Artprice Applies Blockchain Technology to Global Art Market
Art has entered the blockchain ecosystem as Artprice announces it is developing its own proprietary Art Market Blockchain, protected under intellectual property law. Artprice has built a distributed database containing specifications of years of complaints and lawsuits between the different segments of the Art Market chain and their relations with tax authorities and State judicial and customs services. This blockchain – owned by Artprice within an open system – will allow the total control of data, the management of copyright payments, the traceability of artworks, the tracking of stolen or lost artworks, their tracking by customer authorities and the localisation of artworks at any given moment.
Artprice’s blockchain will reduce transaction costs for auctioneers and for galleries and museums, as well as taking the place of catalogues raisonnés – an annotated listing of all an artist’s work – which are subject to known defaults, weaknesses and ‘subjectivity’.
For many years now, Artprice has collaborated with major players on the global Art Market including Interpol, more than 70 legal and customs authorities in different countries around the world and over 4,500 auction operators, most of which are directly linked to Artprice’s secure global Intranet. Similarly to cryptocurrencies, the attractiveness of investing in the art market is increasing with the introduction of negative interest rates by banks.
Artprice’s R&D investment has allowed the company to build the world’s most exhaustive Art Market databanks, notably in terms of the number of artists, the number of linked auction operators and the number of traced and historicised artworks. The blockchain will be progressively installed throughout Artprice’s IT systems, interacting with the global Art Market, simplifying and authenticating transactions, giving collectors and art buyers of all kinds the confidence in a transparent Art Market. It will also assure buyers and sellers that their data will be freely duplicated, via Artprice’s Blockchain, to millions of servers worldwide, and therefore gain the blockchain advantage of being un-falsifiable.
With its Blockchain, Artprice is making a contribution to the art market by enhancing its overall transparency with regards to legislators and State authorities. This ‘self-regulatory’ initiative represents a way of avoiding a surcharge of legislative and administrative constraints.
Thierry Ehrmann, Artprice’s founder and CEO, stated: “Few listed companies can boast such salutary management and economic results… and in the coming years we will enjoy significant tax credits.”
The new version of Artprice’s Standardised Marketplace, deployed late April 2016, is entirely written to fit into Artprice’s Blockchain, a guarantee of confidence, especially for the US market, Artprice’s priority target.