The blockchain and distributed ledger technology (DLT) can revolutionize the art market, expanding the market even to small investors and allowing the value of a work to increase through simple changes of ownership. Let's delve into how this system operates.
The Picasso painting dubbed “Portrait of Dora Maar” worth $28 million and which went missing two decades ago, was finally recovered on the black market in the Netherlands by a senior art detective. The piece was portraying a “young Yugoslavian paparazzo known as Dora Markovic” and it was stolen in 1999 from its Saudi owner. If blockchain technology existed twenty years back it might have well prevented this scenario from happening.
For the past two months, the whole globe has watched and kept an eye on the yellow vest protests in France as the fundamental political movement has battled for economic fairness. On December 6, 2019, Pascal Boyart (Pboy), a popular street artist uncovered a mural that incorporates a solvable puzzle that contains around 0.28 Bitcoins (BTC) inside. Pboy elaborated that the puzzle can’t be distantly and remotely resolved and that the sleuthhounds have to visit the location as a must to trace the painting’s cues.
The official announcement of the world’s first cryptocurrency art auction held by blockchain company Maecenas was released yesterday, June 7. The event will take place at fintech-welcoming UK gallery Dadiani Syndicate on June 20, where an Andy Warhol painting will be sold using blockchain technology.