Art&Co. Online Art Auction for COVID Relief Records Fund Distribution on the Blockchain
LONDON, Jan. 18, 2022 /PRNewswire/ -- Art&Co. ("Art&Co."), the world's largest online art auction for Covid relief that connected art, finance and support groups, brings continued relief to COVID-19 victims a year on, via blockchain technology provided by LuxTag.
Records of funds raised and dispensed to seven charities and various artists were documented using LuxTag's blockchain solution, providing a perpetual audit trail. The receiving charities providing healthcare, food, medicines and guidance to those affected by the contagion were ICU steps, The Care Workers Charity, Khalsa Aid International, Painting Our World in Silver, Solace Women's Aid, Za Teb and Race on the Agenda.
The artwork collated came from more than 30 emerging artists as well as famous creators such as Pablo Picasso, Salvador Dali, Jeff Koons and Andy Warhol. The aggregate value of art available in the auction was £1.65 million ($2 million) with prices ranging from £1,000 ($1,250) to £36,000 ($45,000). All art created represented themes connected to the continued trying times, such as health, nature and spirituality.
"Blockchain technologies provide an immutable record of transactions, transparent and open for nspection 24/7," said PremFina Group CEO Bundeep Singh Rangar. "The use of LuxTag's blockchain technology not only helped record the dispersion of funds to charities, it bridged a gap between art and technology via a philanthropic cause."
"Artwork is of unique beauty and often, the beauty lies in its uniqueness. At LuxTag, we work hard to protect unique objects and their authenticity, so projects like Art&Co. 2020 are duly close to our heart," said Jeff McDonald, the founder of LuxTag. "Blockchain technology, authenticity and provenance of artwork are vivid examples of how traditional crafts can be enhanced with modern tech."
Silicon Valley tech investor Tim Draper hosted the final live auction event to drum up donations for the live Art&Co. auction, while commenting on the ability of blockchain technologies to record provenance, authenticity and ownership of art objects.
Fundraising for charities and not-for-profits has become increasingly significant as demand for their services have increased and conventional funding routes have shrunk. More than 300 million infections have been recorded worldwide and new virulent variants of the coronavirus have emerged, such as Omicron and Delta. Nearly 15 million people have been infected in the UK, resulting in more than 150,000 deaths.
Art&Co., the world's largest online auction for Covid relief, was the first initiative launched by InsurAid, a company set up to encourage corporate and personal donations to support those affected by coronavirus, as well as other humanitarian disasters, public health and safety crises. Since its launch, the initiative raised funds for seven frontline organisations (charities and not-for-profits). Art&Co. partnered with LuxTag, a blockchain technology, to record the distribution of funds to the charities and artists.
Art&Co. website: https://www.artandco.net
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