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Why blockchain has the potential to change the art investment market for good

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If there was ever a piece of information that summed up the exclusive nature of art investment then this is surely it.

Picasso's oil and charcoal on canvas piece La Dormeuse (1932) was sold by Mayfair-based Phillips London in March for just under £41.9 million ($58 million). It was sold without a guarantee and went for well above its £12-18 million estimate.

If you're interested in art investment and had managed to get a fund together to compete shoulder-to-shoulder with others, you'd very likely feel a huge amount of disappointment at simply not being able to compete with those who can afford to purchase a classic painting at 179% above its mid-estimate.

For so many, the art investment market remains a closed shop. We want to change that at Maecenas by opening it up to investors with blockchain technology.

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How the art investment market can benefit from the blockchain

The blockchain over the last couple of years has, fairly, been mostly associated with cryptocurrencies such as Bitcoin.

The technology itself, though, is still in its infancy - and many leading technologists are comparing its potential to change the world as similar to the internet in 1993.

Blockchain's potential is already looking to massively disrupt existing industries for the better. According to a recent report in the Financial Times, for example, companies across the world are now targeting the healthcare sector to give patients better control over their data, collate fragmented medical records, cut costs and deliver other benefits.

Blockchain technology won't go away. It's here to stay. So, what potential does it bring to the art investment market?

It could bring a huge amount of benefits to the sector, according to the Art Market 2.0 report published by the University of Oxford and The Alan Turing Institute. The report argues that introducing blockchain technology to the art investment sector could deliver better provenance tracking, ease woes surrounding conflict of interest, improve liquidity and - most importantly - open up that closed shop to millions.

Art investment is evolving now with Maecenas

So, how long until the art investment market is revolutionised with blockchain technology? There's no need to wait; we're doing it right now at Maecenas, using our unique approach to the blockchain to create the first decentralised art gallery.

The Maecenas platform has been created to make fine art accessible to people across the world, disrupting an industry that has by and large remained virtually the same for centuries. And this isn't just for art enthusiasts; Maecenas works for gallery owners, collectors and many others with a deep love of art.

Maecenas' blockchain technology also works to remove intermediaries, truly democratising the fine art buying process in legally-sound, safe and secure ways.

The art world and the blockchain are a match made in heaven. Find out more about how to potentially own some of the world's most beautiful masterpieces by reading the Maecenas briefing documents.

Download our Briefing Documents

 

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This blog post is illustrative and for informative and general education and discussion purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation. This information is provided with the understanding that with respect to the material provided herein (i) MAECENAS is not acting in a fiduciary or advisory capacity under any contract with you, or any applicable law or regulation, (ii) that you will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives, (iii) that you are capable of understanding and assessing the merits of a course of action and evaluating investment risks independently.. MAECENAS does not purport to and does not, in any fashion, provide tax, accounting, actuarial, recordkeeping, legal, broker/dealer or any related services. You should consult your advisors with respect to these areas and any material with regards to investment decisions. You may not rely on the material contained herein. MAECENAS shall not have any liability for any damages of any kind whatsoever relating to this material. No part of this document may be reproduced in any manner, in whole or in part, without the written permission of MAECENAS except for your internal and/or personal use. This material is being provided to you at no cost and any fees paid by you to MAECENAS are solely general educational purposes. All of the foregoing statements apply regardless of (i) whether you now currently or may in the future become a user of MAECENAS’s platform or products and (ii) the terms contained in any applicable contract between you and MAECENAS.

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