JUDY PEARSON is an Agentic Group member and President of the Private Asset Management Group at Breckenridge Insurance Group. She is also the co-founder and former President of the ARIS Title Insurance company, which insures some of the world's most valuable fine art and collectibles. Judy has truly taken the Blockchain concept by the horns.
So without further delay... here are her 5 Questions:
AG: You have a rather unique take on Fine Art as an asset class -- will you please explain it for our members and readers?
JP: With the increasing escalation of values in the art (and other important collectibles) market collectors potentially face significant capital gains which also creates significant, evolving risks. To move art from a passion purchase to an asset class, collectors must adopt transactional standards that exist in all other assets classes.
AG: Coming from the world of Fine Art Title Insurance, what caused you to focus on the Blockchain?
JP: I think that Blockchain technology can initially be used to solve some transactional defects that are unsolvable by contacts or risk transfer. Moreover, with smart contacts, information can be stored and tracked, which could significantly reduce — if not eliminate — both ownership and authenticity risks.
AG: How do you see the Blockchain affecting your sector in the next 5 years?
JP: Blockchain technology has the ability to make transferring titles of art more efficient. This is a major pain point in my industry. In making title transfers more efficient, our goal is to reduce some of the risks, which in turn would create a seismic shift in risk modeling.
AG: What are the major obstacles that Blockchain adoption will face in your industry?
JP: The art market is the last, largest, lawful unregulated business which has thrived on the lack of transactional transparency. Because of the emotional aspect of collecting, it has been a challenge to constantly apply transactional standards that exist in all other asset classes. As collectors of art and other fine collectibles continue to advance the notion of financialization, the market will need to adopt emerging and evolutionary technologies like the Blockchain.
AG: What advice do you have for those who are starting to learn more about the Blockchain in general?
JP: There are a number of resources being devoted to Blockchain technology. My recommendation is to go to seminars, read the periodicals and join Agentic. I have learned so much about the space, and every interaction I have with fellow members brings me closer to understanding and deploying Blockchain solutions specific to my company's needs.
AG: Well thanks, Judy... We look forward to hearing more about your groundbreaking work in the near future!
JP: You're welcome. So do I!