned blockchain referred to as “The Registry” keeps a full log of important information regarding the life cycle of an artwork. This includes information such as sales, final prices, auction dates, item titles, restorations and thefts. Notably, any information pointing toward the owner of the piece of art is exempted.