Pearl Lam is a gallery owner, patron and entrepreneur. She is founder of Pearl Lam Galleries, host of the Pearl Lam podcast and expert speaker.
In 2020, a global pandemic forced much of the world to shut down, forcing many businesses to move online, some for the very first time. It was during this confinement that the art market began to recover quickly. transition moving away from established norms towards innovations such as distance selling, augmented reality simulators and online viewing rooms.
This period also marks the beginning of a new era of artificial intelligence (AI), which is increasingly revealing its potential in the art market. There is no denying that AI is a remarkable technology. Yet many also question whether this technology will prove to be a net positive, with some in the industry perceiving it as a threat to established norms.
While I recognize that we must address the challenges and risks of AI, I am also aware of its potential and current utility in the art world.
The benefits of AI in the art world
Faster processes
AI is particularly taking root in the art world as a useful research tool. For galleries, this can save time. Dirk Boll, vice-president of the 20th and 21st century art department at Christie’s London, Remarks that at first, research “was done manually and took several days,” but using AI can reduce processes like cataloging to seconds.
Tracking and prediction
AI also allows art experts to interpret market developments, track the activities of relevant public figures, and understand and analyze collector behaviors and patterns. As Boll alludes to, AI can interpret large amounts of data at any given time. speed recordsmaking analyzing market developments faster and easier than ever.
Experts also find that predicting future trends in the art market is a much simpler process thanks to the deeper analysis of patterns enabled by AI. Specifically, following the activities of public figures related to the art market can be beneficial because they have a great capacity to influence public interest and general trends.
Identifying art and assessing its value
Another advantage of AI in the art world is its ability to automate market processes. Art collectors and investors are now able to more accurately assess the value of different works of art using AI. And because AI has, at least in theory, access to data from countless historical documents, auction catalogs and other documents, it can also help authentication of works of art by analyzing stylistic elements, types of pigments and brushstrokes.
These elements are often extremely difficult to evaluate manually. In January 2023, Art Recognition, a Swiss AI company, identified with 96% likelyIt is possible that an unknown painting was created by the famous Italian master painter Raphael. THE price difference after AI determined the painting’s provenance was worth hundreds of millions of dollars.
The downsides of AI in the art world
I have already written about some of the the challenges the art market is already facing when it comes to inclusiveness. AI risks compounding these inclusiveness challenges since not all places have the same level of access to AI. A lack of equal access to AI will undoubtedly create uneven growth rates for the art market in different regions of the world and could potentially increase disparities within the market.
To reveal the secrets of making a work of art and analyze the materials used to create a painting, AI must harness specialized imaging techniques called X-ray macrofluorescence and hyperspectral imaging. The data science behind AI is also very advanced. These techniques and sciences are very far from being widely accessible.
Furthermore, while on paper AI can automate various art market processes, in the real world the lack of public data on art sales, many of which take place in the private market, makes it particularly difficult for AI to make accurate predictions. This lack of transparency means that a substantial part of the relevant art market data is inaccessible to AIwhich relies on large data sets to train its algorithms and make accurate predictions.
Without a more complete data set, AI algorithms are more likely to generate an inaccurate or incomplete data model. Insufficient data leads to a model that is unable to predict outcomes with the level of accuracy needed in the real world.
Anyone with experience in the art market also knows that markets can fluctuate without any indication as to why. The AI will not have the answer. Tech entrepreneur Boris Pevzner, founder of AI-driven data platform Live Art, says that while AI is a tool that can be used as an indicatorit is not something that can predict actual auction prices.
The future of AI in the art world
Although AI is becoming more and more prevalent in the art sector, it should not necessarily be seen as a threat. Many people view AI as a dangerous tool, but it doesn’t have to be viewed that way. Instead of replacing human expertise, we should view it as a tool for progress to use alongside humans to improve the quality of their work.
The art industry should look to AI with curiosity; no worries.
Forbes Business Advice is the leading growth and networking organization for business owners and leaders. Am I eligible?
