Christies' Inaugural Art+Tech Summit: Exploring Fine Art + Blockchain: What Was Said

Christie’s Art+Tech Summit 2018: Fine Art Meets Blockchain

So, the experts got together at Christie's St. James, London, headquarters at the height of the summer to ask whether the fine art world is ready for consensus.

Christie's inaugural Art+Tech Summit on July 17th brought together a range of established fine art panelists to discuss emerging concepts, applications, and trends in the fine art blockchain space. Panelists included representatives from Christie's, Bloomberg, KPMG, Deloitte, Artsy, Clifford Chance, Serpentine's Hans Ulrich Obrist, and on the blockchain side, Consensys, Maecenas, Artory, and others.

And even at the height of the Summer, the event was packed.

For a broader context on how blockchain is redefining the fine art world, see Fine Art Blockchain Hits the Mainstream: How We See it.

Institutional Acceptance of Blockchain in the Fine Art Market

What is fascinating for us is that this Summit represents the beginnings of traditional fine art institutional acceptance of not only the opportunities that blockchain presents for fine art, but the inherent need for immutable title and authentication as an essential fine art market need. For a deeper look at how blockchain secures authenticity and title, read NFTs and the Authentication of Fine Art.

While certain traditional players remain skeptical of the inherent need that blockchain represents, the underlying takeaway seems to be that even though the Summit was framed in question mark as to whether fine art is ready for consensus, the need and opportunities for fine art were well recognized. Explore how blockchain preserves ownership history in Fine Art Provenance: The Beauty of Blockchain and the Legend That Is George Michael.

Skepticism, Opportunity, and Industry Leadership

It wasn't surprising that some of the skeptics came from traditional professional service industries, with Clifford Chance's Jonathan Kewley, remarking, "I think blockchain will help transform the art market,...Not a full facelift, but maybe some subtle Botox.", and the KPMG representative, as Christies reported, expressed caution as to "...how robust the system is"

But interestingly, it was the traditional art market players who struck the essential chord here. As Christies noted:

"Only five per cent of the investments in the half-trillion-dollar blockchain industry are at present focused on the art market. Anne Bracegirdle, Christie’s photography specialist and an enthusiastic proponent of blockchain, underlined what an opportunity and challenge this nascent technology presents: ‘It’s thrilling that we are living and working during this technology’s infancy when we can shape its future and our standards. To integrate it into our businesses, we must be able to see what this future might look like, and how we might collaborate."

Looking Ahead: Blockchain Change from Within the Art World

Now that is what we like to hear. And we second this, being privileged to be here at the outset of this young industry. One thing, we believe, though, and this Summit bears this out: the change and reception needs to come from within the established industry and institutions. It is they who know the need and the opportunity for fine art and blockchain.

As a young start-up in this space, being driven by a strong Collector need, we are proud to have contributed as a sponsor to this seminal event.

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