Business Insurance: Ownership disputes unsettle art world
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Technology helps validate authenticity of precious assets
Data and technology are playing a growing role in helping to authenticate works of art and verify information when title issues arise, experts say.
It can be challenging to obtain accurate data in the art world because there’s never been any systematic attempt to collect it or record it and the market is based on trust, said Angus Scott, London-based co-founder and CEO of ArtClear Ltd., a technology company.
“Once a picture has left the artist’s studio who’s to say that the next time it reappears it’s the same work of art?” Mr. Scott said. Works of art are mobile and can be traded and copied, he said.
Fingerprinting technology can be used to link a physical artwork with verified information about it, such as proof of legal title, ownership history and copyright, Mr. Scott said.
“It allows us to create a unique identifier, which is derived from the physical properties of an individual physical work of art,” he said.
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Author: Claire Wilkinson
Published: February 05, 2024