Arcual CEO Bernadine Bröcker Wieder on Blockchain for Art Market
Arcual, a blockchain platform founded in November 2022 by LUMA Foundation and MCH Group (parent of Art Basel), aims to digitize primary market transactions for artists, galleries, and collectors. CEO Bernadine Bröcker Wieder discussed with ArtReview's J.J. Charlesworth how Arcual uses smart contracts to automate consignment and sales agreements, including resale royalties. The platform starts with Art Basel galleries, using a private blockchain with fiat currency to avoid crypto skepticism. At Art Basel Hong Kong, galleries Monique Meloche, Commonwealth and Council, and Galerie Greta Meert will consign works by Layo Bright, Kenneth Tam, and Liam Everett. In Copenhagen, von Bartha will present Athene Galiciadis's solo exhibition 'Measuring the World' (18 March – 13 May), with all works sold via Arcual. Arcual plans gradual decentralization and future tools for museums, like those with Para Site in Hong Kong.
Key facts
- Arcual launched in November 2022 by LUMA Foundation and MCH Group.
- Arcual uses smart contracts for consignment and sales agreements.
- Resale royalties are automatically enforced via smart contracts.
- Arcual works with fiat currency, not cryptocurrency.
- At Art Basel Hong Kong, galleries Monique Meloche, Commonwealth and Council, and Galerie Greta Meert will use Arcual.
- Artists Layo Bright, Kenneth Tam, and Liam Everett are consigning works through Arcual.
- In Copenhagen, von Bartha will sell Athene Galiciadis's works via Arcual.
- Arcual collaborates with Para Site in Hong Kong for an event.
- Arcual plans to expand to museums and institutions.
- Arcual uses a private blockchain with data privacy by default.
Entities
Artists
- Bernadine Bröcker Wieder
- J.J. Charlesworth
- Maja Hoffmann
- Layo Bright
- Kenneth Tam
- Liam Everett
- Athene Galiciadis
Institutions
- Arcual
- LUMA Foundation
- MCH Group
- Art Basel
- ArtReview
- Monique Meloche
- Commonwealth and Council
- Galerie Greta Meert
- von Bartha
- Para Site
- BCG X
- Salesroom
- Zurich Art Weekend
- LUMA Westbau
Locations
- Hong Kong
- China
- Copenhagen
- Denmark
- Miami
- United States
- Paris
- Brussels
- Madrid
- Basel
- Switzerland
- France
- Spain
- New York
- Zurich