The Christie’s auction house should be quite proud of itself after its recent Barney A. Ebsworth Collection sale at its New York location, which raised a whopping $317.8 million, according to its press release. The November 13 event set 15 records, including one that set the most expensive piece of pre-war American art – Edward Hopper’s “Chop Suey,” which fetched $91.9 million.)

Not to mention, the sale “also marked the first time an art auction at this price level has been recorded on a blockchain, via a secure digital registry administered by Artory, a leading art-centric technology provider,” Christie’s said.

The auction saw bidders from 23 countries for an art collection carefully chosen by famous collector Barney A. Ebsworth which had the work of famous artists like Jackson Pollock, William de Kooning, Charles Demuth and Georgia O’Keeffee. 42 art pieces were auctioned off, while Artory’s private Ethereum blockchain recorded the details of the sale, which included the final prices of the individual pieces, auction dates, item titles, restorations and thefts. CCN notes that the only information withheld was the identity of the owners.

By recording the details of the sale, all prospective buyers have a secure digital record of the history of the artwork, ensuring that they do not lose money purchasing false items. Once an artwork is sold, a digital certificate is generated, which further assures the buyer and also assists Christie’s in ensuring that only original artworks are being auctioned.

The auction house plans to utilize Artory’s blockchain recording solution yet again, when a new batch of 49 pieces from the Barney A. Ebsworth collection – described as the ‘most important privately-held collection of 20th Century American Art’ is set to go on auction.

Leave a Reply