Artificial intelligence is changing the art market

Artificial intelligence is changing the art market

Artificial intelligence is changing the art market,

Lockdowns due to the Coronavirus (COVID-19) have accelerated the art market’s transition to remote selling.

So collectors have turned to tools like augmented reality simulators, online viewing rooms, or simply high-resolution images,

To help them pitch and get business from afar.

Among the latest technological developments that have shaken the world of digital art is artificial intelligence.

AI tools, from large language models (LLMs) like ChatGPT to image generators like DALL-E, have

With the ability to collect huge amounts of data and automate some routine tasks,

And even rely on information in the public domain to create new expressions.

Some artists, such as Sojoin Chung and Anna Redler,

have incorporated artificial intelligence into their artistic practices.

And for those in the commercial art world, mainstream AI-driven productivity tools are already being harnessed.


Artificial intelligence is changing the art market


Tina Kim Gallery

For Tina Kim Gallery, which supports international contemporary artists,

AI has been a useful research tool,

Especially for texts that require translation.

There is a lot of work to be done when it comes to researching non-Western historical artists.

For example, the romanization of Korean into English actually changed in 1984,

So AI helps us understand what we find before and after that time.

Gallery staff use artificial intelligence when communicating with Korean artists to ensure that the tone of their emails is appropriate for the recipient, depending on their age and generation.

Many Asian languages also require slight modifications to acknowledge the seniority of the person being addressed, for example.

However, at this time, Tina Kim Gallery does not expect to use AI for pricing considerations.

While the gallery has worked with enough artists at different stages of their careers to understand the next steps for pricing in consultation with the artists.


Artificial intelligence is changing the art market


Addis Fine Art Gallery

For other galleries like Addis Fine Art, AI represents an opportunity in the future,

but it is not in keeping with their ethos in the near term.

We may feel afraid if artificial intelligence takes over the role of replacing original human thought,

There is a fine line when it comes to regulatory work using artificial intelligence.

Knowing exactly where that fine line is is a challenge that everyone will face to some degree.

Also, larger exhibitions with teams with more resources will likely find it easier to improve their AI skills internally and implement them sooner.


Artificial intelligence is changing the art market


Christie’s London

The main value of AI tools for auction houses is their ability to mine and extract data.

It has been used in the gallery already for nearly a decade to prepare our catalog and specialized works:

The setup was done manually and took several days.

Now, it’s done in a split second with the help of a computer, and is manually edited and checked by teams.

While artificial intelligence technology also allows artists to understand collection behavior, interpret market developments,

And even track the activities of public figures related to their work.

The art industry has to work with a small amount of data compared to other industries,

So since we cannot expand or increase the number of data points, as a niche market,

We have to learn how to make better use of that data.

However, the datasets provided by AI can only tell part of the story.

Many ideas, such as measuring demand for specific artworks, require manual editing and interpretation.

It is also important to realize that technological advancement and adoption does not occur equally throughout the art world –

Also, the basic data does not accurately reflect all artists.

But we must be careful in our approach to technology and take into account the places it cannot reach.

Information about artists in remote areas of the world may be limited or even non-existent.


Artificial intelligence is changing the art market
Artificial intelligence is changing the art market


German art market data platform

Sang Tanzer, founder of German art market data platform, believes:

that artificial intelligence can increase access to relevant art market information,

It helps users understand existing data, and assists in making decisions about purchasing artworks.

“I want to democratize and transparency the art market,” he said.

Because 99% of art lovers have no knowledge of the reasons for buying art as an investment.”

Scheduled to launch at the end of this year, will enable users to receive periodic alerts about artists and exhibitions they are interested in following,

Providing AI-generated “growth” predictions for artists at the beginning of their careers,

It reflects more than 200 data validation parameters, from biographical information to historical sale records.

Tanzer added that he hopes to establish partnerships with technical data providers once the tool is launched.

However, the lack of public data surrounding primary market sales is a limiting factor for AI-powered pricing aids.

There is a lot of complexity, volatility and uncertainty in how markets for different artists fluctuate,

So it is not possible to imagine an accurate predictive model for this.

In the long term, it might develop into something viable, but the limited transparency in the market makes me nervous.

AI didn’t really replace anything, but it worked with everything,

People may disagree, but nothing is completely exempt from the touch of AI.


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