In a massive move for both the blockchain and art world, the blockchain-backed art registry Artory has acquired Auction Club on March 21, 2019. This now means that the registry will boast data from thousands of international art houses, and they will be placed on the blockchain.
In 2019, more businesspeople and executives seem to understand that blockchain, just like other technological trends such as artificial intelligence (AI) and the internet of things (IoT), will be a significant factor in improving overall productivity in various sectors. However, while the art world has undoubtedly embraced blockchain technology in multiple ways, there are those that have wondered about how exactly the innovation will play a role in the future of art.
The Data behind Art
Artory, founded in 2016, has led the charge in the space and has just made arguably its most significant move in its purchase of Auction Club. Auction Club is a subscription-only database that offers information about international sales records and will be instrumental in Artory’s quest for a more transparent art industry.
The acquisition immediately merges the two companies, which means that their teams will be working together. No monetary value was made public about the deal, but it has been stated that data from Auction Club will begin appearing on the Artory Registry as soon as May 2019.
Auction Club has been known for its strict guidelines concerning data collection, which is what made the company an attractive acquisition for Nanne Dekking, the founder of Artory. Unlike other blockchain startups, that might be less receptive to partnering up with certain market players, Dekking’s strategy is to collaborate with as many market players as possible.
Dekking is no stranger to the art world, which is probably why Artory has gained so much traction in both the tech and art sectors. Dekking is the former vice chairman at Sotheby’s, one of the world’s most powerful and renowned brokers of art, jewelry, and real estate in the world.
He aims to implement blockchain to bring more transparency into the world of art ownership and also to use the technology to help prevent art fraud and crime.
Artory made waves late last year when some classic artwork sales were recorded on the blockchain. The partnership occurred thanks to Artory partnering with Christie’s, another major name in the art world. New world records were set with various art sales during the same night, showing just how significant these partnerships that Artory has been forging are.