“There is only one valuable thing in art; the thing you can not explain” – Georges Braque
Last year, a painting from William Adolphe Bouguereau called “Fishing For Frogs” signed and dated by the painter in 1882, was sold for $1,680,000 through an online auction platform. Buying a work of art as an investment through internet is a different story. We need the proof of the artist’s actual relation to that valuable art. Even though a face-to-face meeting makes it easier to discover the originality of any art, it doesn’t guarantee that the piece is legit and recorded.
Stolen art marketplaces have been around a lot longer than we may have thought. The market is even growing faster than the ability to stop it. By supplying valuable arts to anyone willing to risk arrest to buy.
We have seen how they can also be misused for political ends, like what NAZI and ISIS did with all the valuable arts from coin to artifacts under their control.
The Times of India has reported that according to intelligence reports, antique smuggling is estimated to be around $10 billion worldwide. The irony is that many collectors willing to buy numerous stolen pieces and openly display them in his home without even thinking that it would be possible that a stolen authentic painting was indeed a forgery, or copy of the original works.
The industry is in desperate need of new ideas and solutions. Ones that can guarantee the peace of mind of collectors and auction houses with clear ethical guidelines to prevent them from accidentally buying duplicates.
Codex Protocol is a decentralized registry for unique and valuable assets like art, fine wines, watches and even artifacts. Codex stores an item’s identity securely on the blockchain as a Codex Record. The protocol makes it easier to buy, sell and manage assets of all kinds.
The purpose of Codex is to ensure identity or all unique assets for security reasons; and that all parties have equal rights to access the registry.
By using the power of immutability of blockchain to prove the ownership of original creations, anyone can use Codex Protocol to track the entire history of ownership back to the artist. To use the protocol, we would need CodexCoin (CODX) to modify and verify the data stored on Codex Records. There are already auction houses, lenders, appraisers, and fractional ownership companies who have announced plans to use CodexCoin.
Codex Protocol makes sure that the uniqueness and creativity of the assets will not be affected by anything.