The Emergence Of Art-Tech Startups
The art world is notoriously old-fashioned, and many industry leaders seemingly enjoy this reputation. But a growing number of art-centric tech startups have recently emerged with new tools for creating, protecting, and purchasing art. Several of these “art-tech” companies are touting apps that aim to increase transparency in pricing and provenance. Their success could provide a big boost to aspiring collectors in today’s art market—one that still largely plays by its own rules when it comes to disclosing previous prices and ownership.
Here are a few game-changing art-tech companies to keep an eye on:
Magnus: “The Shazam for Art”
Imagine holding up your phone to a piece of art and instantly seeing the title, artist, past prices, and current quote. Guess what … there’s an app for that!
Magnus uses image recognition software and crowdsourced price information to generate real-time insights on the art in front of you. Their website claims the app produces relevant information on 70% of the works it comes across. That number should continue to grow as the Magnus team expands the library of information available (with a little help from investors like Leonardo DiCaprio).
ARTBnk: Real-Time Valuations
Like Magnus, ARTBnk provides real-time valuations for works of art. But instead of crowdsourcing the information, ARTBnk has gathered an internal database of information to generate their real-time valuations. The result is a more dependable and trustworthy valuation method that shields collectors from deceptive pricing.
Artnome: Moneyball for Art
Rather than a focus on pricing, Artnome is using technology to improve information and access to the art world. Founded by self-professed “art nerd” Jason Bailey, Artnome’s stated mission is “to use technology and data to improve the world’s art historical record and to improve opportunities for artists from historically underserved or marginalized groups.”
With articles like “Autoglyphs, Generative Art Born On The Blockchain” and “New Data Shows Why Van Gogh Changed His Color Palette,” it becomes clear how Artnome is bridging the gap between technology, art, the old, and the new.
These projects represent only a fraction of the rich interaction between technology and art. I would encourage artists and tech folks alike to check them out and let us know what you think!
About the Author
Ford Harmon is our startup + business law guru and resident tech nerd. Ford helps clients navigate a multitude of business-law concerns. The majority of clients Ford assists are entrepreneurs, startups, or more well-established businesses with creative or tech-centric business models, as well as artists of all mediums.
Learn more about Ford Harmon HERE.