ART AS THE STORE FOR WEALTH
Art has long been valued for more than its beauty. From Old Masters to contemporary pieces, art has been used as a store for wealth for people wanting to invest in assets that are largely immune to the movement of the financial markets. The chain of title, however, is as valuable as the work itself with complete provenance correlating with higher returns.
THE GREATEST THREAT
As much as 30% of all art sales are believed to involve forged pieces. The Deloitte Art & Finance Report 2017 lists ‘authenticity, lack of provenance, forgery, and attribution’ as ‘the greatest threat to the reputation of the art market’.
BARRIERS TO GROWTH
The online art market is yet to reach maturity and efforts to promote its growth have been futile because buyers’ concerns haven’t been addressed. The lack of transparency surrounding both condition and pricing, a shortfall of available information to educate buyers about the art and the reliability of the authenticity of a piece have been preventing the conversion between browser and buyer.
The Solution & Platform
ArtPro makes it easy for anyone to buy and sell art over the web. A user-friendly platform harnesses the many benefits of blockchain technology, enabling ArtPro to restore the trust that has long been missing from the art industry. Instead of relying on third party authenticators, ArtPro favours a consensus mechanism that delivers a secure, decentralized system
How It Works
- Connects participants and stakeholders
- Allows art to be browsed and filtered by type, price, artist and style
- Acts as an information-rich portal for art lovers
- Provides strategies for appraising and acquiring art
- Enables transactions using the native APT token
CATALOGUE OF AVAILABLE WORKS
The ArtPro Platform offers works from emerging and established artists. Whether you’re a collector or an investor, ArtPro has something for you
Digital certificates stored on the blockchain provide complete provenance for every piece of art on the ArtPro platform
USER RATING SYSTEM
The ArtPro Marketplace uses a rating system to encourage transparency, set buyer and seller standards and drive confidence
Our AR App
The use of AR, to provide a realistic representation of art in a 3D space, will help to drive more sales and will eliminate some of the problems associated with buying art online. It will also give the app real-world utility, making it much more than just a tool for passively browsing works of art
The ArtPro Market
STEP 1-Buyers search for available work on the platform. Using filters to narrow the search, there is the option to view works only from verified sellers.
STEP 2-Once they have chosen a piece, the provenance report is downloaded using the APT token. When satisfied, the buyer can add it to the cart.
STEP 3-Payment is made using APT. Once the checkout is complete, the token is locked into the smart contract. If the vendor is verified, the APT Token will be released straight away.
STEP 4-Once successful delivery of the art has been confirmed or inventoried in a secure vault, the payment is released to the vendor.
STEP 5-Feedback is left by both transacting parties for our reputation system and ArtPro receive a small sales commission.
Provenance on the Blockchain
1.ERC721 token used to store the lineage of each piece of art
2.The metadata of the token keeps a hash of the current owner and transaction history
3.With every trade, we take the latest block number, owner details and sale info along-side a UUID and hash everything again
4.The history of movement of the art on the ArtPro system is stored in the immutable blockchain
5.The authenticity of each transaction can be proven by cross referencing with the corresponding ethereum block