Paris, France—A delegation from .ART met with industry leaders this week at the Art Market Day 2019. Organized by Le Quotidien de l’Art and held at the the Grand Palais in the French capital, the event brought together over 300 industry leaders from the fields of technology, finance, media and, of course, art.
Attending the conference via video, Frank Riester, the French Minister of Culture, shared the Ministry’s commitment to fostering innovation in the art market, which was a key topic discussed by many throughout the day’s events.
Welcoming remarks were given by Chris Dercon, President, RMN – Grand Palais, who discussed the importance of using data to bring enhanced transparency to the art market.
One of the three keynote speeches was given by Ravi Vora, CEO of Catawiki, Europe’s fastest growing online auction house, who noted the importance of big data in assessing value and providing insights to collectors and galleries. In the speech, Vora summed up how online auctions are using data and analytics to bring technological solutions to the online auction market, but also about some of the challenges the industry still faces.
Speaking on behalf of .ART, Aleksandra Artamonovskaja discussed how .ART is utilising big data to bring solutions to the art market, including the Art Rating developed by the .ART team. Featured as part of the “Big data: new tools for the market” panel, moderated by Adriano Picinati di Torcello (Director, Deloitte Art & Finance), a presentation of .ART’s expertise in the field focused on the need to create new tools to reliably measure the success of digital art projects. The presentation also covered details about .ART’s big data algorithm.
The innovative new technological solution that .ART’s Art Rating systems can provide for end users consists of measuring the online performance of art fairs, online art businesses, creative companies and artists alike – and making this data an integral part of the outdated art ranking system currently in use.
During her concluding remarks, Georgina Adam endorsed .ART’s initiatives and talked about how emerging technologies can bring accountability and stability to the art market, particularly in light of uncertainties like BREXIT. Adam spoke in affirmative terms about how technology will shape the art market in the future.
During the conference and at the networking event following, .ART’s delegation engaged with industry leaders sharing insightful discussions on how big data can be used to aggregate demand and create more transparency and accountability in the art market. This included policy discussions about innovative technologies such as Art Ratings and blockchain, and what the art industry can learn from Big Data analytics in the next several years.
Also published on Medium.