Aug 8, 2024

New start-up wants to make auction guarantees even more ubiquitous

New start-up wants to make auction guarantees even more ubiquitous

For the project, the UK-based company The White Glove partnered with Artclear, a blockchain company for recording indelible digital certificates of authenticity for physical artworks, to put a Bridget Riley print, titled Leap (edition of 75), under the hammer. Artclear scanned the work using its portable scanner to create a digital certificate of authenticity stored on the blockchain. The White Glove described the artwork as having “dual backing,” referring to both a guarantee and a blockchain certificate. Estimated at $6,500 to $9,000, the print was then sold during a live-streamed auction last Wednesday, where it went for $9,500.

“Guarantees have long been associated with exclusively seven-figure artworks, yet the market liquidity benefits of the product are equally relevant at lower price points,” Stefan Ludwig, the CEO of Forum, told ARTnews.

Read the full article here : A New Start-Up Wants to Make Auction Guarantees Even More Ubiquitous (artnews.com)