Introduction to AI in Art Valuation
The use of artificial intelligence in the art world has been gaining traction, with its ability to spot fakes, authenticate works by Old Masters, and even create artworks without human involvement. However, its role in price setting has been relatively understated. The art market is notoriously opaque, with limited information on what something costs, making it challenging for art advisors to inform their clients about a possible purchase. This is where AI comes in, helping to bridge the gap by analyzing auction sale patterns and market performance for an artist.
Rembrandt’s The Night Watch being examined by a robot at the Rijksmuseum in 2023. Photo by LUDOVIC MARIN/AFP via Getty Images
How AI is Used in Art Valuation
A growing number of companies have developed programs using AI technology to help with art valuation, including iownit, Wondeur, ARTDAI, and the Winston Artory Group. Alex Glauber, an advisory board member of ARTDAI, notes 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.
Wondeur’s model is fed massive amounts of information about art galleries and museums, as well as about artists and artworks, to identify patterns in the career trajectories of artists of all types, from emerging to world-famous, that can create comparables. Olivier Berger, co-founder of Wondeur, states that “A.I. can understand why and when the value of an artist’s work changes over time, bringing explainability to art values in the past, present and future.”
Expert Insights on AI in Art Valuation
Nanne Dekking, co-founder and co-executive chairman of the Winston Artory Group, describes himself as a “firm believer in human expertise” when it comes to assessing the value of artworks. However, he also sees the need for more facts rather than subjectivity when ascertaining the value of art. Dekking notes that “as art and collectibles become a larger share of private portfolios, many collectors and their advisors face a persistent challenge, which is understanding the current value of these assets in a way that is reliable, defensible and actionable.”
Nanne Dekking of the Winston Artory Group describes himself as a “firm believer in human expertise” when it comes to assessing the value of artworks. Courtesy Winston Artory Group
Blockchain Technology in Art Valuation
A key element of Artory, which is now available to Winston’s client base, is its use of blockchain technology to register and validate research and due diligence information on artworks in a client’s collection. Blockchain creates tamper-proof, time-stamped records of ownership, provenance, value, and condition that enhance opportunities for liquidity and make it easy for collectors to grant permissioned access to insurers, attorneys, financial advisors, and estate planners.
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Image Source: observer.com
