Blockchain art provenance chaser and registry Artory has raised over USD 7 million in a funding round, which includes an early investor in Swedish streaming platform Spotify.
2020 ventures, an early backer of Spotify, American logistics company Postmates, and luxury goods resale platform The RealReal are all backing the new project which is aimed at improving the capabilities of the platform.
The Tokenization of artworks is growing and platforms which use blockchain to register art are gaining in popularity due to the nature of the technologies capability to register information which cannot be refuted or changed. In October of 2018 prestigious auction house Christies stepped into the blockchain space when it used the technology in the sale of ‘An American Place: The Barney A. Ebsworth Collection.’ Christie’s also worked with Artory to supply certification to buyers.
The Artory registry is comprehensive, containing all provenance of artwork, including past sales, valuations, and exhibitions will be in the database and accessible with the certificate. This certificate stored on the blockchain provides irrefutable proof of authenticity, which protects buyers and sellers, and can increase the value of the artwork. This is better than a typical bill of sale since the blockchain certificate for each artwork cannot be lost as it is immutably stored on a blockchain.
This aspect of blockchain is not wasted on the art world who are quick to recognize the added value in the extra level of provenance. Nanne Dekking, founder of the new project, pointed out the company “are building something that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork”.
Artory is moving from strength to strength having acquired auction house database Auction Club, a subscription-only database containing sales information from more than 4,000 international auction houses.
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