A wealth manager, technologist, angel investor and art patrons walk into a bar, what do you get? No, seriously, what do you get? While this may seem like a joke to some tech investors, for those who have wondered how to lead today’s $55 billion art market out of the analog dark ages in 2022, managing the art as an asset is no joke. In fact, it’s as close to the holy grail as we’re likely to get in a market that’s remained largely unchanged for the past 370 years.
The five-year saga to launch ATO Platform – a bloated, tech-rich asset management solution brings financial logic and pricing transparency to the art market. The ATO platform was designed to be a leader in the areas of tracking and authenticating art sales. Its mission, which even James T. Kirk would have avoided, is to use asset management technology and practices, support artists, encourage fair use, and create a sustainable distribution of profits within the industry. artistic ecosystem.
Filling a gap in today’s market, ATO provides solutions to something that has plagued the art world since the 1650s, when intermediaries – art dealers – arrived on the art scene: it is the lack almost total accessible sales data to rely on. as the basis for an honest sale and purchase.
Of course, the recent explosion of counterfeits is a problem. And the pinning of the artist as it is mainly those who sell the artist’s work who benefit from it, is also a problem. Although both issues are much more recent. Counterfeiting and the exploitation of artists only really took off in the 1860s and 1870s.
To say that there has been a demand for this type of solution is a gross understatement. Why did it take so long? For the same reason, 96% of companies in FINTECT BONANZA 2016 is that the economy and art industry players are extremely rooted. A frontal assault – tried many FINTECHs – just won’t work. A business model had to be created where artists, dealers and collectors each had a path to better business. And that’s what ATO has built. The platform connects with artists and encourages fair transactions through transparent sales data and artist resale royalties. This discourages – or rather can help weed out counterfeits quickly through community-driven, artist-supported tracking. Additionally, ATO supports artists’ need for capital; giving them the resources and tools to manage their creations. And of course, the financial windfall for patrons and collectors is very attractive. What was once an uncertain, untraceable and difficult to value collection is now managed like any of their other investment portfolios. With ATO, it’s like going from a handwritten tag claiming authenticity and a price to a Bloomberg terminal report on their painting, sculpture, and other artwork.
The core of ATO’s mission is to advance artists; careers while demystifying the art collecting experience. Founder Carrie Christine Eldridge developed the company’s holistic business model, advised by an impressive list of executives, board members and advisors, including Lisa Koonce (Chairman), Peter Classen (COO) Bennet Grutman, 2017 Nobel Laureate in Economics, Dr. Oliver Hart, and , Cathy Barrera and Guido Molinari, Founders of Prysm Group, a Blockchain Consulting Agency and more. The company’s CTO, Benjamin Stewart (formerly UBS, Betterment), will launch the platform on Polkadot’s newest parachain, Moonbeam, to ensure the ATO is secure and responsive to new developments in the blockchain space.
Eldridge is a former wealth manager at Morgan Stanley and one of the very few black female founders of the blockchain and art space. Research shows a staggering funding gap between male and female start-ups. The latter receive up to 50% less funding and there are far more male founders than female founders. Business Insider notes that in 2020, only 93 black women had raised $1 million or more in venture capital funds. The statistics for founders of color are dire. Eldridge comments, “We are leveraging technology to provide equal opportunities for artists. The statistics on the representation of female artists and BIPOC are disheartening. Artists want to be recognized for their vision, without having to overcome additional hurdles based on their gender or skin color. The same goes for tech founders. To date, the ATO platform is funded by art industry insiders, team members, and blockchain savvy investors.
ATO’s primary sources of revenue come from tagging and tracking physical and digital art and collecting royalties on behalf of registered artists. According to an ATO survey of 3,000 artists, over 89% are willing to pay between $50 and $300 to establish the authenticity of their work with the possibility of receiving a royalty upon resale. Eldridge predicts: “The market potential is. massive, if we acquire just 0.1% of the contemporary artist target market, we will earn $270 million in annual revenue 5-7 years after launch. Active since 2016, ATO has always been at the forefront of blockchain developments and art. In 2018, ATO Gallery facilitated the sale who set the world record for the most expensive physical artwork purchased with Bitcoin. “As we launch the ATO platform, collectors will continue to turn to us to securely track transactions and appreciation of art value,” comments Eldridge.
The company aims to disrupt the interiors industry, working with an extensive network of artists, galleries and residency programs, with nearly 4,000 artists expressing interest in using the platform ahead of launch.