Posted: October 30, 2018 -
While many in the art market may think their field may be immune to Artificial Intelligence (AI)-driven algorithms, some tech companies are making inroads into the sector. Online marketplaces are using AI to assist artists in selling their work and to help collectors find pieces for purchase.
Here are a few AI art advisors to consider:
ArtAdvisor. Online art database Artsy uses an AI-powered tool called ArtAdvisor in its mission to make art as popular as music. It helps them make sense of the art scene through a series of data points that value art in its totality. It enables collectors and artists to learn why artworks are worth certain amounts. ArtAdvisor also caters to art admirers who want to refine their taste in fine art. ArtAdvisor’s algorithms can assess millions of items and only pick out the pieces that matter to clients. By studying consumer habits, the AI is able to predict and recommend artworks that clients might be interested in.
Thread Genius. Ahmad Qamar and Andrew Shum founded an AI startup called Thread Genius in 2015. Earlier this year, it was acquired by the world’s oldest auction house, Sotheby’s. They intend to use AI to enhance operational efficiency and provide clients with an incredible experience with art at Sotheby’s. Thread Genius uses Sotheby’s unique database to create a lower barrier to acquisition and to help artists sell their work. They also aim to provide price transparency through machine learning. Thread Genius was a recommendation engine prior to its acquisition. Now, with Sotheby’s data, the AI art advisor uses deep learning to offer clients artworks and items that are for sale.
ArtRank. Make informed collecting decisions using ArtRank’s machine-learning algorithm. Collectors and institutions that are interested in emerging artists can use the platform to determine the future value of works by up-and-coming artists. Instead of offering an exhaustive collection of artists, ArtRank limits the number of creators in its database and focuses on the quality of user recommendations. The software’s algorithm evaluates the intrinsic value of a work of art, not just market valuations established at auctions. They also offer inside information that can help in purchasing and timing deaccession decisions. All you’ve got to do to acquire their reports before the general public is to subscribe to their platform.
Emma. An AI Twitter bot called Emma serves as the art curator for Artfinder, an online marketplace for art. The platform’s search tool and Emma’s recommendations help visitors discover and acquire pieces that fit their budget. Collectors may also contact Emma through Twitter. She’s equipped with facial recognition technology, the same one that police officers use to identify criminals caught on CCTV footage. Just send her an image via Twitter, and she will automatically respond with art recommendations inspired by your photo. Her suggestions will come with a link to Artfinder, where you can purchase the pieces you like.
While AI is still rudimentary in what it can provide stakeholders in the art market, it holds potential to aid art professionals offer works that buyers may have never considered before. As the technology matures, AI may play a key role growing the art market exponentially.