By Artory, a blockchain-based art registry startup recently raised over $7 million after a Series A funding round from an early Spotify investor among others. The news was announced by an art-publication, the Art Newspaper on April 22nd.
Artory is a ledger which enables its users with the ability to trace provenance and title data, as well as keep records of sales of art. The firm has reportedly secured $7.3 million in funding from a group of investors which includes private investing firm 2020 Ventures and more.
The founder of the project, Nanne Dekking stated that funds will be allocated to the further improvement of the registry’s data as well as the development of the platform and its functionality. Dekking further added that they are “are building something that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork.”
David Williams, a partner of 2020 Ventures told the Art Newspaper that the firm is enamoured by platforms that “open large markets to a broader range of participants and transactions.”
Back in late March, Artory closed an acquisition deal of Auction Club which is a subscription-only database containing sales data from over 4,000 international auction houses. This could ultimately lead to Auction Club’s sales data, which is apparently garnered from roughly 250 different businesses in 40 nations, being public knowledge for the first time.
Back in October saw Christie’s auction house announce a pilot initiative with Artory to launch a blockchain system for auction data. The partnership was developed in an effort to use the technology to provide data and certificates of purchases to buyers.
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