"smART" Art Explained - Solving Issues Faced By Artists

June 28, 2018

If our concept of "smART Art" makes no sense to you, read on...

The idea leading up to the creation of "smART" Art came about as a result of the desire to solve a number of issues facing modern day artists by collector and agent Stephen Howes. Explaining how it works and the benefits of the concept we have created is probably best done by elaborating a little more on the problems themselves for those not familiar with the art world itself. We'll be covering how Thomas Crown "smART" solves a variety of issues from different perspectives in a series of posts - starting with the Artists view and position in the industry.

The Issues Faced By Artists

From the artists perspective it's often said that even the most talented of artists tend to struggle to enter the "big league" as it were with respect to individual pieces achieving those magical multi-million dollar sale prices within their own lifetime - arguably a depressing state of affairs considering the passion, dedication and talent artists commit to their chosen careers.

Exhibiting, Promotion and Recognition

Even the most talented artists still need to promote and exhibit their works to gain recognition and hopefully attract attention from collectors, dealers and investors. Most artists are by nature focused on their work with little time to focus constantly on self-marketing and promotion and essentially become reliant on either being "discovered" or falling prey to unscrupulous agents and high fees.

To Print or Not to Print? Maintaining Credibility 

Artists today of course have the option to produce and sell prints of their works, but even then, maintaining value is reliant upon limited supply and ensuring quality is high - high quality print production comes at a cost to the artist initially and whilst one might argue it's not an insurmountable problem, proving and documenting limited edition print runs beyond any doubt has always relied heavily on an element of trust from the buyers side with no easy way to conclusively prove their own credibility with their works.

Establishing Provable Provenance

The road to becoming an established artist for most is long to say the least, highlighting an issue often overlooked by artists during the earlier stages of their careers - establishing a provable, immutable chain of provenance for their works. The art world is certainly no stranger to forgers and counterfeiters by any means costing the industry an untold fortune - not only where fakes are sold as originals, but the costs involved when attempting to document an authentic chain of provenance after the fact is incredibly expensive - even if the attempt is unsuccessful. A solid chain of provenance makes the world of difference where sale prices are concerned - the tale of Leonardo da Vinci's Salvator Mundi is one of the best illustrations demonstrating just how valuable provenance is.

Providing a Route to Recognition

Whilst the Thomas Crown "smART" Art application won't make anyone an instant Van Gogh, it opens up a world of publicity few artists have the time or inclination to educate themselves on to a level that is useful. In cases where original artwork has been processed in the "smART" system and the artwork framed and the QR code attached - the artist is then able to attract donations through the artwork itself wherever it is on display - galleries are beginning to appear that embrace the concept in an industry set to expand as the cryptocurrency and blockchain technology industries become acquainted with the art world.

Monetising Through Genuine Limited Edition Prints

The "smART" Art application enables artists to produce limited edition print runs of their works with immutable, independently verifiable proof of how many prints exist with each print in the run being documented on a blockchain that, when queried, returns all the details of any given print in the run, right down to the number of each print and total number of prints issued along with of course the details of the piece itself and details of the artist. Granted the printing itself still has a cost associated, however, the risk of devaluing works or credibility by doing so is greatly reduced whilst still enabling the artist to generate revenue.

A Permanent Provable Chain of Provenance

All "smART" Art enabled artwork (whether an original or print) has by default a solid chain of immutable provenance from the moment it is processed and recorded on the blockchain - no-one can edit or change the original record of creation once it's been written (even Thomas Crown Art cannot alter the record after the fact). The blockchain record of each piece can of course have information added to it, for instance if the artwork is resold by an owner to another person - the record is updated as the artwork is transferred. The only editing possible for want of a better term is if a piece is stolen or destroyed - at which point only the current owner of the work and the private keys associated to it can update the blockchain record to mark the work as "destroyed" using the Certificate Check function (only after they have transferred any cryptocurrency stored using the artwork address).

Artists are invited to register with Thomas Crown Art on our contact page to learn more about using "smART" Art.

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