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How New Technologies Impact the Art Market


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This is an update on current and new technologies that impact the art market, from online platforms and cloud-based art services to blockchain and VR companies that are changing the landscape of the art market and transforming business models to adapt to new ways of art and content consumption.

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How New Technologies Impact the Art Market

  1. 1. How Online & New Technologies Are Changing the Art Market Fanny Lakoubay October 9, 2018
  2. 2. About Me 2 Fanny Lakoubay Now: New Art Academy Artrendex Before: Christie’s Collectrium Artnet ● Twitter: @flakoubay ● IG: fanny.lakoubay ● Discord: fanny#2175 ● Telegram: @flakoubay
  3. 3. Table of Contents 3 Art Marketplaces Online Cloud-Based Art Services The Future of The Art Market Online
  4. 4. Table of Contents 4 Art Marketplaces Online Cloud-Based Art Services The Future of The Art Market Online Brick & Mortar Online-Only
  5. 5. Brick & Mortar Auction Houses Going Online 5 Auction house have changed their digital strategies “The established global brands in the art market such as Sotheby’s and Christie’s are starting to dominate The Hiscox Online Art Platform Ranking and appear to be getting to grips with the challenge of transforming a bricks-and-mortar business into a multimedia business.” Source: Hiscox Online Art Trade Report 2017
  6. 6. Brick & Mortar Strategies Online (1/2) 6 ● Investments in the BID technology ● Investments in website UX and search engine optimization ● Switch to digital marketing ● Appealing inventory online with luxury items added to art pieces ● Established brand recognition ● Acquisition of technology startups (Collectrium for Christie’s, Thread Genius for Sotheby’s)
  7. 7. Brick & Mortar Strategies Online (2/2) 7 % of galleries who are using third party sales via art e-commerce platforms: 2013: 15% 2016: 26% 2017: 49% Similar for art fair previews (no sales online)
  8. 8. Online-Only Business Models 8
  9. 9. Current Trends Online 9 ● Convert more customers in the hesitant art buyers ● Increase the average price (still <$5,000) ● Find enough inventory fast to become profitable and survive ● Create urgency via the right sale model ● Social media presence ● The traditional players are catching up to the new online-only businesses (Christie’s online-only sales growth of 84% in 2016) ● The market is still under consolidation ● Platforms are diversifying to become a “one stop shop” ● It’s a fascinating time for this market Still Many Challenges Market Trends
  10. 10. Social Media Minute 10 The use of social media is getting more professional in the art market: ● Use of videos ● A real outreach (3.9 million IG followers for MoMA) ● Influencer marketing more than corporate marketing ● Preferred platforms are still IG + Facebook
  11. 11. Table of Contents 11 Art Marketplaces Online Cloud-Based Art Services The Future of The Art Market Online
  12. 12. The Cloud: Between Explaining & Trusting 12
  13. 13. Cloud-Based Inventory Management Systems 13
  14. 14. Art Auction Price Databases & Reports 14
  15. 15. Most Art Services Have a Website and Are Developing Ways to Deliver their Services Online 15
  16. 16. Table of Contents 16 Art Marketplaces Online Cloud-Based Art Services The Future of The Art Market Online
  17. 17. Blockchain 17 WHAT IT IS ● Not a cryptocurrency ● A network to build platforms ● A decentralized database (not owned by a single company) ● An incorruptible ledger (timestamped/validated by thousands) ● Still very new!!! WHY IT IS IMPORTANT FOR THE ART MARKET ● Authenticity ● Provenance ● Digital art scarcity ● Royalties ● Tipping / Funding
  18. 18. Blockchain Use cases / Companies to Watch 18 ● Art registries: ● Fractional Ownership: ● Digital art platforms: ● Art laboratory for established artists: ● Crypto art:
  19. 19. Artificial Intelligence 19 WHAT IT IS ● A machine being fed data and being able to analyse them and become smarter as the data increase ● It’s not the future, it’s the present: Siri, Alexa, Watson, Netflix, Pandora WHY IT IS IMPORTANT FOR THE ART MARKET ● Diminishes manual tagging (artsy’s and artnet’s teams) ● Allows for better trend spotting than the current reports ● Allows for better sales results
  20. 20. AI Use cases / Companies to Watch 20 ● AI generated artworks: Obvious (Christie’s), AICAN (HBO, SCOPE MIAMI) ● Image recognition: Thread Genius (Sotheby’s), ArtPI (a company of Artrendex) ● Art authentication tool: Art Verified by AI (a company of Artrendex) ● New sales tools based on Instagram: AFTX (a company of Artrendex) - Article on Artsy
  21. 21. AI Use cases / Companies to Watch 21
  22. 22. AI Use cases / Companies to Watch 22
  23. 23. AR + VR 23 The Art of VR was presented by Sotheby’s and the VR Society of Hollywood and AMD | Radeon, on 22–23 June 2017 in New York.
  24. 24. Conclusion with Some Tips 24 ● Keep up-to-date ● Read art market news & reports ● Attend meetups ● Follow companies on social media ● Reach out to your network via LinkedIn ● Show your interests to the world on Twitter, IG, etc. Education does not stop at the end of your master’s degree.
  25. 25. The Rule Makers 25 INTRO MARKETPLACE CLOUD MARKETING LEGAL Embrace new technologies! It’s happening.