The theft of a $ 95 Million Picasso painting could be prevented with blockchain technology

Nearly 20 years after the theft of Pablo Picasso’s famous painting by Portrait of Dora Maar, it was finally discovered. The last owner of the picture, depicting “a young Yugoslavian photographer, whose real name was Dora Markovic ”was a collector from Saudi Arabia.

And although this event is undoubtedly very joyful for the whole world of art and for the owner of the canvas in particular, it emphasizes the importance of introducing blockchain technology into the organization and storage of information in the industry, worth $ 63.7 billion. Stephen Howes, a spokesman for Thomas Crown Art, expressed his concern about the fact that crime against works of art, affecting even artists such as Van Gogh and Da Vinci, is growing steadily and aggressively requires decisive action with modern security systems:

“It’s a problem that seems to be on the rise. It has been reported that the vast majority of art and antiquities on major retail bidding sites are thought to be artistic fakes. Meanwhile, according to research, more than 90 per cent of museum art thefts involves an insider, often using high level forgery techniques to produce fakes.”

For example, Thomas Crown Art uses the blockchain technology to process Certificate of Provenance for information processing and the safety of works of art. He is convinced that if such a technology existed during the theft of Picasso’s canvas, then this tragic event would simply not have happened. The following statement was made:

“blockchain provides the ability to store a permanent, immutable record of artwork at the point of creation or beyond which can be used to authenticate registered works by anyone with an internet connection.”

The cost of the art industry is estimated at $ 63.7 billion!

Although many are truly convinced that we live in the Golden Age, it is impossible to deny such a global problem as social inequality, when the gap between wealth and poverty widens every day. While part of the world’s population fights for existence every day, another bathes in luxury and surrounds itself with splendor. The information in figures presented by The Art Market can be represented as follows: since 2014, the art market has grown by 12%, which means that more and more people are eager to buy luxury goods and collectibles, which led to the collection in 2017 of $ 63,7 billion.

Similar statistics from Statista suggests that the amount of $ 63.7 billion was collected as a result of almost 40 million transactions for the purchase – sale of art objects that occurred in 2017. Obviously, such events made a significant contribution to the US economy, and according to a report submitted jointly by the US Commerce Department’s Bureau of Economic Analysis and the National Endowment for the Arts, today the art industry generates more than $ 750 billion a year according to statistics for the last 20 years old. According to the same report, only in 2015 and only in the USA, $ 372 billion was earned from the sale of art and collectibles.

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