Several most controversial topics in the art market have recently turned around blockchain, including AI. With such heated debates, it is just natural that it became one of the essential narratives on Art Basel 2019. Both subjects triggered such curiosity. Indeed, It has become a real cultural phenomena as some welcomes this new era, whilst others are rather cautious.
The first big buzz around blockchain in art market started in October of 2017 with successful ICO of Maecenas (€ 15 M). Afterwards, people saw an opportunity for more transparency and more comfortable transfer of ownership. Recalling 2018 Art Basel in Switzerland as well as the Miami Beach Art Fair, the excitement about blockchain was at its climate. In fact, discussion about such a crucial topic for art market was paradoxically at its infancy that year. The focus was far more around new ways to prevent object falsifications, double sales and other fraudulent activities in art market. There was a clear consensus that all those issues could be solved as soon as tokenization would be made available.
COART art advisor Anna Fern foresee potential in the whole blockchain technology which could improve art market transparency and relations with co-dependent parties in art-market. For instance, too often contracts suspension between art-dealer and artist were real challenge as the frequent absence of contract erases awareness of ownership rights.
Hence, it was perceived that the creation of blockchain provenance ledger would ensure art market transparency, tracking and artist reference. Another great example was the improvement of simpler art ownership rights. A great example and thought leader in that field has been UBS, the well renown Helvetic bank which was the major sponsor of the Art Basel festival. The bank, which also holds an extensive art collection, has been amongst the early adopters of blockchain technology for their own professional needs.
Another topic was on top of everyone’s lips at the Art Basel fair but barely spoken out. Even if it is understandable as Art Basel was always conservative, Artificial Intelligence made a triumphal entrance after Christie and Sotheby sold several pieces of AI-generated art. In fact, Christie’s AI artwork was sold for $432,500. This in itself shows without any doubt how fast progress has been made in AI sphere.
Along the same vein, David Zwirner Gallery launched a new online platform called ‘Basel Online’. His website allows you to freely navigate into a virtual representation of curated selections of artwork specifically designed for the web audience. This new means of art support illustrates the power of digitalization of art. Another artist, Harm van den Dorpel, based in Berlin has smoothly married his owns online gallery and his physical works in such a unique manner. He claims that people still neglect to own digital art. His example of comparing buying a beer for 2 dollar versus an iTunes app illustrates how intangible goods are less common purchase still these days. Leaving an open feel for the Generation Y to transform this industry into another level playing field.
All in all, blockchain and AI are integrating in Art market rapidly which means it is only time matter when these technologies will alter Art market. AI is going to help to pick paintings online, find out if art is certified and safe to own, It is a fascinating question for everyone in the Art market Will blockchain solve ownership, transparency and art history problems.
