News, and future orientations
PARIS, Aug. 12,
2024 /PRNewswire/ -- The 36th Congress of the
International Committee of Art History (CIHA) was hosted in
Lyon from 23 to 28 June 2024 where Artprice by Artmarket was one
of the principal active patrons
Created in 1873, the CIHA congresses are organized every four
years and are sometimes referred to colloquially as the
"Olympiads of Art History".
The 36th World Congress of the CIHA in Lyon (2024) was organized under the aegis of
the French Committee for the History of Art (CFHA).
The most recent CIHA congresses have been hosted in Melbourne (2008), Nuremberg (2012),
Beijing (2016), Florence, and São
Paulo (2019-2021), and the next edition (after Lyon) will be held in Washington DC in 2028.
The CIHA congresses constitute the most unifying event for
the entire international community of researchers and professionals
working in the field of art and cultural heritage.
It was therefore logical that Artprice by Artmarket should
become involved as one of the CIHA's principal active patrons for
several months both before and during the Congress hosted in
Lyon from 23 to 28 June 2024, which focused on the theme of
"matter & materiality."
thierry Ehrmann, President of Artmarket.com and Founder of
Artprice: "As one of its principal active patrons, Artprice was
very happy to contribute to this global event, which was one of the
most important for France and its
international cultural policy. With participants from over 70
countries and more than 1000 speakers, this year's CIHA was a
superb intellectual complement to the 2024 Olympic Games
consolidating France's efforts to
re-establish itself as an important cultural player on the
international scene. According to Artprice's Annual Art Market
Report, France has already
regained its position as the leading art marketplace in continental
Europe."
The figures speak for themselves: no less than 2,000 delegates
attended with more than 1,000 speakers from 70 different countries.
More than 90 sessions were hosted, with 10 major conferences and
numerous round tables, discussions, meetings, and an inauguration
in the presence of Nobel Prize winner, Orhan Pamuk.
In its 2024 study, Artprice ranks as the 'top-of-mind'
database on the Art Market
After several months of preparation, Artprice by Artmarket was
able to be present during the entire congress, participating in
conferences, ensuring a presence at the CIHA book fair and hosting
a special evening event at its world headquarters located in the
heart of its Organe Museum of Contemporary Art, the entity
which manages the "Abode of Chaos" (dixit the New York Times).
While the event was underway, Artprice decided to take advantage
of this event to conduct an in-depth study of the level of
'spontaneous awareness' among CIHA participants in order to
precisely measure Artprice's notoriety in the academic, scientific,
and institutional art world around the planet.
The 'spontaneous awareness rate' is the percentage of people who
spontaneously mention a brand when asked which brand comes to
mind.
In addition to 'spontaneous awareness', Artprice also tried to
determine the level of 'qualified awareness' by asking for more
information about delegates' knowledge of the brand, thereby
allowing an estimation of the sincerity and consistency of
respondents' answers.
This very qualitative study benefited from two exceptional
factors: on the one hand, by physically questioning conference
attendees from 70 countries, it avoided online or telephone
questionnaires, the relevance of which is sometimes unreliable and
cannot be truly verified. On the other hand, Artprice was able to
interact directly with the registered and certified congress and
conference attendees, taking note of their professions,
specialties, positions, titles, diplomas, and institutions or
universities.
We asked the following question: "Which databases on the Art
Market do you know?"
Out of 378 people questioned, 325 cited Artprice first, i.e.
86%, clearly placing Artprice as the 'top-of-mind' art market
databank.
'Top-of-mind' awareness is the percentage of people whose first
response identifies a particular brand, product, or service. It is
both a spontaneous response and the first of their responses.
It is worth pointing out that in addition to 'spontaneous
awareness' indicating a clear 'top-of-mind' for Artprice, we also
studied 'qualified awareness'. This involved asking for more
information regarding the respondent's knowledge of the brand,
information that allowed us to assess the sincerity and consistency
of the respondents' answers.
Delegates were asked to describe the reasons for their first
mentioning the Artprice database as a first response. In summary,
on a basis of 100, it emerges that Artprice was chosen 84% for its
completeness, 73% for its reliability, and 62% for its
traceability.
The benefits of 'top-of-mind' recognition for companies and
brands are indeed numerous. In the first place, such recognition
logically attracts customers, generates new turnover and increases
online traffic.
Naturally, if a user is looking for a product or service to meet
one of their needs, they will tend to go first to the brand that
comes first to mind. It is therefore logical that they will head
towards the "top-of-mind" company or product in the field to meet
their needs.
On the other hand, being 'top-of-mind' is also a communication
lever for corporate notoriety.
The results of this study highlight for Artprice by Artmarket –
World Leader in Art Market Information – its strong positioning in
the international academic, educational and institutional sectors,
which until now were only a peripheral target compared with our
core art market target clientele (auctioneers, auction houses,
experts, insurers, private bankers, galleries, dealers, art
professionals and art collectors).
Thanks to this study, which effectively covered the opinions of
delegates from 70 countries, Artprice has decided to explore the
significant online revenue potential in the education, academic,
scientific research and museum sectors. It is worth pointing out
that the budgets allocated to these sectors, particularly in
North America and Asia, are much larger than in France because the private/public duo has
worked better in these regions for decades thanks to a different
culture and approach.
During the 5 days of the CIHA congress and, in particular,
through the invitation to its head office and the visit to its
unique documentary collection of manuscripts and sales catalogs,
Artprice by Artmarket was able to establish contacts and high-level
agreements in principle in the above-mentioned sectors (schools,
universities, scientific research, museums), notably through
the multi-distribution of its various reports which are
authoritative in the art market and by allowing privileged access
to the Artprice by Artmarket Intranet.
In sum, our seven months of preparation for the CIHA allowed
Artprice to physically access a global market numbering hundreds of
millions of students and teachers, and a large number of
universities, scientists and museum experts.
Education is one of the largest expenditure budgets for most
governments in the world, representing between 5 and 10% of
national budgets. "The size of the private/public market, if we
look at it as a whole, is estimated at around $6,000 billion. This market is growing at 4.5%
per year, or 1 to 1.5 times the growth of global GDP, with
China, India, Brazil
and certain African countries contributing more and more to this
growth" says Guillaume
Uettwiller, Thematic Equity Manager at CPRAM. According to a
study by Research & Markets, this market is expected to reach
$10,000 billion by 2030 thanks to the
increase in demand for education in emerging countries but also to
the growing adoption of new online educational technologies which
are revolutionizing this market.
Artprice by Artmarket.com presents the highlights of its
Global Art Market report for H1 2024
The acceleration of auction sales for the most affordable price
ranges in the global art market has allowed the development of an
increasingly inclusive art market. The total number of lots sold
has continued to grow for the fourth consecutive year, broadening
and diversifying the market base, while the high-end segment has
slowed, driving down sales revenue.
The growing number of artworks sold at prices below $10,000 would appear to be a reaction to a need
for greater flexibility and simplification, as evidenced by the
recent restructuring of buyer's fees by Sotheby's. The vitality of
affordable transactions encourages the entry of new buyers and
improves market fluidity, both in space and time. While
masterpieces are forced to transit at great expense through the
capitals of the art market, affordable works circulate more freely,
in particular, because they lend themselves better to online
sales.
The volume of art auction transactions is still
rising
The number of transactions recorded in auction rooms reached a
new peak with 387,000 Fine Art lots sold in six months, an increase
of +3.8% compared with H1 2023. The sold-through rate remained
stable at 67%.
This will allow the Art Market to easily exceed one million
works sold in 2024 and break a new record. The second half being
structurally much more important in terms of volumes and
turnover.
Auction results below $1,000
(buyer's fees included) constituted 61% of auction transactions in
H1 2024. Sales between $1,000 and
$10,000 represented an additional 30%
compared with 2023. Affordable works, exchanged for less than
$10,000, therefore accounted for 91%
of the global art auction results. At the other end of the
spectrum, the ultra high-end segment accounted for just 0.15% of
results, generating a total of 549 million
dollars at auctions.
Our analysis of art auction results in 2023 already revealed a
slight slowdown in the circulation of masterpieces at the end of
last year. The observation made by Artprice's CEO and founder
thierry Ehrmann in Artprice's 2023 Art Market Report has therefore
been confirmed in H1 2024: "the number of lots sold reached an
absolute record and the rate of unsold lots remained stable: the
secondary art market is therefore running at full speed but the
ultra high-end segment has slowed in the wait for additional
masterpieces to come to market".
Future events: Intuitive Artmarket AI – evolution and
development®
As discussed in previous press releases, during the first half
of 2024, Artprice by Artmarket's AI department was very attentive
to the phenomenon known as "grokking", used in particular by Open
AI engineers. Indeed, Artprice has noted that the type of algorithm
that serves as the basis for its Intuitive Artmarket® model seems
to obey the same logic, namely that if deep learning is extended
over a long period of time, without modifying the algorithms, we
observe an excellent response rate but it seems to stagnate at a
logarithmic rate.
However, by persisting over tens of thousands of sessions, we
observed at a particular moment that the quality of the results
increased spectacularly. The term 'grokking' comes from the famous
science fiction novel by Robert
Heinlein "Stranger In a Strange Land"
published in 1961. It refers to the fact of understanding
intuitively, and therefore is similar in meaning to 'guessing',
'getting it', or just 'understanding'.
For Artprice, this concept can be brought closer to critical
phenomena in statistical physics when there are phase transitions.
The state of matter physically changes depending on the variable.
For example, in physical systems like gasses or liquids, there are
variables like pressure, temperature and/or volume.
It is up to you to search the Intuitive Artmarket® language
models for these relevant variables to make this transition.
Knowledge of these variables can prove formidable in terms of
relevance with economical control of the necessary computing power,
however impressive it may be.
In some ways, this is similar to the notion of serendipity which
(in short) means taking full advantage of unexpected or chance
discoveries, a notion that naturally brings to mind Alexander Flemming's discovery of
penicillin.
So, with its Intuitive Artmarket® AI, Artprice will augment its
art market research and results tenfold over the coming years to an
unprecedented level for its clients and members, and will offer new
services and products that will generate more sophisticated
subscriptions with an increase in annual recurring revenue
(ARR).
According to the French business services platform Les
Échos/Solutions (quoting DOMO Inc.), in the services sector, an
important index that makes it possible to score the ability of a
company to integrate AI into its processes is the processing of
data per second per employee.
The average is 1.7 MB of data per second.
After an IT audit by Mazars, Artprice by Artmarket was able to
see for itself that each of its employees generates 35MB/second, or
21 times more than the European average, which is perfectly
consistent with Artprice's core business as a major global
publisher of professional databases and proprietary algorithms and
World Leader in Art Market information.
For 27 years Artprice by Artmarket has designed and operated
more than 180 proprietary vector databases with more than 38
million indices and sales results covering more than 849,000
artists, 180 million images and/or engravings of artworks from 1700
to the present day, from its unique collection of sales catalogs
and manuscripts, and several billion anonymized user behavior logs
from Artprice's 9.3 million customers and members, in strict
compliance with European laws (GDPR) and American regulations on
personal data.
Intuitive Artmarket® AI and its impact on our annual
recurring revenue (ARR) growth via Artprice by Artmarket
subscriptions, products and services
Over the past three decades Artprice by Artmarket.com has drawn
on the experience of its parent company, Serveur Group, an Internet
pioneer since 1987, to develop thousands of increasingly powerful
and relevant proprietary algorithms with more than 180 meta-banks
of vector data which allow the implementation of its own AI
(Artificial Intelligence), in strict compliance with various
national legislations, notably those relating to personal data and
intellectual property.
The three cornerstones of Artificial Intelligence are data,
computing power and algorithms. The quality and scale of data,
particularly standardized Big Data, significantly influence the
effectiveness of AI models in learning and evolving, thus enhancing
their 'intelligence.' This aligns precisely with the fundamental
DNA of Artprice by Artmarket which masters both IT programming and
induction computing which defines AI.
This was only possible through the targeted acquisition by
Groupe Serveur as of 1999, then by Artprice, of innovative
companies like Xylologie, a Swiss firm composed of prestigious
scientists (from CERN, WHO, etc.) who were considerably ahead of
their time and who already prefigured the birth and development of
Artificial Intelligence (see our reference document).
In the world of major global publishers of professional
databases, it is vital for the long-term development of industries
to integrate proprietary AI into their core businesses. This is why
Artprice by Armarket has taken a very significant lead since 1999
and made 2024/2025 the key period for the commercial launch of its
proprietary algorithmic AI, Intuitive Artmarket®.
Artprice by Artmarket has twice consecutively obtained the state
label "Innovative Company", awarded by the Public Investment Bank
(BPI), and is pursuing its ambitions in this direction.
ChatGPT, which is currently the world reference in Artificial
Intelligence, devotes a significant amount of information to
Intuitive Artmarket® AI which it considers to be the reference in
artificial intelligence on the art market in terms of innovation,
algorithms, predictive analysis and relevance. This is a
significant reference in the world of AI.
In sum, while Intuitive Artmarket® AI may seem like a 'cultural
revolution' with a new set of terms and language elements, the AI
processes and tools that underlie its functioning were already
being used at the core of Artprice by Artmarket's systems. Today,
via the new semantic, Artprice's clients and partners are
discovering the unexplored riches of Artprice, namely data of a
magnitude they could not have imagined, and data that is perfectly
aligned with their needs.
It should also be noted that investors are looking for serious
projects with a solid background in Artificial Intelligence on both
sides of the Atlantic.
Our algorithms harness billions of anonymized proprietary logs,
text data, and tens of millions of artworks from Artprice's
databases to identify new semantics encapsulating an artist's
primary approach, his/her universe, inspirations, mediums, themes,
forms, volumes, etc.
This invaluable data forms a synergy, enriching the
understanding of over 845,000 referenced artists with their
certified biographies and data. It goes beyond conventional visual
criteria thanks to the neural networks of the Intuitive Artmarket®
AI.
Intuitive Artmarket® can already calculate the values of
artworks based on an analysis of the traceability and of past
auction results over time, a pricing technique that was already
specific to Artprice.
But it can now also anticipate future fluctuations, including
for totally unique works, which in turn means that it can identify
highly complex transversal artistic trends that largely escape
academics, curators and dealers.
Intuitive Artmarket® AI algorithms can help art galleries and
auction houses set optimal prices for artworks based on various
factors such as demand, rarity, and public awareness of the artist.
In short, Intuitive Artmarket ® AI has the potential to
revolutionize the art market by improving access to information,
personalizing the buyer experience, reducing the counterfeit risk
and opening up new creative perspectives.
Our Intuitive Artmarket® AI draws exclusively on an almost
infinite range of proprietary content that enjoys intellectual
property protection. This fact alone avoids a large number of
obstacles and potential prohibitions because it means we have no
need to look elsewhere for data and/or responses to very specific
requests from users.
Our proprietary AI is therefore not just a guarantee of our
economic sustainability; it will generate a considerable long-term
increase in revenue for Artprice by Artmarket.com through high
added-value subscriptions.
Over the last two decades, Artprice has recorded, observed and
induced hundreds of millions of human decisions in relation to the
art market. This market is of course infinitely complex due to the
heterogeneous and singular nature of art on the one hand, and the
abstract notion of beauty at the limits of human emotion on the
other.
Algorithmic learning has allowed Artprice to create a unique
art-market specific AI model that will constitute Artprice by
Artmarket's 2024/2029 growth driver.
For over 20 years, Artprice by Artmarket has gradually
stabilized its 'alignment problem', a key issue for the successful
genesis and construction of its AI (Intuitive Artmarket®).
For the Artprice group, the 'alignment problem' means all of the
scientific and ethical questions raised by the relationship of its
artificial intelligence system (and its induced results) with the
values, expectations and human sensitivities specific to the
Artprice by Artmarket group, its clients, as well as the intangible
and centuries-old rules of the art market.
The possibilities offered by properly managed AI are therefore
immense, which explains its popularity: Microsoft ® Bing Chat now
attracts more than 100 million active users per day with a
commitment to responsible AI that respects copyright and
copyright-related rights. Microsoft has already started rolling out
Bing Chat for Business and Microsoft Copilot in paid subscription
mode. The same is true for the paid versions of ChatGPT, IBM
Watson, Google Cloud AI Platform, Amazon Web Services and
Midjourney.
95% of the S&P 500 groups are planning to base their
future growth on Artificial Intelligence.
According to the best Anglo-Saxon financial analysts, who
are one step ahead of Europe on
this subject, the only economically viable model – i.e. one that
does not expose the economic entity (whatever its size) to
incessant legal proceedings – is an AI focused on an extremely
well-defined economic segment.
The economic sector must have information that plays a vital
role, full intellectual property of all the Big Data (including
Data Mining) of the copyrights and related rights confirmed on all
algorithms, databases, with machine learning (deep learning) and
neural networks.
In short, the AIs that will triumph with very substantial
economic gain and without major industrial or legal risk are the
economic entities that own, in full intellectual property, all of
the different stages of the proprietary AI in a defined market
segment where expensive high value-added information plays a vital
role. And this is exactly the case of our Intuitive Artmarket® AI
developed by Artprice by Artmarket.com, World Leader in Art Market
Information.
Artprice's Intuitive Artmarket ® AI is entirely in line with
this postulate.
Copyright 1987-2024 thierry Ehrmann www.artprice.com -
www.artmarket.com
Artprice's econometrics department can answer all your questions
relating to personalized statistics and analyses:
econometrics@artprice.com
Find out more about our services with the artist in a free
demonstration: https://artprice.com/demo
Our services: https://artprice.com/subscription
About Artmarket.com:
Artmarket.com is listed on Eurolist by Euronext Paris. The
latest TPI analysis includes more than 18,000 individual
shareholders excluding foreign shareholders, companies, banks,
FCPs, UCITS: Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.
Watch a video about Artmarket.com and its Artprice department:
https://artprice.com/video
Artmarket and its Artprice department were founded in 1997 by
thierry Ehrmann, the company's CEO. They are controlled by Groupe
Serveur (created in 1987). cf. the certified biography from
Who's Who In France©:
https://imgpublic.artprice.com/img/wp/sites/11/2024/02/2024_Biographie_thierry_Ehrmann_WhosWhoInFrance.pdf
Artmarket is a global player in the Art Market with, among other
structures, its Artprice department, world leader in the
accumulation, management and exploitation of historical and current
art market information (the original documentary archives, codex
manuscripts, annotated books and auction catalogs acquired over the
years) in databanks containing over 30 million indices and auction
results, covering more than 850,000 artists.
Artprice Images® allows unlimited access to the largest art
market image bank in the world with no less than 181 million
digital images of photographs or engraved reproductions of artworks
from 1700 to the present day, commented by our art historians.
Artmarket, with its Artprice department, constantly enriches its
databases from 7,200 auction houses and continuously publishes art
market trends for the main agencies and press titles in the world
in 119 countries and 9 languages.
https://www.prnewswire.com/news-releases/artmarketcom-artprice-and-cision-extend-their-alliance-to-119-countries-to-become-the-worlds-leading-press-agency-dedicated-to-the-art-market-nfts-and-the-metaverse-301431845.html
Artmarket.com makes available to its 9.3 million members
(members log in) the advertisements posted by its Members, who now
constitute the first global Standardized Marketplace® for buying
and selling artworks at fixed or auction prices (auctions regulated
by paragraphs 2 and 3 of Article L321.3 of France's Commercial Code).
There is now a future for the Art Market with Artprice's
Intuitive Artmarket® AI.
Artmarket, with its Artprice department, has twice been awarded
the State label "Innovative Company" by the French Public
Investment Bank (BPI), which has supported the company in its
project to consolidate its position as a global player in the art
market.
See our 2023 Global Art Market Annual Report, published in
March 2024 by Artprice by Artmarket:
https://www.artprice.com/artprice-reports/the-art-market-in-2023
Artprice by Artmarket publishes its 2023 Contemporary Art Market
Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023
Summary of Artmarket press releases with its Artprice
department:
https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real-time with Artmarket and
its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (more than 6.5 million
subscribers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom
Discover the alchemy and the universe of Artmarket and its
Artprice department: https://www.artprice.com/video
whose head office is the famous Museum of Contemporary Art Abode
of Chaos dixit The New York Times / La
Demeure of Chaos:
https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos/Abode of Chaos – Total Work of Art and
Singular Architecture.
Confidential bilingual work, now made public:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
- L'Obs - The Museum of the Future:
https://youtu.be/29LXBPJrs-o
- https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
(more than 4.1 million subscribers)
- https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department -
Thierry Ehrmann Contact: ir@artmarket.com
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