23 Apr BLOCKCHAIN TRANSFORMS THE ART WORLD
（Blockchain technology aims to prevent forgery on artwork like this: Judith Van Heeren ‘Daisy world 2014’ Oil on Belgian linen 80 x 135cm; Image courtesy the artist and Murray White Room, Melbourne.)
(Sally Ross ‘Skye 2017’ – Oil on wood – 100 x 80 cm. Image courtesy the artist and Murray White Room, Melbourne.)
(Polly Borland ‘Her Majesty, The Queen, Elizabeth II (gold) 2001’ Type C photograph Image courtesy the artist and Murray White Room, Melbourne.)
This will improve reliability in the process of trading art and increase security at all levels of the transaction.
The application of blockchain technology in this instance offers stakeholders in the art world more certainty in determining thefts, forgeries and cloned works.
It also provides assurance of provenance of art through a secure and immediate transaction, keeping record of the current title owner and any past title owner.
Importantly, the information will be open to both sides involved in the transaction to help achieve a fair valuation.
The prevalence of art fraud and lack of provenance has long been an issue in the art world, allowing for fake or stolen works to unknowingly be traded on the open market.
ArtChain Global Chief Operating Officer Cameron Macqueen says the platform can remove that doubt and restore confidence in both buyers and sellers.
“Art fraud and being able to prove authenticity has been a problem in the art world since the beginning of time,” he says.
ArtChain Global will also act as a discovery tool for users to buy and sell authentic art, opening up a global market for Australian artists who have registered their work by connecting them with buyers, auction houses, galleries, curators, and talent managers worldwide.
Following its Australian launch, ArtChain Global heads to China in a strategic move to ensure it will become the preferred digital hub for authentic art from across the world.
(Judith Van Heeren ‘Sea garden with pink sponge 2017’ Oil on Belgian linen 50 x 60 cm Image courtesy the artist and Murray White Room, Melbourne.)