Galleries in the Blockchain Era
How can FRESCO be useful to Galleries?
To name a few recent articles on the gloomy industry from some of the most-read art media,
“A Recent History of Small and Mid-Size Galleries Closing,”
“Seventeen Gallery Shutters New York Space After Only Two Months,”
“A Running List of New York Galleries and Nonprofits Closing for the #J20 Art Strike.”
Mega galleries are also not exempt from visitors who mock the value of an artwork or clients who refuse to pay. Knotty problems always hover around the industry.
Blockchain technology can be our modern ark for the struggling art businesses, and FRESCO will be a primary driving force.
Promote Artist on FRESCO
After purchasing FRES Cash, galleries can distribute different amount of FRES Cash to different artworks, and its value is marked as FRES Trust. Galleries find it hard to explain the reasons behind pricing to customers and the price differences on same artists’ different works.
The allocations of FRES Trust represent galleries’ public declaration on their value of assessment on different artworks and add a layer of trust to the works.
Adding of FRES Trust also helps to prioritize their featured artists and artworks and make sure their exposure to targeted customers.
Example:
Fort Gallery represents five emerging and five mid-career artists in total. At the beginning of the year, Fort Gallery sees that two of their emerging artists will likely to receive more academic recognitions and attend more prominent public exhibitions, which will significantly raise their profiles. So Fort Gallery allocates 500 FRES Cash each on these two emerging artists and 100 FRES Cash each on the remaining artists. Therefore, Fort’s customers understand the Gallery is confident with the artists’ careers and possible appreciation of artworks in the future. They are motivated to purchase an artwork from an artist with higher FRES Trust.
Evaluate Buyers’ Credibility through FRESCO
When a new buyer comes into a gallery, the gallery always carries with some concerns along with the hospitality. To guarantee full and timely payments, galleries need to evaluate the buyer’s capacity and previous reputation before a transaction. If the buyer’s capacity is not enough or s/he does not have a solid record on payment, galleries may want to hold the piece for another buyer, probably resulting in losing the best timing for sale.
FRESCO clearly shows a list of individual’s collection and transaction records online.
Galleries can check the data by searching a buyer’s address on FRESCO if s/he chooses to disclose the information. FRESCO enables galleries to simplify the investigation and avoid unwanted troubles before transaction. FRESCO also simplifies investigation of international buyers, because a globally decentralized blockchain network ensures every user’ footprint is marked in the same way, regardless of their nationality.
Example:
Andrew is the director of a gallery in Greece, and he is just in contact with a new buyer from India. He has never heard of this buyer and has no access to evaluate his background. But it is a good opportunity for Andrew’s gallery to expand the market and attract new groups of buyers. Andrew goes onto the FRESCO platform and searches the address of this new buyer. He finds out this buyer has a remarkable history of doing business with other major galleries. The highly transparent and visible record in the FRESCO network allows Andrew to understand the affordability of his customers and establish trust for new buyers.
Trace Artwork’s Resale Process with FRESCO
FRESCO allows galleries to trace their own artists’ resale and public donation history, and have better management on the career paths of the artists.
Through FRESCO’s platform, galleries can find every detail of an artwork’s transaction history, and help the artists they represent to anticipate and protect their careers in the art market.
Example:
Sana Gallery represents Andy Li, an American born Chinese artist from Los Angeles. Through FRESCO, Sana Gallery tracks and manages the transactional records and the FRESCO Trust of the works by their artists including Andy Li. The Gallery finds out that, due to Andy Li’s ties to China, Chinese collectors have been noticing this artist and asked about his works. Sana Gallery is able to immediately respond to this market signal, and plans a special exhibition of Andy Li in Beijing, China. Sana Gallery senses the dynamic and development of the marketplace for this particular artist, and successfully promotes his exhibition on FRESCO.
