A few weeks ago, I read an article about a man who bought an exclusive painting from one of the most famous artists in the world for $20 million, only to realize two weeks later that he had bought a fake piece of art.
Unfortunately, this is not an uncommon story.
Counterfeit art and fraud are two of the biggest problems in the art industry, which is growing at an astonishing 24% per annum and is expected to reach approximately $9.58 billion by 2020. Many people in the crypto space have already talked about the impact blockchain technology could have on the art industry.
All Public Art (APA) decided to not only talk the talk but put their money where their mouth is and started building a platform in 2015 to connect visual artists directly with art collectors.
Their platform has been in open beta since 2015 and their goal is to empower artists, enable art galleries and to protect art collectors. As APA will make use of blockchain technology in order to ensure that the online art market is transparent, it will probably reduce the risk of counterfeit or fraudulent art pieces. Also, it will help art galleries to get more insight in an artist’s history of artwork as well as art collectors.
An added bonus is that thanks to blockchain technology, they will not only be able to prove the provenance of an art piece, but also ensure that the price of the piece is not affected by illegal price manipulation, collusion or kickbacks. Both artist and collector will be able to safely trade with one another on the platform. The medium of exchange on the platform is the All Public Art token, which will be launching next month. They are currently in the private pre-sale phase of their token sale. More information can be found on www.allpublicart.io.
All Public Art is at the forefront of revolutionizing the art industry, however, they are also facing some challenges. In general, the art industry has not been overly involved with the blockchain technology. This means that one of APA’s tasks is to educate the art industry about blockchain and convince them of its advantages for their industry.
Since 2015, the APA team has been documenting their journey and even enlisted the services of a professional camera team during their roadshow They are trying to gather as much footage as possible to create awareness and use that as a means of education and branding. There are many artists and even more art pieces in the world. In an ideal world, all these artists and their art pieces would be identified and authenticated. On the APA platform, this
will be done in several ways depending on the value of an artwork. A high-end piece will, for example, be authenticated by different evaluators and RFID microchips.
Would one still be able to take off the microchip and put it on a fake piece for example? In theory, yes. However, the barrier to do so will be increased significantly compared to today.
All Public Art has recruited a team of people from all around the globe to successfully accomplish their goals. Each member is a specialist in their field and Graham Goddard, the CEO of All Public Art, can’t wait to further roll out the platform.
When I asked him why people should join All Public Art, he answered: “People should join All Public Art because art is one of the things in this world that brings more fulfilment in life. All Public Art has been dedicated to ensuring that the individuals who are enthusiastic about art, who create art and who support art – all have an outlet to connect. This is what truly separates us from our competitors; we want to ensure that people connect in a personal way, that they have the ability to discover each other, discover art and discover the beauty of creativity in a way that is more about the essence of what creativity and art is supposed to be.”
Good luck, Graham!