Art meets technology: Collectors delight!
Thanks to technology, art collection is slowly catching the fancy of Uber rich around the world. People are gradually waking up to the artistic talent as a source of investment.
The Wealth Report stated that people spent more on this medium (for a change) rather than spending on wine. The Knight Frank Luxury Investment Index states similar results. Art was the leader in comparison to luxury assets like: watches, coins, jewellery, etc.
However, the art investment is not for portfolio expansion but for self pleasure. Hence, the collector and the artist share a deep bond over the art. But if you pay the price for original, you should get authentication proof as well. Here Blockchain technology comes into play. The security and authenticity of purchase leads to eternal joy of ownership including capital investment and appreciation.
Technology boosting art sales?
- Art is a currency: When prominent art pieces are brought to auction, the stakes run high. The novice art collectors can save themselves from treachery. Their value matters as much as their theme.
- Authentication of artwork: Blockchain technology is instrumental in ensuring that artist get their due worth. This technology helps verify the authenticity of the artwork.
- Traceable and valid record: Blockchain technology creates record of owner and hence a virtual certificate of authentication. Duplication and illegal transfer of artwork is prevented. This means, the black market in art will soon be a passe.
- Limited edition stays limited: The print copies of artwork, fake authentication certificate offline, fake receipts and Vermeer: all issues can be troubleshooted by investing in Blockchain.
- More art incubators: More artwork along with authentication certificates can prove to be a game changer for struggling artists as well as startups. (Read our take on art incubation centres).
Who are leading the way?
- Top names like: Google and IBM are leading the game with Blockchain technology.
- Organizations like Codex (in association with blockchain major: pantera capital) are already paving the way in using technology to verify collectibles.
- Few Organizations like Verisart use unaltered versions of the Bitcoin Blockchain to give authentication a new meaning. They are also creating new jobs using this opportunity.
- Similarly, Colbert is an organization devoted to the creation of customized certificates. The uniqueness of the certificates lies in it’s image hashes. This image hashes contain the art image and details of exhibits. So you buy both art and history!
- This means both buyer and seller will have access to a decentralized system of art registration. The image hashes as well as the cryptocurrencies will make digital art more popular.
Blockchain technology and certificates will make smaller artists and galleries profitable. Considering the digital art available for download easily will soon be a passe. The entrance of new players would give a competitive edge to the cause of art incubation as well.
So the future will see more power to the artists as well as buyers. This will surely move the art into investment scene more rapidly.