Technology creates a disruptive effect in many sectors and that of art is no exception. Deloitte dedicated the 2018 edition of its Art and Finance conference entirely to technology and showed how big data, artificial intelligence and blockchain technology have an impact on the art world. Whether they are involved in or outside the world of art technology, the international experts gathered at this annual meeting illustrated how technology is shaking up the art world and how investments are being made.
The conference was held at the Luxembourg Philharmonic on October 26, 2018, Rosemont Art Advisory was honored to attend and witness the market intelligence and meet various art & finance industry professionals. The conference highlighted technology-based tools that can improve the traceability and control of the monitoring of a work of art but also allow investors make better decisions about the purchase of works by enriching the data and analysis tools devoted to art and its market. In addition, new artistic trends and information about artists circulate freely on social media and digital media, which leads to an increased circulation of art on a global scale.
There are fundamental technological developments that influence the transformation of the art market; the blockchain allows the splitting of the property of the works, up to a tokenization of the art; AI generates algorithms for a finer analysis of the art and digitization allows to recreate works with an advanced level of detail and archiving work. These are just a few examples of what technology can bring to the art world in a more transparent market in which data plays an important role.
This year's highly international conference attracted delegates from more than 26 different countries including representatives of the art and finance sector from nine Deloitte member firms in Japan, China and the United States.
Deloitte's annual Art and Finance Conference traveled across borders and drew on some of the world's leading art platforms. This year's conference is the third edition organized in Luxembourg, after those of 2008 and 2014. Meanwhile, it has moved to London in 2009, in Paris in 2010, in Miami in 2011, in Basel in 2012, in Maastricht in 2013 and in New York in 2015. In 2016, it was held in Amsterdam in collaboration with the Van Gogh Museum and last year in Milan attended by 414 delegates.
The 2018 edition was held in collaboration with LHoFT and was sponsored by Hiscox, Arius Technology and Wildgen. The media partners of the conference are Art Media Agency (AMA), MasterArt.com, The Art Newspaper, Family Office Magazine, The Daily Art, artnet and Luxembourg Art Week.
Adriano Picinati di Torcello, Director and Global Art & Finance Coordinator at Deloitte, said: "The world of art and finance has been transformed in depth, which will inevitably change. finance, artists and investors. The introduction of technology dedicated to the art market brings many advantages and above all makes art accessible to a larger audience throughout the world. I am convinced that ArtTech is to stay and that the scale and its relevance will not stop to increase”.
Please stay tuned for the exclusive interview with the Director of Art & Finance Adriano Picinati Di Torcello in our next newsletter.
To learn more about the 11th edition of the Deloitte Art & Finance Conference, click here.
Rosemont Art Advisory offers bespoke fine art asset management services for artists, art professionals, collectors, art institutions, private museums and foundations, private banks, family offices. Private collectors as well as corporate clients are given a unique opportunity of very discreet and strategic advice encompassing all aspects of the art collecting process, from acquisitions to collection management, market analysis and sales all the while confirming the authenticity and provenance. We can help in negotiating the terms and conditions of sale and purchases on behalf of our clients. Following an initial dialogue, the advisory targets a series of museum and gallery exhibitions to visit with clients. We continue the process by accompanying clients to international art fairs, biennales, auction previews, and by visiting artists’ studios. This practice is a critical step in identifying the collector’s own art historical and aesthetic leanings. Trust is key to every business relationship.
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For more information please contact Karolina Blasiak, Rosemont Art Advisor, email@example.com or Tel: +33 (0) 607 93 15 92