Christie’s breaks record for highest-grossing art sale on blockchain

After causing a sensation in the art world with the sale of an AI-produced portrait, famous art auction house Christie’s is once again making headlines, but this time for recording the most lucrative art sale on the blockchain to date, CCN reports.

Last week’s sale of the Barney A. Ebsworth collection brought in a staggering $ 317,801,250 in conjunction with Artory, “the only secure blockchain ledger of verified information on works of art and collectibles. “, according to Artory’s press release.

Described in Christie’s press release as the “largest private collection of American modernist art ever to market,” the successful sale included works by American art icons such as Edward Hopper, Jackson Pollock and Georgia O’Keeffe.

In total, the auction ended with all 42 works of art sold, including Edward Hopper’s Chop Suey for $ 91,875,000. Each sale was recorded on the Armory Registry, a private Ethereum blockchain, along with other important details about the artwork, including “sales, final prices, auction dates, item titles. , restorations and flights, ”said CCN. For security and privacy reasons, the identities of buyers are not stored on the blockchain. Using blockchain, future buyers can rest assured that their purchases are the real deal.

“The introduction of blockchain in such a large sale has opened up a new audience of collectors to the benefits of blockchain technology in the art space and paves the way for further developments in the future.”

Blockchain is not a flash in the pan for Christie’s. The auction house sees its recent high-profile investments in technology as essential in moving the art world forward. “The introduction of blockchain in such a large sale has opened up a new audience of collectors to the benefits of blockchain technology in the art space and paves the way for further developments in the future,” said Richard Enrup, CIO of Christie’s, according to the Armory Liberation press.

“The Ebsworth Collection has been the perfect pilot to explore this exciting innovation, given the rich history and provenance of the works of art in the collection and the outstanding awards it has earned for major, prominent artists including Edward Hopper and Willem de Kooning. Christie’s is pleased to have presented this exciting technology to our clients as a first step towards wider adoption of blockchain innovations for the art market.

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