Would you rather have a stack of physical papers or a blockchain certificate to go along with your $3.4 million Rolex?
Now, Christie’s is extending its work in the realm of blockchain beyond the visual arts and into its sale of luxury watches. At the auction house’s Rare Watches sale in Geneva last week, Christie’s once again piloted the use of an incorruptible digital certificate, dubbed Watch Certificate, recorded forever on the blockchain, to store the details of a particularly valuable lot. Its the kind of technology that is highly valuable when protecting a big sale such as, for example, it’s recent $3.
“The use of Watch Certificate for important collector’s watches is an added value, both for the current owner and for the future buyer. It allows total transparency thanks to the expertise of an independent third party. This is exactly what the new generation of collectors wants,” says Rémi Guillemin, Head of Watches and Wristwatches Department at Christie’s Geneva.
With Watch Certificate, the new owner of the watch will be able to request an update on the value of the watch, obtain assistance in the event of theft, take out additional insurance against theft with aggression and transfer the watch in the event of a future sale.
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