Having access to an artwork’s history of ownership is key to understanding, determining, and controlling its value. ArtSquare.io allows you to oversee every aspect of your Artwork’s story with its Repository feature.
The Repository is a folder for the documents related to the Artwork: its details —museum-label style information like title, artist, date and medium—, provenance information, authenticity certificate and condition report. The information is also gathered and summarised into an easily-legible fact sheet compiled by our art advisory partner. Our community of Art Investors can view and download the documents by heading to the dedicated section of the Artwork’s Listing page.
Documents like provenance records and the certificate of authenticity are vital to ensure that the artwork or collectible we are selling is original and has been fairly appraised. They are also the first step towards a successful listing. Putting together provenance documentation, authenticity certificates, and other legal paperwork can be a long and tiresome process. For this reason, we are entrusting Art Pros—art market professional players such as art galleries, auction houses, art advisors, and art dealers—with the task of uploading the key documentation for the artwork they are looking to list on ArtSquare.io. Art Pros can sign up for a Business profile and also start a Listing request on behalf of a private art owner.
By collaborating with traditional players with proven expertise in the art industry, we want to make sure that the documentation we are receiving is accurate and that the artwork you are investing in is worth your money. The same process of accompanying the object with its track record before it is sold through an auction house or private art dealer is standard practice in the art market.
A Blockchain-Based Folder Encrypted in Each DAS
Transparency and simplification are our core values, and the Repository reflects them in every aspect. Art Pros can continue to update Artwork’s information (if necessary) throughout the primary as well as secondary sale in the ArtSquare Exchange. This could be the case with changes in the artwork’s provenance: when at the end of the primary sale for Kiku, our currently fully-listed artwork, the Top Art Investor —the majority DAS holder—will be the owner of the screen print for six months, his or her name will be added to the provenance record to reflect the new ownership, and so on for the following owners during the trading of DAS.
We use Blockchain technology to encrypt the Repository in each Digital Art Share of an Artwork. This ensures that the documents are always accessible and bound to a portion of value of the object. The information in the Repository is immutable thanks to the Blockchain’s bullet-proof archival feature. In addition, the Repository will also store the Modular Smart Contract, an ownership agreement established between the parties at the moment of listing an artwork. This is a big change compared to what usually happens in the art market, where authenticity certificates and provenance records are often tampered with to affect the artwork’s value and scam art buyers.
We are on the hunt for the people who share our desire of removing the barriers to entry to the art market by embracing fractionalisation and digital trading. If you are an art market professional player and are interested in listing an artwork on ArtSquare.io, drop us a message and we will assist you in the process. And if you’re an Art Investor, check out our upcoming listing: you can now pre-book Digital Art Shares in Alighiero Boetti’s conceptual artwork Una brillante idea. Start buying your way to the top of the Art Investors leaderboard and own the work for six months.