Technology is disrupting most industries, and the art sector is no exception. Deloitte dedicated this year’s edition of its popular Art & Finance conference entirely to technology, and illustrated how big data, artificial intelligence and blockchain are setting their footprint on the art world. International experts from within and outside of the ArtTech world gathered at this annual discussion forum and demonstrated to what extent technology is changing the art world and the way art investments are made.
The conference took place at the Luxembourg Philharmonie on Friday 26 October, 2018, and showcased how tech-enabled tools now allow for improved traceability and tracking of artwork, and enhanced art data and art market analytics help art investors make more informed decisions when buying art. Moreover, new art trends and information about artists circulate freely on social and digital media, leading to an uptake in the circulation of art on a global scale.
ArtTech on the rise
Adriano Picinati di Torcello, Director and Global Art & Finance coordinator at Deloitte elaborated on his view of the Art & Finance industry at this transitional time: “The art & finance world is experiencing a profound transformation, which is bound to change the focus of financial professionals, artists and investors alike. The introduction of technology tailored to the art market brings multiple benefits and above all it makes art accessible to a broader audience worldwide. I strongly believe ArtTech is here to stay and will only increase in scope and relevance.”
New technology also makes it possible to restore old, damaged artwork to its original beauty, and there is an uptick in tools that can be used for valuation and provenance, thereby increasing transparency and trust in the art market.
In terms of art investments, technology is also shaping a new investment landscape. The conference argued that in the near future, it could be possible for anyone interested to buy and own even a fraction of an artwork thanks to blockchain technology.
Patrick Laurent, Partner and Technology Leader at Deloitte Luxembourg developed on the new ArtTech eco-system supporting the digital transformation of the industry: “There are clear core technology developments influencing change in the art market; blockchain offers fractional ownership or tokenization of art, AI generates algorithms promoting better analysis of art or even generating new works of art, and digitization allows for fine detailed re-creation and archiving services. These are only a few examples of how tech is shaping the art world into a more transparent and data-driven market.”
This year, the truly international conference attracted delegates from across 26 different countries, with Art & Finance representatives from 9 different Deloitte member firms, including Japan, China and the United States.
Deloitte’s annual Art & Finance conference has travelled across borders and gathered inspiration from important art hubs. This year’s conference was the third edition organized in Luxembourg, after the 2008 and 2014 editions. In between the Luxembourg editions, the conference has travelled to London in 2009, Paris in 2010, Miami in 2011, Basel in 2012, Maastricht in 2013, and to New York in 2015. In 2016, the conference was organized in Amsterdam in collaboration with the Van Gogh Museum and last year, the 2017 conference gathered 414 delegates in Milan.
This year’s edition of Deloitte’s Art & Finance conference was organized in collaboration with the LHoFT, and sponsored by Hiscox, Arius Technology and Wildgen. Media associates of the conference included Art Media Agency (AMA), MasterArt.com, The Art Newspaper, Family Office Magazine, Le Quotidien de l’Art, artnet and Luxembourg Art Week.
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