Officials hope that it will mean higher returns for collectors and make it easier to transfer huge sums of money for expensive works.

The ArtBank is the world’s first digital bank for art and it was launched as part of Art Dubai in March in a bid to make the city a creative hub.

Shaikha Latifa Bint Mohammad Bin Rashid Al Maktoum, vice-chairman of Dubai Culture, said: “Dubai’s leadership firmly believes that art and creativity can make key contributions to enhancing the happiness of society and encouraging a culture of innovation.

“This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life.

“I am confident that the initiative will help integrate the art industry more closely into the digital world and inspire the growth of a thriving creative ecosystem based out of Dubai.”

Art Dubai returned for its fifth year last month, featuring a record 103 galleries from 47 countries.

Alongside 78 returning galleries, the fair welcomed 27 first-time exhibitors from around the world.

As well as the usual contemporary and modern sections, the event the addition of a residents’ section, showcasing a selection of ten solo gallery presentations.

And last weekend, World Art Dubai showed off a curation of more than 4,000 inspirational works.

The fourth season featured more local, regional and international artists than ever and showcased phenomenal talent from across the globe at the World Trade Centre.