Crypto wallet provider Kresus has partnered with Christie’s auction house to support an upcoming photography auction by issuing NFTs for each lot as a token of verifiable ownership.
Titled “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina”, over 130 lots will be going up for auction, with Kresus minting a Certificate of Ownership on the Base blockchain for each lot.
The auction will take place today, October 2, at Christie’s Rockefeller Center in New York City.
How will Kresus work alongside Christie’s?
Kresus will mint a total of 132 1-of-1 digital certificates – one for each of the lots sold during the auction – that will help with verifying the owners of the pieces, and authenticating the ownership of each of the lots.
“As an art collector, I am well aware of the burden of managing and maintaining provenance and proper documentation – often in paper form and in file cabinets,” said Trevor Traina, founder of Kresus. “This partnership with Christie’s exemplifies how technology can enhance the experience for collectors, providing a secure, digital way to manage physical assets.”
Nicole Sales Giles, VP and Director of Digital Art at Christie’s, added: “At Christie’s, we are always looking for innovative ways to support and elevate the experience of our collectors. Working with Kresus to offer blockchain-based certificates of ownership is a natural evolution of our commitment to authenticity and transparency in the art world.”
What does this mean for blockchain and the art world?
This collaboration – the first between the two companies – is a significant step forward in adding the latest in transparency and security technologies to the modern art market, for the benefit of art collectors.
These Certificates of Ownership issued by Kresus will be a focal point of the auction – and a successful debut may lead to further partnerships in future.
The auction features a range of post-war and contemporary works by artists such as Diane Arbus, William Eggleston, Robert Frank, and Cindy Sherman. The collection highlights many mid-century themes, such as the prominence of female photographers, and the evolution of color photography.
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