ARTBLOC: The World’s First Fractionalized Ownership Sale of David Hockney
On September 19th, ARTBLOC introduced the world’s first fractionalized ownership sale of David Hockney at their first ever event held in Gangnam. HOCKNEY Night w/ARTBLOC was a huge success for the South Korean startup company, having only been launched since earlier this year. More than 300 guests had lined up to enter the site, where two never-before-seen works by David Hockney went public to be purchased in blockchains.
How does ARTBLOC sell artworks?
ARTBLOC is an Art-Blockchain project that utilizes the sale of an artwork’s fractionalized ownership, selling its possession by dividing 1/n titles per piece. In the case of David Hockney’s two latest works, they are each sold at just $8 USD/per piece.
It is essentially an innovative attempt at reducing the burden surrounding traditional fine art investments that require large amounts of initial capital. It introduces a system that is both abstract and tech, as one does not need to physically obtain the artwork, yet gain profit just as so. ARTBLOC is profoundly breaking conventional art investment norms — at the same time inclusively helping all art investors and art enthusiasts.
How successful was Hockney Night w/ARTBLOC?
The company received a flood of positive reviews from South Korean art and tech industries post-event — exceeding any expectations had. Participants from both realms appeared excited about the growing enthusiasm towards this virtual take on art investment.
The results showed that, out of the few hundred participants, more than one-third had made an investment with ARTBLOC at the site. What is significant about the remaining numbers is that, more than one-third of the people who didn’t attend the event — still made an investment through the company’s online website — on the same date.
This concludes that art investors, potential investors, and enthusiasts, without physically seeing the two David Hockney works, were still interested in gaining their possession through ARTBLOC. It also proves that in the current moment, artworks advance further beyond mere aesthetics and vision. Especially in this postmodern era of social media, where purchasing material forms stake on virtual systems — the value of art investment is rapidly increasing amongst the newer generation.
A month later, buyers are continuing to invest through ARTBLOC’s online website.
What’s next for ARTBLOC?
The success of HOCKNEY Night w/ARTBLOC is a significant indicator of the growing curiosity towards art and art investing in South Korea. More artworks by various artists will be added to the collection. Finally, ARTBLOC’s mission is to build a global art marketplace that addresses and resolves the existing problems of conventional art markets users face everyday.
About ARTBLOC
Opening up art investment for all, ARTBLOC enables micro-art investment by tokenizing the fractionalized ownership of masterpieces. ARTBLOC serves as a community for sharing art world information and critiques as well as a platform for art investment. ARTBLOC aims to drive the growth of the art market in general and support the artists, ultimately bringing art to our everyday lives.
