The sale is an industry first and a predictor of how blockchain will go on disrupting the art world. From providing transparency in the art supply chain to democratizing it thanks to fractional ownership, blockchain is empowering artists, collectors, and sellers alike. The new wave of crypto and digital artists is magnifying the phenomenon, which triggers some to say that blockchain is even disrupting the very notion of what is art.
With the sale of this collection – that includes artwork by Jackson Pollock and Willem de Kooning – Christie’s will become the first major auction house to use blockchain.
Nanne Dekking, Artory founder and chairman of The European Fine Art Fair, says that their blockchain platform provides collectors and buyers transparency and thus, confidence.