Codex Protocol and Heffel Fine Art Auction House Partnership Announcement
Codex Protocol and Heffel have partnered to improve provenance records for items sold through Heffel auctions and to accept cryptocurrency for unique assets
Heffel, Canada’s leading fine art auction house, has partnered with Codex Protocol, a decentralized registry for the $2 trillion arts & collectibles (A&C) asset class that brings provenance onto the blockchain.
Having an efficient asset registry and escrow-system in place with Heffel and Codex provides a secure record of provenance with privacy and discretion for Heffel clients. The partnership further benefits the market by enabling cryptocurrency holders to purchase items in live and online auctions using the first Codex app, Biddable.
“Heffel is the leading Canadian art auction house, and partnerships like ours serve to accelerate the growth for the industry that technologies like blockchain bring. Both collectors and auction houses benefit when buying and selling of works is recorded on the blockchain. We welcome Heffel’s prestigious community to the Codex Protocol ecosystem.” — Mark Lurie, CEO, Codex Protocol
Established in 1978 with a reputation for offering outstanding artworks from around the world, Heffel holds the Canadian record for gross art auction sales and the majority of records for individual artists. Heffel holds the record for the most valuable Canadian work of art ever sold at auction with the sale of Lawren Harris’ masterpiece canvas, Mountain Forms for $11.2 million in November 2016. To date, Heffel has sold more than half a billion dollars in fine art and now includes international art in its live and online auctions.
Heffel also offers the Canadian Art at Auction Index, a subscription-based database with more than 50 years of Canadian art auction sales. This sophisticated index contains more than 80,000 records and 65,000 image reproductions and has become the leading resource for the Canadian art market.
Codex will extend Heffel’s mission to make the auction market easier, more trustworthy, and more accessible for collectors. As the Codex asset registry grows, the arts and collectibles industry will be able to buy, sell, securitize, insure, and lend against the asset class with ease. Heffel has proven their commitment to the industry’s best interests and is leading the way with technology adoption in the arts by taking the first step and creating Codex Records for artworks sold.
Heffel’s attention to detail, accuracy, knowledge, and above all, their ethical guidelines have contributed to their industry-leading success. At Codex Protocol, we’re thrilled to welcome Heffel to our partner ecosystem and together will build upon the opportunities that blockchain technologies present for transformation across the art & collectibles market.
About Heffel Fine Art Auction House
Heffel has sold more Canadian art than any other auctioneer worldwide, with sales totaling more than half a billion dollars since 1978. With offices in Toronto, Vancouver, Montreal, Ottawa and Calgary, Heffel has the most experienced team of fine art specialists in Canada and provides superior client service to both sellers and buyers internationally.
About Codex
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Powered by the CodexCoin native token, the Codex Protocol is open source, allowing third-party players in the A&C ecosystem to build applications and utilize the title system. Codex’s landmark application, Biddable, is a title-escrow system built on the Codex Protocol, which solves long-standing challenges in auctions: non-performing bidders, lack of privacy, and bidder access. The Codex Protocol and CodexCoin will be adopted as the only cryptocurrency by The Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.
To learn more about Codex initiatives, read our white paper.
To inquire about partnerships and developing dApps using the Codex Protocol, please contact us via contact@codexprotocol.com. Follow us on Telegram or Twitter.
Nothing herein constitutes an offer to sell, or a solicitation of an offer to buy, in any jurisdiction in which it is unlawful to make such an offer or solicitation. Neither the U.S. Securities and Exchange Commission nor any other federal, state, or foreign regulatory authority has approved an investment in the matters contemplated herein.
