Artificial intelligence and machine learning have already become invisibly braided into our daily lives. Although the art business has often lagged behind the cutting edge of technology, a. software-savvy vanguard is working to integrate A.I. into the trade. In this article, Tim Schneider lays out seven practical ways A.I. could transform the market.
The New York based art historian and global head of the UBS Art Collection, explores the diverse and impactful shifts in the art world that have taken place in less than a decade. These include the normalization of art as a financial investment, the global proliferation of private museums, and the blurring of traditional roles for auction houses and art galleries, to name just a few.
We all know 2020 was a bad year for the art market, which saw the cancellation of virtually every live auction, fair, and exhibition. But just how bad was it? A new study from Art Basel and UBS titled “The Impact of COVID-19 on the Gallery Sector” aims to survey the extent of the damage.
Despite the economic chaos the world is going through right now, the art market continues to prove that it can exceed expectations. Despite this, art and collectible is often ignored when estate plans are drafted, which may lead to extra costs and possible “fire sales” of artwork in an estate. To avoid this, there are three basic steps every collector should consider as part of the estate plan.