As the blockchain becomes more widely recognized and accepted, it is important for arts managers to understand how it can be applied to the field. Auction houses are beginning to use this technology as it can serve as a secured ledger to register objects and to record information regarding artwork and sales data. Christies was the first auction house to embrace blockchain technology in their system, teaming up with a blockchain secured art registry service company called Artory.
This report details how Christies successfully integrated the blockchain into their auctions, how this integration allows more people to invest in art by enabling fractional ownership, and the current barriers and concerns that come with this technology.