How AI is changing the Art Market

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AI

You can also find out more about us on our website. Lockdowns for COVID-19The art market has shifted from local sales to remote sales. Collectors use tools such as augmented-reality simulations, online viewing areas or even high-resolution photos to view and purchase artworks from afar.

AI is the latest technological innovation that has revolutionized the world of digital arts. AI tools like ChatGPT or image generators such as DALLE, which synthesize large amounts of data, can automate repetitive tasks. They can also use public information in order to create new expressions of digital “art” or texts.

AI is already being used by some artists, such as SougwenChung, Anna Ridler, to enhance their artistic practices. AI-Art software has been adopted in the commercial arts industry. Artsy interviewed a cross-section of the art industry, including advisors and entrepreneurs, to find out their thoughts on how AI Tools will affect buying behavior.

AI has proven to be a useful research tool for Tina Kim Gallery which promotes international contemporary artists. This is particularly true when it comes down to texts that require translation. Diana Lee, the gallery’s manager of artist and press relations, said there is a great deal to do when researching non Western artists. AI can help understand what we found both before and after 1984, when the romanization from Korean to English changed.

Lee says that gallery staff use AI to ensure the tone of emails is appropriate for the recipient based on their age and generation. In many Asian languages the tone of an e-mail must be adjusted based on the recipient’s age and generation.

Tina Kim Gallery, according to Lee, does not plan on using AI for pricing. She said the gallery has enough experience with artists at various stages of their careers, to know what the next steps should be in pricing.

AI is a future opportunity for galleries like Addis Fine Art but it doesn’t fit with their ethos at the moment. Kate Kirby, the director of business development and sales at the gallery. She said: “We would feel a sense of trepidation” should AI replace original human thinking. There is a fine line to be walked when it comes to curatorial tasks using AI. This will be a challenge to everyone.

Kirby stated that larger galleries with more resources will be able to implement AI faster.

Dirk Boll, deputy chairman of 20th and 21st Century art at Christie’s London. He believes AI tools are valuable as they can mine and extract information. He said they have been using AI for nearly a year to prepare their catalogues and specialist works. “When I began working at Christie’s it took me several days to do this manually,” he said. “Now this can be done in a fractions of a sec with the help of computers, and then double-checked and edited manually by our team.”

AI technology allows Boll to track public figures, and understand their activities. Our industry is a niche one, and the amount of data that it can collect is limited. We must learn how best to use this data.

 

Boll stressed that AI data sets can only tell part the story. Some insights require manual editing or interpretation, such as assessing demand for certain works of art.

Alaina Simine works as an art adviser with a number Caribbean artists. She believes it’s important to acknowledge that not all artists are equally impacted by the adoption of technology. Alaina simione said, “We must be sensitive and considerate when we approach technology as some places do not have access.” She added that the amount of information available on artists from remoter areas of the world could be limited or nonexistent. You can still find out about them from another source. You can find out more about them by contacting another source.

Sang Tanzer, founder of German AI-art data platform Sang.art, is a German. He believes AI can increase access relevant information about the art markets, help users make sense out of data and assist in decision making regarding art acquisition. He said, “I’m trying to democratize and bring transparency to the art market because 99% of art enthusiasts don’t know why they should purchase art as an investment.”

 

Sang.art will be launched by the end this year. Users will receive alerts about artists and galleries they want to follow, AI predictions about “growth”, as well as over 200 data validation parameters ranging from biographical information to historical sales records. Tanzer expressed his hope that partnerships would be formed with art data suppliers after the tool was launched.

According to Addis Fine Art’s Kirby, however, the lack public data around primary-market sales can be a barrier to AI-enabled price aids. She said that the markets for different artists are too complex, volatile and uncertain to be able to predict. “Long-term it could develop into something viable.” “But the lack of transparency on the market makes me nervous.”

“AI doesn’t replace anything, but has been working to improve everything.” Tina Kim Lee, Tina Kim, said: “I do not think that anything is exempt from AI.” “I see it as having an intelligent colleague who is with you forever. You won’t know if it was you or a ‘coworker’.

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