Blockchain in physical art auctions
Held at Christie’s New York on October 2, 2024 Eyes on the Real: Photographs from the Collection of Ambassador Trevor Traynor.
While his sale focuses on fine art photography, it brings a notable shift in ownership tracking. Christie’s has partnered with web3 wallet provider Kresus to provide a digital certificate of ownership for each photo sold. These certificates are stored on the blockchain, creating an immutable record of ownership.
The move highlights how blockchain can be used to solve long-standing issues related to provenance and authenticity in the art market. By providing a secure and transparent record of ownership, blockchain offers a new way to ensure collectors can verify their purchase history.
Source: Christie’sBitcoin ordinal numbers in digital art
In another auction on October 10, 2024, Christie’s London auction house selected rise, Digital artwork engraved on the Bitcoin Ordinals protocol.
The auction marks an important moment for digital art on the Bitcoin blockchain, as it is the first time Ordinals-based art has been sold at a live auction. The work, created by artists Ryan Koopmans and Alice Wexell, sold for £44,100.
The Ordinals protocol for recording digital assets on Bitcoin is seen as a new tool for digital artists to create more complex and larger works. Ascend’s sale reflects the growing acceptance of blockchain-powered digital art at mainstream auctions.
Why are these events significant?
These two auctions demonstrate how blockchain can expand beyond digital art and NFTs to provide solutions for both the digital and traditional art markets.
Christie’s use of blockchain-backed certificates on physical works of art, as well as auctions of artworks engraved with Bitcoin serial numbers, demonstrate how the technology is evolving to meet the needs of a wider range of collectors.
As blockchain continues to be integrated into the art world, it may reshape how provenance, ownership and authenticity are managed. Christie’s recent auction suggests that NFTs and blockchain-powered records may play an increasingly important role in future art auctions.
