This month, Artory announced two major projects that deliver the benefits of the Algorand Blockchain to the traditional art market: the blockchain registration of Provenance Revealed: Galerie Steinitz in partnership with Christie’s and the launch of “a diversified and tokenized art fund which will secure digital certificates of more than 65 artworks on Algorand.”
Artory claims it is “a world leader in physical artwork tokenization and the blockchain-secured registration of verified provenance information about artworks and collectibles on Algorand.”
Starting in 2021, Artory began “leveraging the Algorand Blockchain to secure artworks’ due diligence data from credible partners in the art market and provide collectors and investors with the confidence of immutable records, expertly verified provenance, and digital certification.”
This week, Artory/Winston, Artory’s joint venture with independent art advisory and appraisal firm Winston Art Group, “announced the launch of their first tokenized art fund on Securitize.”
Artory/Winston uses Algorand “to capture artwork provenance and due diligence data in a single digital certificate that provide investors with confidence about the artwork.”
Specialists at Winston Art Group, who appraise an average of $10 billion worth of art annually, carry out “a high standard of due diligence on every artwork sourced for the fund based on a proven methodology of over 50 factors including price history, condition, and market potential.”
This wealth of information is then “captured by Artory to create digital certificates which are secured on Algorand and delivered to investors.” These digital certificates can then “be relied upon in artwork investment transactions for decades to come.”
According to Artory Founder and CEO, Nanne Dekking:
“Undisputable reliability of the data recorded about any piece of artwork and the expertise of the specialists recording that information is the prerequisite for transacting in the art market and represents the core of our mission.”
Artory also announced their partnership with auction house Christie’s “to record the sale Provenance Revealed: Galerie Steinitz on the Algorand blockchain.”
In a “first” for decorative art and Classic Art, “all 58 lots offered in the live auction will be registered and secured on Algorand through Artory.” Digital certificates, in the form of Algorand-based tokens, will be “distributed to collectors’ Pera Algo Wallet.”
In partnership with Artory, Algorand is “providing the art market with the undisputable reliability of blockchain data.”
Algorand’s secure infrastructure “allows Artory/Winston to preserve valuable art historical data and give investors the tools they need to make an informed investment in the art market.”
Beyond Algorand’s technical capabilities, the blockchain’s commitment to environmental sustainability “makes it the ideal blockchain for the forward-looking art market.”