Why Blockchain Will Impact The Art Market

By Elena Zavelev of New Art Academy, Forbes.Com



Will blockchain revolutionize the art market? The growing number of art-tech startups aiming to bring greater transparency and transactional security to the industry as well as the adoption of the technology among the top players definitely indicates so! In order to best understand what blockchain can bring to the art market, let’s take a look at the main ways that it can be utilized, as well as the opportunities and challenges that they present.

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Digital Dilemma: Will the Art Market Embrace Blockchain’s Promise of Transparency?

Written in collaboration with Lindsay Moroney, COO of Artory

Furthering the cause of transparency and establishing trust are the ideals expounded by blockchain enthusiasts, but efforts to implement this technology in order to create a digital registry for artworks will certainly take time. Will the market resist, and will increased transparency improve the market and make it more efficient, or will it scare away vendors and buyers?

According to Lindsay Moroney, COO of Artory, a secure registry of artworks, about 85% of art buyers want a certificate as proof of ownership.

The Fine Art of Storage

Written in collaboration with Kevin Lay, director of Operations at ARCIS

Moving along in our series about how new technology impacts the art world, this week we look at the art storage and logistics industry. Since the year 2000, decades-old (even centuries-old) hand-performed methods and procedures have gone the way of the dodo.

“When I started in this industry 22 years ago there was virtually no technology,” says Kevin Lay, director of operations at ARCIS, a 21st century art storage center in Manhattan that opens in spring. “You had a sprinkler system; a rudimentary HVAC system providing humidity or taking humidity out of the air; and a central station type security keypad with motion detectors; and that was about it.”