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Blockchain Startup Artory Acquires Auction Club

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Blockchain-powered art registry Artory acquired art information platform Auction Club to access database that contains information on sales records from over 4,000 international art auction houses.

Artory Founder and CEO Nanne Dekking said in tweet, "We couldn't pass up this opportunity to acquire millions of data quickly that we can leverage to improve our products."

Artory's blockchain-based registry tracks provenance for works of art and collectibles, leveraging the industry's first object-oriented database. It will enable art lovers and collectors to buy with absolute confidence with the support of provenance information provided by the registry.

The sales records from over 4,000 auction houses acquired from Auction club will also be put on the blockchain, according to a report in The Art Newspaper. The data will start to appear in the Artory registry in May.

Artory launched the world's first publicly available art and collectibles registry on the blockchain in November last year. It is claimed to be the only blockchain-secured registry of verified information about artworks and collectibles.

An American Place: The Barney A. Ebsworth Collection sold by auction house Christie's New York was the first artwork collection to be recorded in the Artory Registry.

The Artory Registry creates a secure, digital record of transactions by leveraging modern cryptography and blockchain technology to record significant events throughout each artwork's lifecycle. It clearly distinguishes vetted data that buyers can trust from the millions of unvetted public records.

Collectors who register their artwork with Artory will be able to prove ownership while remaining completely unknown to the public and to Artory.

Artory provides the reassurance that they are dealing with a vetted seller, there will be an immutable record of the transaction, and that they will receive a certificate of sale from an independent third party.

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