Codex Protocol Signs With Canada’s Leading Art Auction House

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Codex Protocol Signs With Canada’s Leading Art Auction House

Concept

Blockchain Fit

Team Professionalism

Summary:
Worth looking at in more detail

0%

A good prospect

Overview

Codex Protocol, who provide art provenance on the blockchain, have partnered with Heffel, a renowned art auction house in Canada. The deal will improve provenance records for items sold through Heffel auctions and to enable them to accept cryptocurrency for unique assets.

Established in 1978, Heffel holds the Canadian record for gross art auction sales and has sold more than half a billion dollars in fine art.

Having previously handled the most expensive Canadian work of art ever purchased at auction – Lawren Harris’ masterpiece canvas, Mountain Forms which sold for $11.2 million in November 2016 – Heffel now includes international art in its live and online auctions.

Concept & Whitepaper

Heffel will join a growing number of art institutions and auction houses within the Codex Protocol partner ecosystem that “…will build upon the opportunities that blockchain technologies present for transformation across the art & collectibles market.”

Existing members come from a variety of industry related stakeholders and include Luxury Asset Capital (lending), Feral Horses and Maecenas (both fractional ownership) as well as The Clarion List (approved art service companies).

These established companies have recognised the value in having an item’s identity securely recorded on the blockchain as a Codex Record.

After launching their mainnet on 23 July and announcing the appointment of Daniel Grachanin, former Product Marketing Director at RChain, as the company’s new Head of Product, Codex Protocol have enjoyed a successful pre-sale.

Around $12 million has reportedly been raised during this phase from venture capitalists including Pantera Capital.