The Deloitte Art & Finance Report 2019 Features Artory as a Main Contributor to Discuss Blockchain and the Art Market
“By offering peace of mind, especially to new buyers who are more risk-averse, we are optimistic that new collectors will be embraced.”
The Deloitte Art & Finance Report aims to act as a barometer for the emerging art and finance industry and highlights the main trends and developments in the art market. The 2019 report, 6th edition, features a large range of interviews and contributions from leading figures in the art and finance industry. Artory was one of the contributors.
Nanne Dekking, founder and CEO of Artory, answers some important questions about Artory’s future. Here is an excerpt from the report:
What are the biggest challenges facing your business?
“Blockchain is presented by most blockchain art companies as a disrupter — an alternative to a broken system. Plus, blockchain is often perceived as being the same as cryptocurrency. In reality, the art industry is not broken; at least, not at the level at which serious market players operate. Instead, it is heavily reliant on thorough due diligence, processes, and research.”
“Lots of valuable information is gathered before a work of art changes hands, and this information is typically lost again after the sale. Through our Registry, that information will stay with the object on a public site so that many more people can see the opinion that was formed, who it was formed by, and what information they based this opinion on.”
“The owners of the work of art remain completely unknown to Artory and to the public, which ensures absolute privacy throughout the process. In addition to this, we’re exploring how our unparalleled database can provide collectors customized analyses and content targeted to their interests.”
“An exciting feature of the Registry is the encrypted messaging system that will enable millions of collectors who have kept detailed records to communicate with trusted players in the art market as well as ancillary services providers such as shipping, storage, insurance, and valuation companies.”
“By working with the leaders in the art industry and offering them the services they want, we can overcome the challenges of blockchain adoption.”
Where do you see your business in five years’ time?
“Our main priority in the near term will be to increase the number of validated records in the Registry. We are doing this by empowering collectors to confidentially register their artworks for digital signature by vetted institutions through our website and by onboarding more auction houses and dealers, as well as working with art data providers.”
“In the longer term, it is our expectation that an increasing number of buyers will ask for their purchases to be registered on the Artory Registry, making it a matter of standard practice. By offering peace of mind, especially to new buyers who are more risk-averse, we are optimistic that new collectors will be embraced. This will mean that Artory has been successful, but it will also be hugely beneficial for the art market broadly.”
Read the full report here (p. 182, Artory).