NEW YORK, NY.-
What is the biggest problem facing the art market today? For many, its the subjectivity, inconsistency and lack of transparency surrounding the valuation of works of art. From collectors and financial advisors needing to understand the value of a collection, to art dealers hoping to align expectations in a negotiation, the lack of a consistent valuation process is an ever-present concern. ARTBnk
has reimagined the practice for valuing art to solve this problem.
Until now, valuations have relied on art professionals manually combing through databases and identifying comparables. This process is time consuming, often expensive, and inherently biased, not to mention it depends on static sales data which does nothing to account for an artists market performance over time, current economic conditions, or any other variables. These complex adjustments, if made at all, are seldom grounded in any quantitative analysis.
ARTBnk is the first platform to generate accurate and unbiased art valuations using artificial intelligence, image recognition, and regression analysis. By analyzing thousands of quantitative and qualitative variables such as size, medium, composition, and date, ARTBnk is able to apply the same set of criteria to each valuation. Factoring in both historical sales data and an artists individual rate of return allows ARTBnk to produce a fair market valuation that adjusts to changing markets and economic conditions in real time. Imagine being able to determine the value of an artwork in less than one minute using your iPhone - with ARTBnk, that is now possible.
Data is the key to the valuation process and at the core of ARTBnks solution. The ARTBnk team has spent years creating the first purpose-built repository of verified, cleaned, and transformed auction results from the worlds leading auction houses. Constantly updated and quality checked by a team of dedicated experts, it is the only auction sales database capable of supporting accurate, automated valuations. "No one has ever attempted to build, from primary sources, a modern and truly comprehensive set of data that can be applied to the valuation of artwork, said Co Founder Jamie LaFleur. We've done it and we have the technology to realize the data's full potential."
Founded in 2017, ARTBnk has scaled quickly to include a team of experts in both New York and New Hampshire. The companys board was recently joined by internationally known collector and financier Asher Edelman, as well as Professor Michael Moses, co creator of The Sothebys Mei Moses Indices.
ARTBnk offers a full suite of services to clients across all sectors of the fine art and financial services industries. To learn more and receive your first three valuations for free, visit www.artbnk.com