Record-Breaking $318 Million Art Sale Recorded with Blockchain

Author: 
Michael R.
Date: 
November 20, 2018
Read time: 
1 minute
Blockchain
Christie's
Auction

According to a recent press release, two milestones have been achieved in an art auction at Christie’s auction house in New York City. Record amounts were raised, and the auction was hosted using blockchain technology.

According to a recent press release, two milestones have been achieved in an art auction at Christie’s auction house in New York City. Record amounts were raised, and the auction was hosted using blockchain technology.

The auction raised a total of $317,801,250 from the Barney A. Ebsworth Collection sale on November 13. Regarding the art sold, many records were set that day including “the most expensive work of pre-war American art with Edward Hopper’s Chop Suey, which sold for $91,875,000 (including buyer’s premium).”

cryptomaniaks

Christie’s is in partnership with Artory, a blockchain based registry focused on the arts. The blockchain application in the art world is quite valuable. Many buyers are skeptical to enter the world due to fake pieces and many want better proof that a piece is real. Using the blockchain to keep records of real pieces, who owns which piece and the history of each auction brings more trust to the entire art industry.

If you are interested in learning more about blockchain technology, check out our learn section to get started today.

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