Christie’s and cryptocurrency wallet maker Kresus have teamed to introduce blockchain technology to art ownership.
Kresus will provide digital Certificates of Ownership for more than 130 art pieces as part of Christie’s photography auction, “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina,” a press statement.
One of the top auction houses in the world, Christie’s focuses on selling fine art, jewelry, antiques, and collectibles.
Certificate of art ownership via the blockchain
Through this agreement, distinct digital certificates will be minted for each sold work of art utilizing the Base blockchain, which Coinbase created.
These certifications offer a safe means to trace the artwork’s history and confirm ownership. The Kresus wallet will let buyers view their certificates, providing a cutting-edge substitute for conventional paper documents.
Blockchain is frequently utilized in cryptocurrency transactions, but in this instance, it offers a permanent digital record of each art piece’s owners.
This provides collectors with a safe, electronic means of proving ownership in place of easily misplaced or falsified papers. The founder of Kresus, Trevor Traina, noted that blockchain makes managing art collections easier. Trevor Traina:
As an art collector, I am well aware of the burden of managing and maintaining provenance and proper documentation- often in paper form and in file cabinets. This partnership with Christie’s exemplifies how technology can enhance the experience for collectors, providing a secure, digital way to manage physical assets.”
Renowned photographers like Diane Arbus and Cindy Sherman have pieces up for auction, and Kresus’ blockchain certificates demonstrate how ownership of art is changing in the digital era.
