Blockchain Press Releases
Artmarket.com: according to Artprice global auction data, China’s art market is gradually returning to form
PARIS, July 12, 2023 /PRNewswire/ — Appearing rapidly at the head of the international art scene in 2010 with an annual art auction turnover total suddenly exceeding $3 billion, the Chinese marketplace has gradually structured itself around Beijing, Shanghai, and Guangzhou, but also increasingly around Hong Kong. Indeed, since the Covid-19 health crisis, Hong Kong has become the primary art market hub in the entire Asia-Pacific region. This year, however – and for the first time in ten years – Hong Kong is experiencing a slight contraction in its art market activity. Meanwhile, mainland China is slowly returning to a growth path.
thierry Ehrmann, President of Artmarket.com and Founder of Artprice: “We have had a privileged partnership with the Chinese group Artron for over a decade, and it is this long collaboration that allows our joint reports to identify and analyze the stabilization of China’s art market, with an effective reorganization of its market”.
Two works fetched over $30 million
At $33.1 million, on 24 February 2023 in Beijing, Yongle Auction hammered China’s best fine art result of H1 for an ink on paper by Cui Ruzhuo, Rafting In Wind And Rain (2019). It was also the best result in mainland China for over five years. But it was only the 18th best fine art auction result in mainland China’s auction history, a long way behind the $140 million hammered in 2017 for the 12 drawings that make up Qi Baishi’s Screens of Landscapes (1925).
In Hong Kong, on 5 April 2023, an ink on paper enhanced with gold by Zhang Daqian, Pink Lotuses on Gold Screen (1973), was acquired for $32.1 million at Sotheby’s. The island still fosters and promotes exchanges between East and West, recording multi-million dollar results for works by Yoshitomo Nara and Yayoi Kusama and works by Pablo Picasso and Jean-Michel Basquiat. At the start of the year, canvases by Miro, Magritte, Zao-Wou-ki, and Chagall naturally blended with sculptures by Jeff Koons and ultra-contemporary works by Matthew Wong, Nicolas Party, and Avery Singer in the finest Hong Kong catalogs.
In total, Artprice has detailed data for nearly 16,000 fine art lots sold at auctions throughout China between 1 January and 30 June 2023. Hong Kong retains the highest average fine art lot price in the world (just under $230,000) with 2,600 works generating $595 million (incl. buyer’s fees). But mainland China’s data is also honorable with over 10,000 lots fetching an average price of $78,000.
+180% growth in mainland China
While the art market is experiencing a sharp contraction in almost all Western countries, mainland China has posted relatively positive figures for H1 2023. Although it is still far from its exceptional performances of ten years ago, the country’s fine art auction market generated almost three times more turnover than in H1 2022, which was hampered by the country’s zero-covid policy at the time. However, the recent dynamism may have been boosted by sales that were simply rescheduled from last year; so it remains to be seen if the second half will post equally buoyant figures.
The performances of Chinese auction houses China Guardian, Poly, Yongle, Rombon, and Xilling have once again become all the more important since Western auction operators are no longer hosting sales in mainland China for the time being. Their sales have been entirely focused on Hong Kong, consolidating a turnover that has been growing steadily over the last two decades.
There is little doubt that the international art market is eager to see key works by the superstars of contemporary Chinese art resurface on the market. In H1 we saw several 7-digit results for works by Chen Yifei, Liu Ye, and Zhou Chunya, among others, and Bonhams sold Zeng Fanzhi Mask 2000 No. 3 (2000) for $3.1 million in Hong Kong. This result is consistent with those recorded ten years ago for the same series, but the works of these great names of ‘new Chinese painting’ have been circulating with much less intensity, and their masterpieces have been surprisingly discreet in auction rooms over the past three years.
Images: [https://imgpublic.artprice.com/img/wp/sites/11/2023/07/image1-china-s-fine-art-auction-turnover.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2023/07/image2-Zhang-Xiaogang-Wan-Jie-thierry-Ehrmann.jpg]
Copyright 1987-2023 thierry Ehrmann www.artprice.com – www.artmarket.com
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About Artmarket:
Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.
See certified biography in Who’s who ©:
https://imgpublic.artprice.com/img/wp/sites/11/2023/04/2023_2_Biographie-thierry-Ehrmann_WhosWhoInFrance.pdf
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 817,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).
Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
Artprice by Artmarket’s Global Art Market Report, “The Art Market in 2022“, published in March 2023:
https://www.artprice.com/artprice-reports/the-art-market-in-2022
Artprice releases its 2022 Ultra-Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
The Artprice 2022 half-year report: the art market returns to strong growth in the West:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com
Index of press releases posted by Artmarket with its Artprice department:
https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 6.3 million followers)
Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
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Contact Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/artmarketcom-according-to-artprice-global-auction-data-chinas-art-market-is-gradually-returning-to-form-301875461.html
ABU DHABI, UAE, May 10, 2024 /PRNewswire/ — Venom, an innovative layer-0 and layer-1 blockchain network capable of hosting projects at massive scale, has continued to expand its offerings, this time forming a strategic partnership with KuCoin Ventures, the investment arm of KuCoin, a leading global crypto exchange.
The partnership follows on the heels of Venom’s launch into mainnet and the listing of the VENOM token on KuCoin.
One of the most anticipated new blockchain projects, the Venom network, has continued to make inroads across the blockchain industry following its launch into mainnet earlier this year. Venom has drawn attention due to its unique capabilities as both a layer-0 and layer-1 blockchain. The network is powered by Mesh technology, which allows it to communicate seamlessly and at great speed with other, independent networks.
Built to be capable of hosting massive platforms and projects, specifically global payment systems and CBDCs, Venom has emerged as one of the most promising new networks, with capabilities that could revolutionize what is possible in global commerce.
Now, the network has put itself in a prime position to further expand and integrate with other blockchain projects by reaching an agreement with KuCoin, one of the industry’s largest exchanges. KuCoin is one of the top-ten cryptocurrency exchanges with a daily trading volume of well over $500 million.
The new partnership would involve Venom receiving investment support for its VENOM token, while also providing enhanced visibility for projects integrated with the Venom blockchain on KuCoin. KuCoin Ventures will also provide support and resources during and after Venom projects on-boarding process.
Reached for comment on the new partnership, Venom Foundation CEO Christopher Louis Tsu had this to say: “This new partnership with KuCoin Ventures, the investment arm of KuCoin exchange, which is one of the industry’s largest and most important exchanges, marks a new chapter for the Venom network. This will open a lot of new doors for Venom and set the stage for collaborative work that will redefine this industry and allow Venom to reach its full potential. We are all very eager to see this come to fruition and what lies ahead for both us and KuCoin Ventures.”
About Venom:
Venom is a cutting-edge layer-0 and layer-1 network, seamlessly communicating and integrating with other independent networks through its innovative Mesh technology. The Venom ecosystem is anchored by a masterchain, which manages the overall network state and consensus, while workchains — an unlimited number of autonomous chains — host user accounts, smart contracts, and decentralized applications. Mesh technology revolutionizes inter-chain communication, optimizing interactions without compromising speed or unparalleled scalability. With a robust technology stack that ensures rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is the ideal network for hosting CBDCs and other large-scale platforms. Learn more at https://venom.foundation/
About KuCoin:
Launched in September 2017, KuCoin is a leading global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 800 digital assets and currently provides Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 30 million users in more than 200 countries and regions. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards.
Learn more at https://www.kucoin.com.
Contact for Venom foundation:
Email: [email protected]
Photo – https://mma.prnewswire.com/media/2409905/Venom_Foundation.jpg
View original content:https://www.prnewswire.co.uk/news-releases/venom-and-kucoin-ventures-forge-strategic-partnership-302142400.html
A new bill introduced in the U.S. House of Representatives, known as the Blockchain Integrity Act, seeks to address concerns surrounding the use of cryptocurrency mixers and tumblers. The proposed legislation aims to regulate these privacy-enhancing tools, which are often used to obscure the origins of cryptocurrency transactions.
The bill, if passed into law, would impose strict regulations on the operation of cryptocurrency mixers and tumblers within the United States. These tools, which allow users to mix their funds with those of other users to obfuscate the transaction trail, have raised concerns among law enforcement agencies and regulators due to their potential use in money laundering, terrorist financing, and other illicit activities.
Under the Blockchain Integrity Act, operators of cryptocurrency mixers and tumblers would be required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Failure to register or comply with these requirements could result in significant penalties, including fines and imprisonment.
The proposed legislation also seeks to empower law enforcement agencies to investigate and prosecute individuals and entities that operate unregistered cryptocurrency mixers and tumblers. By enhancing regulatory oversight and enforcement capabilities, the bill aims to safeguard the integrity of the blockchain ecosystem and prevent the illicit use of cryptocurrencies.
However, critics argue that the Blockchain Integrity Act could stifle innovation in the cryptocurrency space and infringe on individuals’ privacy rights. They contend that while cryptocurrency mixers and tumblers can be used for illicit purposes, they also serve legitimate privacy-enhancing functions, such as protecting users’ financial privacy and security.
The introduction of the Blockchain Integrity Act reflects growing concerns among policymakers about the potential risks associated with cryptocurrencies and their use in illicit activities. As lawmakers continue to grapple with these issues, it remains to be seen how the regulatory landscape for cryptocurrencies will evolve in the United States and around the world.
Source: cointelegraph.com
The post Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years appeared first on HIPTHER Alerts.
The government-owned KfW Bank, based in Germany, is delving further into its plans to issue digital bonds leveraging blockchain technology. This move underscores the institution’s commitment to exploring innovative financial solutions in the digital age.
The proposed digital bond issuance is poised to mark a significant milestone for KfW, as it seeks to embrace the transformative potential of blockchain technology. By tokenizing bonds on a blockchain platform, KfW aims to streamline the issuance process, enhance transparency, and optimize operational efficiency.
One of the key advantages of digital bonds lies in their potential to reduce the reliance on intermediaries and streamline the entire bond lifecycle. Through blockchain-based tokenization, KfW aims to automate various aspects of bond management, including interest payments and maturity settlements, thereby reducing the need for manual intervention and minimizing operational costs.
Moreover, digital bonds have the potential to enhance liquidity in the secondary market, allowing investors to trade bonds seamlessly on digital asset exchanges. This increased liquidity could attract a broader range of investors, thereby diversifying KfW’s investor base and potentially lowering borrowing costs.
In addition to the issuance of digital bonds, KfW is also exploring the integration of blockchain technology into other areas of its operations. By leveraging blockchain for various use cases, such as trade finance and supply chain management, KfW aims to unlock new efficiencies and drive greater transparency across its ecosystem.
Overall, KfW’s foray into blockchain-based digital bonds underscores its commitment to innovation and its recognition of the transformative potential of blockchain technology. As the institution continues to explore and implement blockchain solutions, it is poised to stay at the forefront of digital innovation in the financial sector.
Source: ledgerinsights.com
The post Government-owned KfW elaborates on blockchain digital bond plans appeared first on HIPTHER Alerts.
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