Collector in the Blockchain Era: Unveiling the Harrowing Complexity
How can FRESCO be useful to Collectors?
Leonardo da Vinci’s Salvator Mundi was sold at Christie’s at $400 million last November, becoming the most expensive painting in human history. Yet it sparked no small debate, to a large extent due to its questioned condition and authenticity. Thomas Campbell, former director of the Metropolitan Museum of Art, told the Guardian that while the price was
“eye-popping, it should come as no surprise in a market where speculation, marketing and branding have displaced connoisseurship as the metrics of value.”
The marvelous aesthetic quality of this painting seems to be overwhelmed by the unsettled debate on the historical spectacle created by marketing maneuvers. Why not unveil the mystery and see through a clear record of such rare legacy?
FRESCO marks a new era in art collecting. Suspicious provenance, undeterminable value, and complicated transactions, all became the past. Everything is crystal clear in the age of FRESCO.
Obtain Digital Provenance on FRESCO
Provenance, in the realm of art, refers to the chronology documenting the ownership of artwork. Though an essential issue for art transactions, appraisal, and art banking, it is often incomplete and inaccurate.
With FRESCO, contemporary art can be easily traced back to the artist who produced it. For artworks with a longer history, a digitally documented, verified the chain of records offers an accurate documentation of ownership, with no room for fraudulence.
When users distribute FRES Cash to the artworks they own and transfer FRES Trust accompanying each art transaction, FRESCO Protocol generates the digital provenance of all the artworks on the blockchain. The record is kept safe, anonymous, and flawless.
Example:
Eleanor has been devotedly collecting modern and contemporary art for decades. Her major suppliers are dealers and galleries from the secondary market. One of her acquisitions emerged as a huge problem. Though the gallery insisted on the work’s authenticity, the artist denied it. Another work from her collection reached her with a poor condition, as the previous owner stored it in his mansion close to a tropical forest, exposing the work to excessive humidity and temperature.
The concerns Eleanor used to have — to whom the work belonged, where it was stored, its current condition — cease to be a problem. An effortless search can bring all the wanted information ready at hand.
Quantify the Value of Art with FRESCO
The value of art is essentially undeterminable. It is affected by numerous factors, such as the exhibitions, publications, and awards related to the artist, price records from the primary market and auction houses, and the condition, dimensions, mediums, year, subject, style, and rarity of the artwork. Added to these intrinsic qualities of the artwork, the overall state of the economy and the tastes of the marketplace add to possible fluctuations in the value of a work.
Attempts to generate an index for a quantified value of art are many. Most of the models, however, are opaque, arbitrary, and thus subject to manipulation. FRESCO’s democratized and transparent mechanism eliminates consumer doubts.
Any current outsider, without much knowledge of art history or the market, can refer to the FRES Trust of an artwork and have access to all its records online. Whether used for investing or simply information gathering, FRESCO is your reliable reference.
Example:
Amy, an engineer from Australia, is enthusiastic about contemporary photography but always hesitant about the financial value of such work. From now on, she can have great confidence in discerning an artwork with the help of FRES trust and artists’ talks related to the artwork.
At the same time, FRESCO relieves all her strain of anxiety from inquiring about the proper price range of the work she likes and gathering previous trust records as a reference for its market potential.
Simplify Transactions through FRESCO
FRESCO creates a dynamic network for rising power of an artwork. Spotting the talent is never easier when multiple roles are motivated to speak on the same all-inclusive platform.
Any available artwork can be uploaded to the pool on FRESCO. Once the wallet address behind it is linked to the owner’s contact information, FRESCO functions as a large-scale decentralized network for immediate trades. Fees traditionally paid to any unnecessary intermediary — largely composed of the commissions paid for searching, evaluating, and acquiring an artwork — are deducted from an investor’s cost.
No additional role is needed to facilitate and supervise a transaction. All that matters is the decentralized, open, and efficient ecosystem.
Example:
Joel mostly buys blue-chip art from galleries. He hopes to support more emerging artists but has no time to pay studio visits or to wander around group shows at art schools. On FRESCO, Joel has found a number of talented young artists and can buy works directly from them. Anytime some sought-after artworks by renowned artists show up on FRESCO, Joel also finds it quite convenient to contact the seller through the network. Such private deals save a large amount of extra cost and troubles of going through a centralized intermediary network.
By bringing the market mechanism aboveboard and stripping off unnecessary mysteriousness, FRESCO is doing nothing like iconoclasm. Instead, FRES trust restores the due appreciation of a masterpiece.
FRESCO is the world’s first blockchain art trust value distribution network.
Through blockchain technology, FRESCO enables artists, investors, dealers, galleries, and administrators around the world to demonstrate their artworks and evaluate collection strength, eventually creating an efficient and intuitive art value measurement system. FRESCO tokens (FRES) represent the level of trust distributed to each artwork.
FRESCO, the world’s first blockchain-based ecosystem serving art collectors, practitioners, and related organizations, connects the realms of technology, finance, and art market and create a decentralized platform for the trade, investment, research, archival, and management of artworks.
Whitepaper: http://fresco.work/whitepaper/
Explainer Video: https://www.youtube.com/watch?v=TumCob7-g5I&t=1s
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