Market

Global Fine Art auction turnover amounted to $8.45 billion in H1 2018, an increase of 18% versus the year earlier period (H1 2017 +9% and +32% in H2 2017 *

Pricing

Contemporary Art and Post-War Art are rivals of financial markets. Since 2000, the indices of these two periods have posted an overall gain equal to that of the S&P 500 *

Technology

Artsy, Paddle8 and Sotheby’s have acquired companies and teams focusing on machine learning, deep neural networks, AI and blockchain technologies ***

Investment

83% of wealth managers said they offered art advisory services (this was up from 79% in 2016 and 67% in 2014) and 47% said the services were delivered in-house **

COART is the open source Platform for art investment; online art fair for sale of different art; special technical algorithm for tokenization, identification and art-asset management, based on EOSIO-software.
We are introducing a new approach to global Art market for collectors, art dealers, gallery owners, art experts, auction houses, museums, investment funds, retail investors and traders.
Our aim is to connect a huge, but very conservative Art market, with the technological capabilities of a rapidly growing investment and traders markets. For doing this we are building a new specialized Collaborative Art (COART) blockchain infrastructure for launching hundreds of new projects in all segments of the Art market. Many online art platforms show that the online auctions market seems to be the area facing the most intense competition this year. COART team believes that these statistics reveals a massive opportunity for AI and blockchain technologies to enter the Art industry and to grow the global online client base for investment into Fine Art. Read more about COART ecosystem.

* H1 2018 Global Art Market Report, Artprice
** Deloitte’s 6th annual Art finance Report
*** Online Art Trade Report 2018, Hiscox

COART is the open source Platform for art investment; online art fair for sale of different art; special technical algorithm for tokenization, identification and art-asset management, based on EOSIO-software.
We are introducing a new approach to global Art market for collectors, art dealers, gallery owners, art experts, auction houses, museums, investment funds, retail investors and traders.
Our aim is to connect a huge, but very conservative Art market, with the technological capabilities of a rapidly growing investment and traders markets. For doing this we are building a new specialized Collaborative Art (COART) blockchain infrastructure for launching hundreds of new projects in all segments of the Art market. Many online art platforms show that the online auctions market seems to be the area facing the most intense competition this year. COART team believes that these statistics reveals a massive opportunity for AI and blockchain technologies to enter the Art industry and to grow the global online client base for investment into Fine Art. Read more about COART ecosystem.

* H1 2018 Global Art Market Report, Artprice
** Deloitte’s 6th annual Art finance Report
*** Online Art Trade Report 2018, Hiscox

The world is waiting for this


This spring Picasso painting “Buste de mousquetaire” that you see on this page was divided into 40,000 shares purchased by 25,000 buyers within three days. One of the Swiss websites did this as an advertising action and the picture itself was happily welcomed into exposition at Geneva’s modern art museum.
Most buyers bought shares just to “have a piece of Picasso”.

Another good example is the online auction held by Maecenas, which was completed in September, on the platform of which 49% of Warhol’s painting “14 Small Electric Chairs”, which belonged to the London gallery DADIANI, sold on Maecenas art investment platform built on blockchain (beta launch).
This is the first time that a high level artwork has been tokenized and sold.

The next example of the successful sale of high-level artwork as a digital shares will probably be the start of trading of the American company Masterworks, which already accepts preliminary applications for the purchase of two works by Andy Warhol and Claude Monet, now owned by the Masterworks. The SEC has already approved this form of sale and the auction will begin soon.


Unlike these remarkable projects, COART not only changes the art investment sector and innovates access for small and medium-sized investors, but also provides new and equal opportunities for all participants of the Art market from artists and art experts to retail investors and traders.

Interested in collaboration with COART? Contact our business development team info@coart.info

COART Use Cases



Renaissance 2.0


In addition to the utilitarian functions related to the mechanics of the operation of several markets covered by our Ecosystem, COART is about a number of important public and cultural tasks, united in the non-profit organization “Renaissance 2.0”, goals of which are global.
One of them is the creation of a blockchain archive-catalog of the Heritage of Mankind. The results of 3D scanning, spectrographic analysis and other methods of identification and confirmation of the authenticity of art objects, including the methods currently being developed using AI and deep neural networks, will be included in the COART distributed storage subsystem (COART-STR) that will resolve the issue of authentication, exclude the possibility of falsification of the works, as well as create the opportunity to reproduce important art objects of the cultural code of Mankind on the way to new worlds.
We are sure that such an initiative of COART will be supported by all governmental and non-governmental organizations of the world.

Collaboration with world museums


This is a very important element of the COART ecosystem.
At first, we are going to suggest museums to include in their expositions those high-level art objects that tens of thousands of retail investors will purchase using co-investment mechanisms offered by COART Investment Art-fund and other funds and organizations using the new COART open source protocol for the joint acquisition of art assets by large groups of people who are not familiar with each other. The best way to convince thousands of co-investors is to make an asset as accessible as possible. What could be better than the walls of a famous museum for this, is not it?
Secondly, COART will provide an access to works previously hidden in private collections or closed storages for art lovers. This possibility is an important part of the public movement “Renaissance 2.0”, which COART fully supports and for the implementation of which creates an expert community of a new type.

Collaboration with auction houses


Nowadays the main participants of auctions for art objects of the top segment are super-rich collectors or funds and family offices. This is not a small but still limited circle of buyers, and auction houses are well aware of their customers and spend a lot of time dealing with them directly.
At the same time, statistics show that more than 90% of high level art assets (worth from 1M $ and above) are purchased for investment purposes.
First of all, we are talking about the art of the 20th century. 20th Century Art accounted for 80% of the total global auction of Fine Art in the first half of 2018*
There are calculations showing that the direct access of retail investors and traders to participation in the trades of the top segment can increase the total financial turnover of the Art market by several times. COART is going to collaborate with leading auction houses to provide legal and financial access to auctions for small investors.
* H1 2018 Global Art Market Report, Artprice

Collaboration with world museums


This is a very important element of the COART ecosystem.
At first, we are going to suggest museums to include in their expositions those high-level art objects that tens of thousands of retail investors will purchase using co-investment mechanisms offered by COART Investment Art-fund and other funds and organizations using the new COART open source protocol for the joint acquisition of art assets by large groups of people who are not familiar with each other. The best way to convince thousands of co-investors is to make an asset as accessible as possible. What could be better than the walls of a famous museum for this, is not it?
Secondly, COART will provide an access to works previously hidden in private collections or closed storages for art lovers. This possibility is an important part of the public movement “Renaissance 2.0”, which COART fully supports and for the implementation of which creates an expert community of a new type.

Collaboration with auction houses


Nowadays the main participants of auctions for art objects of the top segment are super-rich collectors or funds and family offices. This is not a small but still limited circle of buyers, and auction houses are well aware of their customers and spend a lot of time dealing with them directly.
At the same time, statistics show that more than 90% of high level art assets (worth from 1M $ and above) are purchased for investment purposes.
First of all, we are talking about the art of the 20th century. 20th Century Art accounted for 80% of the total global auction of Fine Art in the first half of 2018*
There are calculations showing that the direct access of retail investors and traders to participation in the trades of the top segment can increase the total financial turnover of the Art market by several times. COART is going to collaborate with leading auction houses to provide legal and financial access to auctions for small investors.
* H1 2018 Global Art Market Report, Artprice

Innovating the art industry


COART implements the best features of AI and blockchain technologies to begin the next-generation of ArtTech.
COART system token (BID token) will allow access for all payment and infrastructure utilities:

  • issuance of asset tokens (digital share certificates) of art assets (ART-ASSET tokens) with the possibility of their full or partial sale, the transfer of ownership, donation, inheritance, etc.
  • internal conversion of the fiat or cryptocurrency for their exchange to the ART-ASSET tokens or any service within COART, as well as the ability to reverse the conversion of ART-ASSET tokens to withdraw funds from COART ecosystem.
  • management of digital rights to the usage of art asset in perpetuity or for a limited time (printing of legal 3D-copies, use in design solutions, etc).
  • automated accounting and payment of royalties for the authors, artists etc).
  • access to global COART distributed storage of art assets, storing all the data about assets that have been authenticated using COART distributed expertise (COART-AI).
  • access to the global COART provenance ledger which will eliminate the possibility of counterfeit or double sale of art assets in the future.
  • COART infrastructure management and block production incentivizing.

Roadmap


Funds necessary for concept development and technical documentation were raised during private angel investment round in early 2018. Further funds for MVP and platform development, entering the market and business development will be raised from early stage investors and early adopters during the 3 forthcoming funding rounds – private seed round, public utility token offering and series A. Proceeds from private pre-seed round are being used for design, architecture and the development of demo version of the platform.

In upcoming seed round by means of SAFE and SAFT contracts we intend to raise $5.5M (soft cap). Proceeds from which will be used for the development of MVP, early beta version of the platform and early user adoption.

Public utility token offering is planned to attract early users and adopters to the beta version of the COART platform. Proceeds are intended to be user for first art asset acquisition, tokenization and to start early trades of fine art asset tokens. In the later series A funding round we intend to raise another $25M (hard cap). Proceeds will be used to carry out going to market strategy, user acquisition and platform growth.

Core Team


Advisors


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