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The world of artwork is forward-thinking. Through artists, we get introduced to the new ideas and styles that we never knew before. But in one thing the art world is far behind, and that is to track and protection of artworks.
The state of affairs is convoluted and archaic right now. The records are kept with the help of pieces of paper and records kept individually. This gives a big opportunity of a great deal to the thieves and forgers.
Though it will be challenging to change the process of tracking artworks, it is needed to be done now, and have a technology that will upgrade the whole system of keeping track, and won’t even change anything that we love of the art community.
The technology is blockchain, and it is showing a new way of keeping track of the artworks.
Great art provenance doesn’t really exist currently
It’s clear the present system requires an overhaul.
Provenance today is proven with physical notepads or is tracked with siloed databases maintained by numerous entities. You can drive a vehicle filled with built Corot paints via the holes in the systems.
A major reason for that is because artwork does not constantly stay. The art may travel from its maker’s hands to a gallery, on to an auction house, and after that to a collection agency. Some collection agencies then loan out their privately-owned works to galleries. And all of this exchange is documented on paper, spreadsheets, emails, or private records.
Under the present system, there’s no chance to connect these fragmented little bits of data. Simply put, it’s easy to control and lose records of the provenance.
A company called Oxownsart has come out with a new way of protecting the artworks. It sells artworks through its gallery in exchange of only Ethereum, and then the buyer becomes the new owner of the artwork and decides its price, and when another buyer likes the artwork and buys it, that buyer becomes the new owner, and the price of the artwork moves to the Ethereum Wallet of the old buyer.
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