“The blockchain will completely change the market,” Lindemann said. “If this works, we can see millions more participants.”
Still, there are plenty of hurdles.
A blockchain is only as trustworthy as the data comprising it, said conference speaker Nanne Dekking, founder and CEO of Artory. “It doesn’t make information better and it should only be used in a public registry by trusted partners.”
Christie’s used the Artory Registry for its evening auction on Nov. 13, when Edward Hopper’s "Chop Suey" sold for $91.9 million to become the most expensive artwork recorded on a blockchain.
Concerns about accuracy can be eased if living artists cryptographically sign off on their works, Dekking said, creating an immutable and time-stamped record on the blockchain.
Overcoming fundamental cultural differences between the art and tech worlds will be another challenge.
“It’s a bad marriage,” said Lindemann, who will seek to bridge the divide by focusing on something both share -- creativity.
The conference will address how blockchain technology can influence the art-making process. Kenny Scharf, who came to prominence as a street artist in the 1980s alongside Basquiat and Keith Haring, will be on hand creating an original work composed of more than 100 parts.
“Every attendee will get a piece,” Lindemann said. “It’s a metaphor for blockchain: It’s meant to be shared.”
This article was provided by Bloomberg News.