Happy August Atmos! In honor of the first day of this new month let’s talk about something new in the art world…Bitcoin. Bitcoin is a cryptocurrency and a digital payment system and because of its ability to expand a gallery’s client base, gallerists like Eleesa Dadiani in London have begun to use it. BBC News says, “The $60bn art world in general is warming to the potential of cryptocurrencies, partly because of blockchain’s dual ability to establish the provenance of works of art and thereby reduce the reliance on brokers and other middlemen.” The art world is an industry that is often stuck in its older ways, but modern capabilities like bitcoin give art sellers the chance to reach a larger consumer base. “We want to make fine art accessible for everyone,” says Marcelo Garcia Casil.
“Casil is chief executive and co-founder of Maecenas, an online marketplace that will enable art owners to sell shares in their expensive works of art (worth more than $1m) and raise money far more cheaply than they could though a bank”.
“The old auction houses like Christie’s and Sotheby’s have controlled the art market for centuries, so we think the opportunity for disruption is huge.” Here at Atmos, we believe we will continue to see more technology-driven changes in this industry that will help art reach more people who love it. And that’s definitely a good thing.
Image Courtesy of Dadiani Fine Art and Mike O’Connor.