The amount collected from the sale of the Barney A. Ebsworth collection at Christie's famous auction house in New York estimated to a total of $317,801,250. In a press release published by Christie's, it is said that the auction was held in partnership with the technology provider Artory, focusing on the field of art, as well as using the Blockchain to record information about the auction.
On the day of the auction was set at least thirteen auction records. Only Edward Hopper's “Chop Suey” was sold for $91,875. Participants from 23 countries fought for a collection of works of art assembled by the famous collector Barney A. Ebsworth. Among the authors of these works are artists such as Jackson Pollock, William de Kooning, Charles Demuth, and Georgia O’Keeffee.
A total of 42 works of art were sold, and sales details were recorded on The Registry's Blockchain, which captures all significant information in the life cycle of artwork, such as sales, final price, auction dates, title, restoration, and theft. The only information that isn’t recorded on the Blockchain is the identity of the owners, as Christie's guarantees strict respect for the privacy of collectors and investors.
In this case, all potential buyers receive a reliable digital history of the work of art that they buy. This ensures that they don’t lose money by purchasing a fake. Each time a piece is sold, a digital certificate is created that enhances customer confidence and helps Christie’s ensure that only original works are sold.
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