Artgem Chain—Rebuild the Culture and Art Market

[Artgem Chain 4]

Photo from pixabay

 

At the Sotheby’s auction in New York in 2019, Monet’s “Haystack” sold for $110.7 million after 8 minutes of bidding, becoming the highest-priced art.

 

Monet-Haystack

 

 

And the most recent auction before this was still at the Christie’s auction site in 1986. At that time, the price was 2.5 million US dollars, and now the client has received a 4328% return.

 

It’s obvious that investing in valuable artworks can bring generous returns. However, several existed problems made the art market complex and high-threshold.

 

Problem 1 — Identification of Authenticity

The authenticity of artworks is very important to transactions, collections and investments. To discern it, the traditional identification method is based on the knowledge, experience and eyesight of the experts. However, as the level of modern replication technology is getting more and more smarter, a more objective scientific appraisal is urgently needed.

 

Problem 2 —Circulation and Realization

The niche of cultural and artistic investors resulted in a narrow market space and poor liquidity for artwork, making it easy to buy in, but difficult to sell out. And despite the appetite and enthusiasm of investors are increasing, it is difficult for an individual to afford the price of a complete piece of art. Artworks are valuable, but the price of risk is higher.

 

Problem 3 — High Monopoly

The art market is highly concentrated regionally. The United States, China and the United Kingdom account for more than 80% of the global art auction market, and the well-known auction houses have a strong monopoly in terms of auction houses. The professional level and marketing capabilities of the auction area and auction house play a vital role in the art transaction price. As a result, the art market has stayed in “circle transactions” for a long time, forming a high degree of monopoly, and making small and medium-sized enterprises lead a difficult life.

 

Problem 4 — Copyright Confirming

With the development of AI and big data technology, many artists began to use the so-called “Neural Network Software” to create artworks, images created by it can be output for artists to sign and display. However, when cultural and artistic works originate from both algorithms and individuals, the attribution of copyright and ownership is difficult to define.

 

Specifically, Artgem Chain has the following core values to solve the problems above:

A. Technology Empowerment

—Gathering top technologies and resources, establishing the industry’s first authoritative appraisal system

B. Art-friendly

—Breaking the boundaries between art collectors and ordinary people, helping the inherit of culture and art pass on from generation to generation

C. Value Scaling

—Confirming assets through the blockchain, reshaping the cultural art transaction process

D. Investment and Incubation

—Discovering the dark horse of treasure, promoting the prosperity of human culture and art

The emergence of Artgem Chain is precisely to rebuild the culture and art market. Based on the establishment of a comprehensive digital economy, culture and art industry, facing the market dilemma, Artgem Chain is determined to become an innovator of the culture and art market.