The concept of Artist’s Resale Rights (ARR) is one whereby an artist, or an artist’s estate, has a legal right to benefit financially when their artworks are resold on the secondary market. With the ever-increasing popularity of artworks and the skyrocketing values, it is easy to see how an artist can be cut out of the meteoric increases which can affect their works once they leave their studio.
That is where ArtXtransfer comes in … a new type of protection for Artists and their legacy based on blockchain technology.
ArtXtransfer is an innovative solution developed through a partnership with Yaliyomo! Blockchain technology. The concept is simple … whenever an art piece is sold on the primary market, we create a digital twin (non-fungible token) which contains the certificate of authenticity. For ownership and clear title of the physical piece to change hands, the digital twin (certificate of authenticity) must be transferred. In order to do so, the royalty due to the artist as ARR’s must be paid. This fee is collected by ArtXtransfer and remitted to the artist or their heirs.
The ArtXtransfer platform is easy to use:
1. Galleries upload their inventory, and a digital twin is created for certificate of authenticity;
2. When the artwork is sold, the certificate of authenticity is transferred to the buyer’s wallet with a clause establishing the ARR percentage;
3. On any future resales, in order to transfer the certificate of authenticity and ownership, the seller pays the ARR royalty. ArtXtransfer collects this fee and makes it available for collection by artist or their estate.
Over and above the collection of royalties, ArtXtransfer offers a number of key advantages:
1. Guarantees clear title and ownership through the digital twin;
2. Provides the full provenance of the art piece through the Yaliyomo! Blockchain technology;
3. Guarantees authenticity of the artwork;
4. Provides an on-going link between the galleries and the eventual owner / collector;
ArtXtransfer and Yaliyomo! are pioneering blockchain technology to create a traceable, transparent record for the provenance and authenticity of art pieces. Furthermore, we are incredibly proud to be playing a role in the advancement of technology for the protection of Artist’s Rights and future interests.