In today’s age, art works like paintings are more than brush-strokes, they are digital assets that can open new cans of worms like fraud, award-bias, market speculation and conflicts – mostly because a lot of stuff is cryptic and behind curtains.
In a spate of last few months only, we can find many examples like a Manhattan art dealer duping collectors with scams or an art gallery in France staring at half of its collections coming out as forgeries.
Imagine a museum spending as much as 160,000 euros (£140,000) on fakes over 20 years!
So if someone could find a way for a neutral and open channel for recognition of art works, that would bring some color and understanding back to the industry. May be that is what is being attempted as blockchains like FRESCO gun for breaking traditional and centralised approaches in this space.
They want to dilute the effects of market acceptance, biased opinion of judgement-committees and other issues by bringing in an open and decentralised way of providing exposure and market acceptance to up-and-coming artists.