Fine Art's Data Dilemma
Automated valuation is nothing new. Anyone can go online and easily find valuations for assets like real estate and vehicles.
In the case of real estate, these tools work with large amounts of consistent and accurate data thanks to publicly available information that includes the sales history and standardized characteristics, such as a home’s square footage, number of bedrooms, and location.
But that type of information hasn’t existed for the art world. Most of the data used in the industry is filled with holes and inaccuracies, and we rely on experts to sort through and make sense of the mess.
While nearly every other sector has implemented modern technology for decision making, the art world is held captive by its archaic and opaque traditions.
Simply put, we can’t expect to derive accurate valuations from inaccurate data. And that’s the problem ARTBnk RTV solves.
To get there, we created a comprehensive and standardized database that combines transaction history and a consistent vocabulary to properly assess works of art.
This has never been done before. For the first time, it is possible to apply the power of bleeding-edge technology to the art industry.
See the results for yourself. Sign up for ARTBnk RTV beta here.