Art & Collectibles Pricing Transparency for Global Markets; Codex Partners with Artval
The blockchain presents the international art industry with an incredible opportunity for growth and collaboration, and the Codex and Artval partnership advances this ambition for the Chinese-US markets with platforms built to support the rapidly-expanding $2 Trillion Art & Collectibles (“A&C”) ecosystem.
The newly-announced Codex Protocol and Artval partnership empowers the market majority to use their collective wisdom to value art while simultaneously benefiting artists by providing crowdsourced valuations of artworks earlier in their careers than what has traditionally been possible. This enables a sustainable income for artists while creating a more trustworthy, accessible, and open marketplace for all.
For new artists, it can be very difficult to earn a living while trying to gain exposure and notoriety. This is largely because collectors often rely on trade data to determine value as opposed to the specific characteristics or quality of a piece of art. An artist’s work may exhibit the same or even superior quality, craftsmanship or novelty than that of their peers, but for the work to reach its maximum value, the artist needs to have established some sort of reputation to capitalize on. Historically, as is well known with artists like Vincent van Gogh, this has tragically not always occurred within the creators’ lifetime.
“Value exchange platforms like Artval that are using crowdsourcing and blockchain technologies to enable artists to earn a sustainable income will invigorate the art market. Artval has already signed extraordinary artists like Jingchuan Yu, and we’re thrilled to work together to further develop complementary technologies that will increase transparency in price-setting, bolster confidence in the market, and introduce notable international artists on the rise while providing the groundwork for their continued success.” Jess Houlgrave, COO, Codex Protocol
Artval allows collectors without appraisal experience to pay to take part in price setting activities that will improve their ability to evaluate and appraise a piece of art. When linked to a Codex Record, where validators like verified appraisers and auction houses have added to the provenance of the piece, a richer network results around the exchange of art, increasing confidence in the fair-market value of a given work. As validators on both the Artval and Codex networks appraisal abilities improve, they will be rewarded respectively for setting prices that have a referential value.
The Codex and Artval partnership will undoubtedly benefit the A&C asset class by facilitating increased art-market transparency without compromising privacy or risking centralized authority; an exciting prospect for artists, collectors, and intermediaries alike.
Artval develops and operates Artval Artwork Value Exchange Platform by using the blockchain technology. Through the process of artwork’s registration and proprietary confirmation, and the implementation of decentralized pricing transactions, Artval will enable the original artists to gain improved circulation of artworks and continuous benefits from the artwork appreciation, thus driving the artworks incremental market.
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Powered by the CodexCoin native token, the Codex Protocol is open source, allowing third-party players in the A&C ecosystem to build applications and utilize the title system. Codex’s landmark application, Biddable, is a title-escrow system built on the Codex Protocol, which solves long-standing challenges in auctions: non-performing bidders, lack of privacy, and bidder access. The Codex Protocol and CodexCoin will be adopted as the only cryptocurrency by The Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.
Nothing herein constitutes an offer to sell, or a solicitation of an offer to buy, in any jurisdiction in which it is unlawful to make such an offer or solicitation. Neither the U.S. Securities and Exchange Commission nor any other federal, state, or foreign regulatory authority has approved an investment in the matters contemplated herein.