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Artificial Intelligence Is Rewriting the Rules of Art Valuation

When it comes to determining the value of artworks and spotting emerging trends, some industry players are betting that A.I. can provide a data-driven counterbalance to instinct, taste and connoisseurship.

The use of artificial intelligence in the art world has been touted for its supposed ability to spot fakes and authenticate works by Old Masters, identify which emerging artists will become the next superstars and even create artworks without human involvement. It’s all very space age and largely niche. But behind the scenes in a rapidly changing art market, A.I. is already playing a significant role in price setting.

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Perhaps necessarily. The art market is “notoriously opaque,” New York City art advisor Alex Glauber told Observer, as the only information on what something costs comes from auction sales records—and only a small percentage of artworks are sold at public auctions. Most sales are made by galleries and dealers who never disclose what buyers paid. How are art advisors supposed to inform their clients about a possible purchase if they don’t know whether a price is reasonable? How are insurers supposed to write fine art policies for collections if the appraisers they rely on have little to no access to the prices paid for artworks?

A growing number of companies have developed programs using A.I. technology to help with just that, including iownit, Wondeur, ARTDAI and the Winston Artory Group. Glauber, an advisory board........

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