Crust or masterpiece? Here is the algorithm that helps you evaluate works of art
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That painting in the house: worthless crust, however pleasant, or author’s piece? And, in the second case, how much could it be worth? Or: you’ve always wanted a small sculpture for the living room, would you like to buy one but don’t know how to do it or which partner to entrust to?
When approaching the modern and contemporary art market, the main difficulty is not only that of finding reliable estimates and information but above all of obtaining them in a simple, easy and fast way. The world of art is a fascinating but rather hermetic world and not everyone knows connoisseurs, collectors or art historians who can put them on the right track.
He knows it well EvaluateOpere, a platform that supports industry professionals through analysis of the art market in Italy. The latest news is based on artificial intelligence: it is a proprietary algorithm called Vobot. An innovative tool capable of identifying the best auction house in which to sell or buy specific works and artists. Through a very intuitive guided procedure, the user can access the results of all the auctions in Italy, the specific rankings of thousands of international artists, the real and current market value of their works.
The idea comes from the experience of the three partners Alessandro Ghilarducci, Renato Junior Romino and Luca Gianneschi, engaged in the sector since 2018 with the aim of helping collectors, art galleries and art owners to buy and sell works of art at the correct price and simplifying a truly labyrinthine vaulted process. “We work in an industry where understanding the value of a work and identifying the best partner to rely on is still complex. For this reason we have studied and developed a solution capable of interpreting these needs and transforming them into an opportunity for collectors and professionals – say the team – thanks to Vobot, in fact, the experience becomes simpler: you have access to key data and information that allow you to find much more easily where to sell or buy a specific type of work and artist. We are convinced of the goodness of the tool and the first results are already arriving.”
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The project finds even more value when contextualized in the record performance of the art market recorded in 2022, with total global sales of approximately 67.8 billion dollars and an enhancement of digital strategies and platforms. In Italy, according to Nomisma data from 2021, the turnover is around one and a half billion euros. According to a recent report signed by Deloitte we are experiencing an interesting generational change. Millennials and young buyers have been looking to contemporary art for a while, bringing with them new needs and new purchasing methods. The “hybrid auction” model that exploits the potential of the web, allowing for remote participation, is also gaining strength.
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If in fact it is true that online sales decreased last year after the two-year pandemic of unrepeatable boom, it is equally true that the market has not returned to its pre-pandemic subdivision of live versus offline sales, in galleries or at home auction. Online sales fell to $11 billion in 2022, a 17% year-over-year decline from the $13.3 billion level in 2021, still 85% higher than in 2019. art is 16% (although in 2020 it was 25%).
In short, with this new service (accessible here in the form of a web-app) ValoreOpere aims to become a point of reference in Italy in the complicated sector of modern and contemporary art, offering not only an ever-updated picture of the reference market, but accompanying collectors, art galleries, investors and artists in the important choice of the right partner.
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