I love writing about how AI is tearing through industries and decimating jobs. Of course, it's a sort of creative destruction; however, the transition is going to be nasty, brutish and long. Much to my surprise in researching this series for ArtMarket.guru, AI is infiltrating the art markets in a big way.
Who would have guessed ahead of the sale of Leonardo DaVinci’s Salvator Mundi in November 2017 that the painting would have fetched US$450 million at the auction block? Art appraisers hadn’t. Would Artificial Intelligence (A.I.) have been able to?
Teams of art professionals, A.I. researchers, and appreciators of art are working to make pricing of works of art as rational and transparent as the Price-to-Earnings (PE) of publicly traded companies.
Many gallery owners, however, regard prices in the primary market “as trade secrets available only to insiders”, which makes it difficult to develop the data sets A.I. requires to compute valuations. Still, some groups and individuals are forging ahead where traditionalists dare not tread.
Read the entire article here.