The ‘HOCKNEY Night with ARTBLOC’ held on September 19th became a huge success for the company, an art blockchain project based in Seoul, South Korea. It introduced the world’s first fractionalized ownership of David Hockney’s two latest artworks. It was held at LOUNGE’X, a café with the state-of-the-art robot barista, located inside of the Gangnam N Tower.
More than 300 people had lined up to enter the site, were never before seen works by the British artist were on display. It was an exciting moment for art enthusiasts in Korea, as the phenomena surrounding Hockney had been at its peak all year long. Since gaining the title of “the most expensive artist in the world” last year, there have been numerous documentaries and movies made— evident of the country’s growing enthusiasm towards Hockney.
Started in March 2019, ARTBLOC is an art blockchain project that uses the method of an artwork’s fractionalized ownership. The sale of a fractionalized ownership is a practice of selling possession by dividing 1/n titles per piece.
It’s a highly innovative way of reducing the burden of existing problems regarding art investments, as one does not need to physically obtain an artwork to gain profits. The company is inclusive of helping art investors and all art enthusiasts.
This fractionalized ownership sale of Hockney’s two works are still available online at: https://artbloc.io/david_hockney
HOCKNEY Night received highly positive reviews from South Korea’s art and tech-savvy audiences, elevating the bar for ARTBLOC’s future events and ventures.