ArtChain Global, partnered with Swinburne University of Technology, are building a revolutionary, open, IoT enabled, expandable blockchain title registry system and art asset trading platform that it believes will disrupt a USD 1 Trillion art trading market.
ArtChain Global’s platform will provide a marketplace for art lovers all over the world to invest and trade in art in a secure global ecosystem which has never been accessible before.
The platform will put an end to art forgery and will ensure that investors pay a fair price for an authentic piece of art as they will be able to see its trading history and all its associated original documentation on the blockchain.
ArtChain Global will be accessed by artists, galleries and art institutions in the primary or secondary markets to upload and document their art. Collectors and investors will use the platform to conduct blockchain enabled smart contract based buying and selling of art.
ArtChain Global brings total provenance to the art industry and it will attract a new wave of art investors. Currently high net worth investors have 6% of their portfolios invested in art. This current level of investment will rise and it will also attract a new wave of investors who may have been afraid to buy in a market they didn’t have enough confidence to buy in without this level of transparency.
How does it work?
Artwork can be traced back through its complete history, resulting in only one true original piece of art registered on the platform. There is no value in counterfeiting an artwork that is registered on ArtChain Global as it can’t be registered or sold twice as you can see ownership and transfer of ownership on the chain which can’t be modified or altered.
Who will use the ArtChain Global platform?
ArtChain Global works of art registration and asset management system will enable artists and galleries to register their art in total compliance with the assessment system of professional accredited institutions. Tim Olsen and Vs. Gallery & Studios will be among the first users of the platform and they are enthused with what ArtChain Global represents.
Tim Olsen – son of famous Australian Artist John Olsen, now 90 years old – supports ArtChain Global. He wants to protect his father’s legacy, his art and its attached documentation so it is preserved and enjoyed by future generations. The Olsen family have galleries in Sydney and New York.
Vs. Gallery & Studios – directed by Australian artists Ben Frost + GT Sewell – brings together the works of local and international artists, in both traditional and new media. Vs. Gallery & Studios presents an engaging schedule of curated exhibitions and events. They are excited about ArtChain Global and the opportunities it will present to their gallery and its 14 resident artists.
Tom Lowenstein OAM, Senior Partner, Lowenstein’s said: “At Lowenstein’s, we have been closely associated with the visual art world for 50 years and have built up a substantial collection of Australian contemporary art. We look forward to further involvement with ArtChain Global and their plans to bring new technology into the world of art.
Once an artist or gallery uploads their artwork they will then be eligible for trading on the platform, taking advantage of a smart contract function which provides transparency and provenance creating a footprint for the artwork at every stage it is bought or sold into the future.
The platform will be a virtual venue that displays art to a wider range of professional investors. It will be a fast, low cost way for artists to showcase their work in an open market.
This is further reinforced with the help of an ArtChain IoT sensor device that will be available to artists and traders to install into/attach to their art. This device will enable an artwork to communicate and be tracked in real time with the ArtChain Global ecosystem alerting security if it is moved or damaged. These devices may also record temperature and humidity to the blockchain and record pressure placed on artwork fabric.
Kay Sprague – CEO of ArtChain Global and former Managing Director at Citigroup and Vice President for JP Morgan Asset Management – says that:
Apart from the platform providing transparency about the global art market, the platform is also an effective way for new and emerging artists to be discovered by a global audience. While Europe and North America were historically the dominant force in the global art market, recent trends show China is now a significant player. This combined with a growing number of auction houses worldwide offering their auctions online, shows the need for a global decentralised art buying and selling platform.”
ArtChain Global has raised AUD $6 million to date from private investors, 60% of whom invest in art. They understand the value and transparency that ArtChain Global will bring to the art world and their own investments.
ArtChain Global ACG token was listed for the first time on the 26th of June on U-Coin exchange.
ArtChain Global is being created by a leading blockchain technology team in Melbourne in collaboration with senior analysts and art industry experts. The aim is to provide solutions to a number of inherent and emerging issues in the art industry and to promote the sound and efficient growth of the art and culture industry as a whole by taking advantage of the technology and its application. ArtChain Global endeavours to build an autonomous blockchain underlying architecture and a trading platform for the art industry while developing a distributed ecosystem for the art industry and the economy as a whole.
Former First Assistant Secretary of Australia, Mr. McLean, has joined ArtChain Global (hereinafter referred to as ACG) as a senior adviser, making him the top former Australian government official to join the blockchain industry. During his tenure at the Australian Ministry of Foreign Affairs, Mr. McLean was in charge of Asian affairs, with extensive artistic resources and government connections in Australia and other Asian countries. This will help ACG to connect more efficiently with high-level art organizations across Asia, accelerating ACG’s application in the art world.