Christie’s registers $323 million art sale on blockchain

Last week Christie’s announced that the Barney A. Ebsworth Collection, a collection of 20th Century American Art, was sold for a total of $323 million. All sales were logged on the Artory blockchain which launched its registry last week. The aim is to track the provenance of artwork and make future re-sales more efficient. Owners can register their artwork, so they’re able to demonstrate ownership while their identity remains private. Barney Ebsworth, founder of the Clipper Cruise Line and a venture capitalist, passed away earlier this year. “The introduction of blockchain into such a significant sale has opened a new collecting audience to the benefits of blockchain technology in the art space, and sets the stage for more developments in the future,” commented Richard Entrup, CIO at Christie’s. “The Ebsworth Collection has been the ideal pilot for exploring this exciting innovation, given the rich history and provenance of the artworks in the collection and the exceptional prices achieved for major blue-chip artists, including Edward Hopper and Willem de Kooning. Christie’s is pleased to have introduced this exciting technology to our clients as a first step towards broader adoption of blockchain innovations for the art market.”

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