New technologies to support the art market. Report Art & Finance 2018 - Deloitte
Almost $ 1.3 billion is the figure shot up by the first ten artworks auctioned in 2017.
This figure shows how the art and collectible goods market today attracts an ever-increasing number of enthusiasts and collectors, operators in the sector and investors.
It’s a fact: the art market in 2017 has recorded an incredible surge compared to 2016.
Striking sales like the Salvator Mundi, attributed to Leonardo Da Vinci, put on sale by the Russian businessman Dmitry Yevgenyevich Rybolovle and auctioned at the Louvre in Abu Dhabi for the stratospheric sum of 450.3 million dollars in November by Christie’s, closed the year demonstrating the liveliness of the market.
However, as highlighted by Ernesto Lanzillo (Deloitte Private Coordinator)
“The art and collectible goods market today needs increasingly precise analytical and management tools, able to meet the lack of uniform standards and regulations“.
It is certainly not a secret: the art market is affected by great opacity of information. The Deloitte Report has therefore gathered from collectors, art and finance operators the three main threats affecting the reputation and operation of the art market:
Lack of transparency
Technology comes to the rescue regarding these issues, ensuring greater transparency in the art market, but still preserving the privacy of its protagonists.
In recent years, there has been a significant increase in investments concerning start-ups linked to the art market, from an estimated $ 125 million in 2013 to $ 505 million in 2015.
These numbers show an ever-increasing focus on finding solutions in support of the management and certification of artworks.
Art Rights is an example: this is a new digital technology that provides, by using the Blockchain, incorruptibility and decentralisation of information, encrypted data, protection of privacy and security in order to protect the entire supply chain of the art market.
These technological tools will be an effective weapon to overcome the limitations that the art market still suffers, leading to an evolution for the entire art sector in terms of protection and valorisation of the artistic heritage.
Artists, collectors and operators, are you ready to experience this change?