Popular crypto wallet Kresus has partnered with the iconic Christie’s auction house to support an upcoming photography auction by issuing NFTs for each lot as a token of provable ownership.
Titled “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina”, over 130 lots are set to go up for auction, with Kresus to mint a Certificate of Ownership on the Ethereum Layer-2 blockchain Base for each lot.
The auction is set to take place today, October 2, at Christie’s Rockefeller Center – situated in the heart of the Diamond District in New York City.
How are Kresus working with Christie’s?
For this collaboration, Kresus will mint a total of 132 1-of-1 digital certificates – one for each of the lots sold during the auction – that will help to verify the owners of the pieces, and to authenticate the ownership of each of the lots.
“Blockchain enables many things. As an art collector, I am well aware of the burden of managing and maintaining provenance and proper documentation – often in paper form and in file cabinets,” said Trevor Traina, founder of Kresus. “This partnership with Christie’s exemplifies how technology can enhance the experience for collectors, providing a secure, digital way to manage physical assets.”
Nicole Sales Giles, VP and Director of Digital Art at Christie’s, added: “At Christie’s, we are always looking for innovative ways to support and elevate the experience of our collectors. Working with Kresus to offer blockchain-based certificates of ownership is a natural evolution of our commitment to authenticity and transparency in the art world.”
What does this mean for art and blockchain technology?
This pilot program is a significant step forward in ensuring the modern art market can ensure the latest in transparency and security technologies for art collectors.
The Certificates of Ownership issued by Kresus will be a focal point of the auction – with hopes that a successful partnership could lead to further engagements in future.
The auction features a range of post-war and contemporary works by artists such as Diane Arbus, William Eggleston, Robert Frank, and Cindy Sherman – with the collection highlighting many mid-century themes, such as the prominence of female photographers and the evolution of color photography.
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