Christie’s Records $318 Million Art Sale on a Blockchain

Neutral Christie’s Records $318 Million Art Sale on a Blockchain

A new milestone in blockchain adoption has been set with the successful recording of a record-breaking art sale on a blockchain.

On November 13, the Barney A. Ebsworth Collection sale at the famous Christie's auction house in New York raised a total of $317,801,250, in the process becoming the most valuable art auction to ever to be recorded on a blockchain. In a press release about the auction, Christie's revealed that the auction was handled in partnership with art-focused technology provider Artory, using its permissioned blockchain to host the auction information.

Record-Breaking Sales Figures

On a night that saw several sales records for American art pieces broken, at least thirteen auction records were set, with Edward Hopper's Chop Suey alone fetching an eye-popping $91,875,000. The auction saw participants from 23 countries bidding for an art collection curated 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.

In total, 42 art pieces were auctioned off, with Artory's private Ethereum blockchain implementation recording the details of the sale. The permissioned blockchain known as The Registry logs all significant information in the life cycle of an artwork such as sales, final prices, auction dates, item titles, restorations and thefts. The only information not stored is the identity of owners, which ensures that the privacy of art collectors and investors is strictly respected.

In so doing, all prospective buyers have a secure and immutable digital record of the history artwork they are buying, ensuring that they do not lose money purchasing fakes. Every time the artwork is sold, a digital certificate is generated, which enhances buyer assurance and helps Christie's ensure that only original artworks are auctioned in its premises.

In October, CCN reported that Christie's announced a partnership with Artory to register its artwork sales and increase transparency in the artworks and collectibles auction space. According to information revealed at the time, the Barney A. Ebsworth collection sale, expected to generate more than $300 million will be the first implementation of the partnership, as the 252 year-old auction house looks to build on its impressive 2018 performance that saw it auction an amazing $4.04 billion worth of art in the first half of 2018.

On Thursday, 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' - are set to go on auction, with Artory's blockchain recording solution set to be utilised again.

Featured image from Shutterstock.

11/18/2018 / 14:15:37 Source: ccn

Blockchain News | News | Artory | Christie’s | | Blockchain|ICO
BTC
1 BTC=$3,408.51
XRP
1 XRP=$0.3028
ETH
1 ETH=$90.85
XUC
1 XUC=$2.17
EOS
1 EOS=$2.14
BCH
1 BCH=$83.84

News Feed 50

Cryptoglobe Neutral - #EOS Price Analysis – December 17 read more.
12/17/2018 / 12:30:00
Cointelegraph Neutral - Iran: Science and Tech Department Official Says Blockchain Can Improve National Economy read more.
12/17/2018 / 12:23:00
Ccn Neutral - Hong Kong Bitcoin Millionaire Arrested after Throwing Cash off Apartment Building read more.
12/17/2018 / 12:12:24
Coindesk Neutral - When the Tide Goes Out: Big Questions for Crypto in 2019 read more.
12/17/2018 / 12:00:33
Cryptoglobe Neutral - Who Controls Bitcoin Core: Casa CTO Jameson Lopp Explains read more.
12/17/2018 / 11:58:55
Themerkle Neutral - Bitcoin Declared Dead – For the 334th Time read more.
12/17/2018 / 11:48:02
Coinspeaker Neutral - 7th Day of Christmas at Coinbase: Everything One Needs to Know about USDC read more.
12/17/2018 / 11:33:34
Coindesk Neutral - A Year Ago Today Bitcoin’s Price Was at a Record $20k read more.
12/17/2018 / 11:20:09
Ccn Neutral - Bear Market Forces Ethereum Startup “Status” to Trim 25% of Its Employees read more.
12/17/2018 / 11:09:16
Ccn Neutral - Japanese Regulators Publish New Cryptocurrency Regulation Draft y Regulation Draft read more.
12/17/2018 / 11:06:23
Livebitcoinnews Neutral - A Decentralized Exchange Leaves 0x; ZRX Co-Founder Responds read more.
12/17/2018 / 11:00:11
Bitcoin.Com Neutral - Hit by Sanctions, Iranian Students in the UK Use Bitcoin to Bypass Banks read more.
12/17/2018 / 10:55:51
Cryptoglobe Neutral - #XRP Price Analysis – December 17 read more.
12/17/2018 / 10:45:00
Livebitcoinnews Neutral - Blame Regulation or Speculator Sell-Off… But the Crypto Community is Responsible for the Most Recent Price Drop read more.
12/17/2018 / 10:30:25
Coinnounce Neutral - Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash read more.
12/17/2018 / 10:24:20
Coinspeaker Neutral - Facebook Levies an Army of Blockchain Devs: New Crypto Economy on the Way? read more.
12/17/2018 / 10:23:41
Themerkle Neutral - Crypto Arbitrage Today: XMR, ZEC, Dash, TRX, EOS, DOGE read more.
12/17/2018 / 10:18:51
Cryptonewsreview Neutral - The cryptocurrency that’s overtaken Bitcoin as the main target of crypto jackers read more.
12/17/2018 / 10:17:17
Coinspeaker Neutral - #Bitcoin Price Analysis: BTC/USD Trends of December 17–23, 2018 read more.
12/17/2018 / 10:16:50
Coinspeaker Neutral - First Time Ever Ethereum Price Surpasses Bitcoin Cash read more.
12/17/2018 / 10:15:36
Cryptoglobe Neutral - CGCX.io to offer World’s First Blockchain-Based Investment Bank in Partnership with Archipelago Group and IBH Capital read more.
12/17/2018 / 10:15:00
Coindesk Neutral - This Brazilian Bank Is Using Ethereum to Issue a Stablecoin read more.
12/17/2018 / 10:00:49
Livebitcoinnews Neutral - #Ripple Price Analysis: XRP Near Crucial Juncture, Can Buyers Make It? read more.
12/17/2018 / 10:00:41
Newsbtc Neutral - Ethereum Hits Address Milestone But Activity and dApp Usage Down read more.
12/17/2018 / 10:00:35
Bitcoinist Neutral - Bitcoin Price Now Hinges On 50-Month Moving Average read more.
12/17/2018 / 10:00:35
Coinspeaker Neutral - Bitcoin Community Celebrates the Appointment of the New Pro-Crypto White House Chief read more.
12/17/2018 / 09:56:45
Themerkle Positive - Litecoin Price Remains Bullish After Hitting $27.5 read more.
12/17/2018 / 09:53:33
Cryptoglobe Neutral - Crypto Roundup - Facebook working on Blockchain & Crypto to fund the Mexico Wall read more.
12/17/2018 / 09:41:30
Ccn Neutral - Kaspersky Lab Says Cryptojacking Cases Have Risen 400% in 2018 read more.
12/17/2018 / 09:16:16
Cryptonewsreview Neutral - Republican Congressman suggests ‘Wall Coins’ to pay for Trump border barrier read more.
12/17/2018 / 09:08:06
Cryptoglobe Neutral - #Tron (TRX) Price Analysis – December 17 read more.
12/17/2018 / 09:01:46
Coindesk Neutral - Switzerland to Regulate Blockchain Within Existing Financial Laws read more.
12/17/2018 / 09:01:11
Newsbtc Neutral - Binance Incubator Program to Foster Innovation For Blockchain and Crypto read more.
12/17/2018 / 09:00:47
Coinnounce Neutral - Bitcoin Price: How Investor Emotions Affect Crypto Prices read more.
12/17/2018 / 08:24:26
Ccn Neutral - Hong Kong Regulators Set to Tighten Cryptocurrency Laws read more.
12/17/2018 / 08:13:51
Newsbtc Neutral - Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot read more.
12/17/2018 / 08:00:23
Livebitcoinnews Neutral - Former Goldman Sachs Executive-Founded CoinFi Reports on the Importance of Blockchain read more.
12/17/2018 / 08:00:12
Ccn Neutral - Crypto Market Defends $100 Billion But Traders Generally Not Optimistic read more.
12/17/2018 / 07:24:23
Cryptonewsreview Neutral - Have crypto will travel: booking site adds XRP support read more.
12/17/2018 / 07:13:28
Cryptonewsreview Neutral - Report suggests 87% of the trading volumes at top 25 cryptocurrency exchanges could be fake read more.
12/17/2018 / 07:05:17
Newsbtc Neutral - Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely read more.
12/17/2018 / 07:00:22
Bitcoin.Com Neutral - Japan Publishes Draft Report of New Cryptocurrency Regulations read more.
12/17/2018 / 06:50:57
Cryptonewsreview Neutral - “Bitcoin is dead”, argues early cryptocurrency millionaire read more.
12/17/2018 / 06:25:38
Ccn Neutral - Ethereum Price Surpasses Bitcoin Cash for First Time Ever read more.
12/17/2018 / 06:16:35
Newsbtc Neutral - #Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis read more.
12/17/2018 / 06:00:36
99Bitcoins Neutral - Bitcoin News Summary – December 17, 2018 read more.
12/17/2018 / 06:00:29
Cryptonewsreview Neutral - The job to aim for in 2019? That’d be a blockchain developer read more.
12/17/2018 / 05:54:04
Cryptonewsreview Neutral - Bitcoin fan is hired by Donald Trump for senior White House role read more.
12/17/2018 / 05:50:55
Cryptonewsreview Neutral - John McAfee vs Donald Trump for US President? The campaign begins in earnest next month read more.
12/17/2018 / 05:47:53
Livebitcoinnews Neutral - Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings read more.
12/17/2018 / 05:21:44
Negative
4.2%
Neutral
94.5%
Positive
1.0%
Mixed
0.2%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.