From Observer, October 8:
When it comes to determining the value of artworks and spotting emerging trends, some industry players are betting that A.I. can provide a data-driven counterbalance to instinct, taste and connoisseurship.
The use of artificial intelligence in the art world has been touted for its supposed ability to spot fakes and authenticate works by Old Masters, identify which emerging artists will become the next superstars and even create artworks without human involvement. It’s all very space age and largely niche. But behind the scenes in a rapidly changing art market, A.I. is already playing a significant role in price setting.
Perhaps necessarily. The art market is “notoriously opaque,” New York City art advisor Alex Glauber told Observer, as the only information on what something costs comes from auction sales records—and only a small percentage of artworks are sold at public auctions. Most sales are made by galleries and dealers who never disclose what buyers paid. How are art advisors supposed to inform their clients about a possible purchase if they don’t know whether a price is reasonable? How are insurers supposed to write fine art policies for collections if the appraisers they rely on have little to no access to the prices paid for artworks?
A growing number of companies have developed programs using A.I. technology to help with just that, including iownit, Wondeur, ARTDAI and the Winston Artory Group. Glauber, an advisory board member of ARTDAI, noted that while “databases allow you to compile auction comparables, ARTDAI distinguishes itself in what you can do with that information. The platform can autogenerate tailored reports that analyze auction sale patterns and market performance for an artist. From there, you can upload artwork details for works that have not been publicly sold at auction, and ARTDAI can analyze the inputted transaction data against historical auction results to surmise a fair market value based on public auction data.”....
....MUCH MORE
For more on the pretty picture up top we have on offer:
"Hidden for centuries, Rembrandt's secrets are finally being revealed"
We've visited the star of the show a few times, more after the jump.
And on art appraisal (among dozens):
"The 6 Most Statistically Full of Shit Professions"
#6. Stock Market Experts
#5 Wine Tasters
#4. Art Critic
....MUCH MORE
Hmmm....a disturbing trend appears to be emerging.
If interested see also the Joseph Duveen series:
- Duveen: The Greatest Salesman Ever
- Duveen, The Greatest Salesman in the World: Early Days
- Duveen the Art Dealer: The Greatest Salesman in the World Pt. III
- Duveen, The Greatest Salesman in the World: Isabella Stewart Gardner, Bernard Berenson and the Boston Connection Pt. IV
- The Greatest Salesman in the World: Duveen Buys and Sells Gainsborough's "Blue Boy"
Joe Duveen went from being one of thirteen children of a successful
Jewish-Dutch importer to being
1st (and last) Baron Duveen, all because of a simple observation:
"Europe has a great deal of art, and America has a great deal of money."
On that "Great deal of money", his buy-side clients included J.P. Morgan, Henry Clay Frick, William Randolph Hearst, Henry Huntington, Jules Bache , Andrew Mellon and John D. Rockefeller.
On the sell-side various European Aristos e.g. the seller of the painting below, the landlord known as the Duke of Westminster....
Ha, Duveen lives!
