MASTERCLASS

August 6th, The White Glove interviewed Angus Scott, CEO of Artcleara blockchn companywhich is revolutionizing the art world by driving transparency, security, and accessibility for artists, collectors, and investors.

The art market has seen a significant shift as technology evolves, merging with finance. New companies have emerged to simplify art acquisition, making it more democratic and secure than ever before. No longer constrned by owning whole artworks alone, fractionalization allows individuals to buy shares in pntings through platforms like Masterworks. These investments are made more liquid without the need for complete ownership; instead, costs such as insurance, transportation, and preservation are no longer a concern.

The art market's technological transformation is not limited to democratizing access but also involves enhancing safety agnst fraud. Blockchn technology is transforming the art industry by helping to detect counterfeit pntings, securing transaction records, providing digital certificates of authenticity, and fostering greater transparency overall. Unlike the traditionally exclusive nature of the art market that often benefits only a select group of wealthy individuals, this tech-driven approach boosts visibility and accessibility for everyone involved.

The issue of provenance has long been a subject of debate. Authenticating an Old Master pnting with limited historical records is subjective; complete authenticity cannot be guaranteed. The modern art world also experiences provenance concerns, as exemplified by the recent Damien Hirst dating scandal. Artclear, based in London and focusing on blockchn technology to record irrefutable digital certificates for physical works, stands among pioneering companies committed to verifying artwork origins. Launched in 2020, it partners with Hewlett-Packard HP Inc to develop a patented scanner that captures microscopic features of pntingsessentially creating digital fingerprints. As CEO Angus Scott from Artclear explned to The White Glove, these fingerprints are then used to generate tamper-proof authenticity certificates.

Artclear's mission is not limited to combatting fake artworks; it also ds in securing collateral for investors. According to Scott, they are continually exploring applications that leverage unchallengeable identification on art combined with secure proof of ownership status recorded on the blockchn, which can make assets safer and easier for lers as collateral. He highlights that despite focusing on physical objects, the art industry is fundamentally a data business.

The value of an artwork deps heavily on information about it, akin to how its physical state matters. Data includes basic detls such as authorship, provenance history, and operational facts like ownership status, location, and condition. Until now, consolidating this data into a trustworthy format that's accessible has been challenging, Scott says.

Appropriate use of blockchn technology for provenance tracking ensures not only the benefit of investors but also supports artists by providing definitive authenticity guarantees agnst forgery. Gallerists, art dealers, and auction houses can have confidence in authentic artworks through these practicesessentially making the market more honest, secure, and frer overall.

However, Scott cautions that proper implementation is crucial to avoid corruption within the system.

This concludes our masterclass series on integrating art into wealth management strategies. Next time: Exploring the role of auction guarantees in the art market.

3: Art as an Investment: Integrating Art into Wealth Management Strategies

Previous Masterclass:

• The Role of Auction Guarantees in the Art Markethttps:www.theglove.comblogmasterclassthe-role-of-auction-guarantees-in-the-art-market

2: The Role of Auction Guarantees in the Art Market

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