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Blockchain-Driven Art Registry Firm Artory Purchases Auction Club Database

BFSI News

Blockchain-Driven_Art-Registry-Firm-Artory-Purchases-Auction-Club-Database Blockchain-Driven Art Registry Firm Artory Purchases Auction Club DatabaseArtory, the Blockchain-based art registry startup, has acquired auction house database Auction Club, a subscription-only database containing sales information from over 4,000 international auction houses. As per the reports, the acquisition is set to make Auction Club’s sales data public for the time, which reportedly collected from around 250 businesses in 40 countries. The data will be available in Artory’s registry in May this year.

Headquartered in New York, Artory was founded back in 2016 by CEO, Nanne Dekking and former vice chairman of Sotheby’s New York said in a statement that Artory is all about data integrity and Auction Club has followed strict guidelines when collecting their data since the firm’s inception in 2014. This made it a very appealing acquisition prospect. He further said that we couldn’t pass up this opportunity to acquire millions of data quickly that we can leverage to improve our products.

The acquisition of Auction Club by Artory appeared after Artory’s collaboration with Christie, the auction house, last October making it the first auction to be recorded by Blockchain technology. The collaboration proposed using the technology to offer details and certificates of purchases to buyers. The move also follows the broad trend of an uptick in mergers and acquisitions among Blockchain-driven firms. Dekking said that his intent on continuing to bring in more marketplace partners to collaborate with us to ultimately create a system where the object owner can reach out to our partners to have their artworks validated while keeping their own identity unknown to Artory.

Artory has become the latest tech start-up in the art world in the midst of the recent Cryptocurrency trading boom, promising the industry its first comprehensive standardized data collection solution. The firm’s Blockchain registry tracks artworks’ sale histories, provenance, and archival material.