Artmarket.com: 2024 Q1 revenue growth… AI with the Intuitive Artmarket® in Artprice databases… New high value-added services and subscriptions
PARIS, May 15, 2024 /PRNewswire/ -- As Artificial Intelligence sweeps across the planet like a tsunami, Artprice is pleased to announce new services and a new subscription (€990/year) that uses AI Intuitive Artmarket®. This service will be available for 2024/2025.
Up until now Artprice subscriptions (including subscriptions with paid advertising fully integrated into our databases and services in Q4 2023 and Q1 2024) did not include Artprice's Intuitive Artmarket® AI, which is currently being rolled out.
Artificial Intelligence (AI) has now reached into all sectors of our daily lives, whether economic, scientific, professional or administrative, and the speed of its global spread has prompted Artprice to offer, as of May 2024, new tools that deploy Artprice's own proprietary AI baptized "Intuitive Artmarket®". This offer is now available to our paying advertisers, but can also be subscribed to independently.
This decision, leading to a slight delay of the targets in our business plan with regard to our new paying advertisers (a strategy we fully endorse), was carefully considered by Artmarket.com's Board of Directors in the light of the exponential growth of Artificial Intelligence in the global economy. Indeed, for Artprice by Artmarket it was a natural choice to inject Intuitive Artmarket® into all of our products and services in order to be consistent with its AI service to its customers.
Our Advertising Department has been strengthened by the arrival of new expert consultants who are already operational in Q2 2024, and we have now deployed our Intuitive Artmarket® with new elements of AI languages formatted in UX Design (User Experience Design) and UI Design (User Interface Design) that allow Intuitive Artmarket® paying advertisers a different approach to advertising.
According to Les Échos/Solutions citing DOMO Inc., there is an important index in the service sector today that scores the ability of a company to integrate AI into its processes by counting how much data is processed per second by its employees.
The average is currently 1.7 MB of data per second.
After an IT audit by Mazars, Artprice by Artmarket was able to see for itself that each of its employees generates 35 MB/second, or 21 times more than the European average, which is perfectly consistent with Artprice's core business as a major global publisher of professional databases and proprietary algorithms, and world leader in art market information.
Indeed, for 27 years now, Artprice by Artmarket has been designing and operating more than 180 proprietary vector metadata banks with more than 38 million indices and auction results covering more than 845,000 artists and 180 million images/engravings of artworks from 1700 to the present day. This work is of course fuelled by its extraordinary physical archive of sales catalogs and manuscripts (unique in the world) and its several billion user behavior logs from its 9.3 million customers and members, all anonymized in strict compliance with European (GDPR) and American PDP legislation.
With its Intuitive Artmarket®, Artprice can increase its search and results capacity tenfold over the coming years, taking it to a level that the art market has never seen before. Its customers and members will have access to new services and products which, in turn, will generate more sophisticated subscriptions for Artprice by Artmarket, with an increase in our annual recurring revenue (ARR).
In 2024, Artprice's mastery of Artificial Intelligence is so advanced that it will be deploying a first subscription with extra-high added-value: the 'basic' Intuitive Artmarket® subscription at the price of €990/year (€82.50/month). Additional options are planned as our AI grows and develops.
Artprice's vector databases play a vital role in numerous AI applications.
They allow the storage, indexing and, above all, efficient search of complex art history and art market data in the form of vectors. They can be used for researching art market information, recommending content, recognising images of artworks as well as in other systems. We are for example, currently developing a tool that will be a powerful assistant in the appraisal of paintings and sculptures for valuation and insurance companies (Artprice Signatures & Monograms vector databank).
Vector databases like ours have become an indispensable element of the AI ecosystem, facilitating the development of efficient and effective AI models like Artprice's Intuitive Artmarket®.
According to AI analysts, for a company that is already highly computerized, the implementation of standardization and vectorization of all of its data flows requires a minimum timeframe of 3 years and a very substantial budget; and that is before it can hope to tackle the development of its own proprietary AI, which would take an additional 2 years minimum. In total, it therefore takes an average time of 5 years for an IT department (with external consultants) to develop its own AI.
For Artprice by Artmarket, this entire process was, along with the corresponding investment, completed in full more than a decade ago. In 2024, Artprice has an irrevocable lead in its sector and it represents one of the most interesting AI investment opportunities in Europe.
To meet the needs of vector and algorithmic calculations on its latest generation servers with high volume capacities (via SAN/NAS as well as Cloud storage), Artprice owns all its Data Centers in full. This allows us to get closer to our customers in more than 80 countries.
As part of our eco-responsible approach (see our Annual CSR Report) since 2011, Artprice by Artmarket has developed processes to optimize the use of its servers, by adapting the necessary power and reducing energy consumption of its data centers by 40%. This has been achieved by using the principle of micro-grids which allow better exploitation of production units, the use of multiple technologies, with a preponderant use of renewable energies.
The annual objective is to raise our overall IT power by around 300%, in particular through AI, which is primarily ultra-secure data storage (SAN/NAS) but with an annual drop of 3% to 5% in energy consumption.
Intuitive Artmarket® will offer Artmarket.com shareholders and the financial markets spectacular growth for this decade, starting from this year.
Artprice's headstart in Europe in terms of AI and it overall advance as regards the global art market, is such that the act of management, for Artprice by Artmarket, is to produce end-user subscriptions this year that will allow its customers and members to easily write 'prompts' (instructions given to an AI) that are simple and specific to the art market. Again, this facility is being developed using optimal UX and UI Design.
As a reminder, Artprice by Artmarket has twice consecutively obtained the state label "Innovative Company", awarded by the Public Investment Bank (BPI), and it is pursuing its ambitions in this direction.
To understand how our Intelligence Art Market® application can be used to create a digital campaign for paying advertisers let's look at an example simulating the "Regards d'Orient art moderne & contemporain" sale on 27 October 2023 hosted by the Parisian auctioneer Cornette de Saint Cyr. The sale contained 100 lots signed by 54 artists.
Artprice, at the request of its advertising client, will therefore produce, in a few minutes using AI mode, 54 paid campaigns by 'extracting', from its 9.3 million clients and members, 54 profiles corresponding to each artist, with auto-generation of their artistic portfolios, thereby forming the final sale of 100 lots. This technique generates the closest possible pairing of supply and demand and is the most successful digital campaign on the art market by including Artprice's AI Intelligence Art Market®.
It should be noted that for over 70 years, the standard economic model of auction houses allocates 34% of overall costs to advertising (announcing detailed public auction sales) regardless of the country or the size of the auction operator.
In order to ensure the success of its sale, maintain or enhance its reputation and keep its registered sellers happy, the auction house is ready to deploy in a few hours ultra-targeted digital campaigns that only Artprice can produce thanks to the new deployment in 2024 of its Intuitive Artmarket® AI. With its data centers, its exceptional data engineering skills and its highly sophisticated processes, Artprice can effectively respond to these types of requests 24 hours a day anywhere in the world.
It is not a coincidence that the global volume of art market auction turnover (a totally opaque market until the 1990s) has grown by +3,600% in 22 years since 2000, the reference year. By delivering information akin to the financial markets – Artprice, the historic pioneer of Art Market standardization (with more than 450 indices, traceability of artwork IDs, econometric analysis, floating, % country, auction turnover ID Artists, calculation of price evolutions using the 'repeated sales method', artists' biographies, signatures and monograms etc.) – has transformed the art market from an opaque entity into one that grows steadily and exponentially, according to economists.
Taken together, the global primary and secondary art markets are today worth over $70 billion compared with $5 billion in 1997.
Intuitive Artmarket® AI and its impact on annual recurring revenue (ARR) growth from Artprice by Artmarket subscriptions and sales of products and services.
Drawing on the experience of its parent company Groupe Serveur – an Internet pioneer since 1987 – Artprice by Artmarket.com, has, over the decades, developed thousands of increasingly powerful and relevant proprietary algorithms with more of 180 meta-banks of vector data which allow the implementation of its own AI (Artificial Intelligence), in strict compliance with the different applicable legislations, notably regarding personal data protection and intellectual property rights.
The three cornerstones of Artificial Intelligence are data, computing power and algorithms. The quality and scale of data, particularly standardized Big Data, significantly influence the effectiveness of AI models in learning and evolving, thus enhancing their "intelligence." This aligns precisely with the fundamental DNA of Artprice by Artmarket which masters both IT programming and the induction computing which defines AI.
This was only possible through the targeted acquisition by Groupe Serveur as of 1999, then by Artprice, of innovative companies like Xylologie, a Swiss company composed of prestigious scientists (from CERN, WHO, etc.) who were considerably ahead of their time and who already prefigured the birth and development of Artificial Intelligence (see our reference document).
In the world of major global publishers of professional databases, it is vital for the long-term development of industries to integrate proprietary AI into their core businesses. This is why Artprice by Armarket has taken a very significant lead since 1999 and made 2024/2025 the key period for the commercial launch of its proprietary algorithmic AI, Intuitive Artmarket®.
This 'cultural revolution' brings new elements of language, but the AI processes and tools were already scientifically at the heart of Artprice by Artmarket. Using the new semantics, Artprice's clients and partners discover the unexplored riches of Artprice, namely data of a magnitude they couldn't even imagine, perfectly aligned with their needs.
It should also be noted that investors are looking for serious projects with a solid background in Artificial Intelligence on both sides of the Atlantic.
Our algorithms harness billions of anonymized proprietary logs, text data, and tens of millions of artworks from Artprice's databases to identify new semantics encapsulating an artist's primary approach, their universe, inspirations, mediums, themes, forms, volumes, and more.
This invaluable data forms a synergy, enriching the understanding of over 845,000 referenced artists with their certified biographies and data. It goes beyond conventional visual criteria thanks to the neural networks of the Intuitive Artmarket® AI.
Intuitive Artmarket ® will notably calculate the values of artworks based on an analysis of past sales that is specific to Artprice; but it will also be able to anticipate future fluctuations, including for totally unique works. It will make it possible to identify highly complex transversal artistic trends which largely escape the academic and institutional worlds.
Of the many new service projects in 2024 for Artmarket's clients, we plan to link Intuitive Artmarket® with our Standardized Marketplace® that was created in 2005 and offers over 77,000 artworks at a fixed or bidable price. We also plan to link our Intuitive Artmarket® to all Artprice by Artmarket's databases.
Intuitive Artmarket® will constantly assist Artmarket clients – whether art enthusiasts or art market professionals or museum curators – to build and/or manage their collections.
With the analysis of billions of logs, 125 million collected and tokenized images of artworks, more than ten million auction results (word embedding), Intuitive Artmarket® will be able to provide extremely relevant solutions for customers wishing to start, or manage, an art collection.
To build the collection, Intuitive Artmarket® will provide suggestions for works to acquire based on criteria the client has provided such as the budget allocated over time, the artistic movement(s) the customer is interested in, the preferred medium(s), the favorite artist(s) or similar artists, the preferred dimensions of the works, the favorite acquisition location(s) (in full compliance with the different legislative frameworks on personal data security). It will also be able to identify from the behavioral analysis of the client's searches certain preferences that neither the client nor an appointed expert might have been aware of.
It goes without saying that this analysis via Intuitive Artmarket® will be conducted with the consent of the client as part of his/her paid subscription (in accordance with the terms and conditions enumerated in the General Conditions of Sale attached to his or her subscription).
As regards collection-management, Intuitive Artmarket® will update the value of the collection in real time, not only taking into account the latest auction results but also by projecting trends with expected results, built on in-depth data analysis.
Intuitive Artmarket® will notify the collector and/or art market professional of sale and/or purchase opportunities, depending on the objectives identified by the collector or the professional over time. These may range from the desire to enhance the pecuniary value of a portfolio to the desire to enhance the artistic value of a collection; everything will be possible via an intuitive configuration.
Contemporary artists will also be able to use this tool to offer their works for sale on our Standardized Marketplace® with higher probabilities of reaching buyers, particularly artists producing NFTs. Bearing in mind all the underlying parameters and data, Artprice is the only platform on the global market that can deal effectively with the certification of primary issues of Art NFTs in an environment of cryptocurrencies alongside the major international currencies.
With Intuitive Artmarket®, it has never been so easy and intuitive to discover the parallel worlds of 'Online Art' and 'Auction House Art' (we are directly linked to 7,200 auction operators around the world).
In today's extraordinarily busy world, every minute counts and Intuitive Artmarket® will allow users to explore the Standardized Marketplace® and monitor the global art market with infinitely better results and much more quickly. Less time spent also means less energy spent, which is perfectly in line with Artmarket.com's eco-responsible approach.
Artmarket's AI (Intuitive Artmarket ®) is based exclusively on its massive proprietary content which is protected under intellectual property law, thereby allowing us to overcome these obstacles and potential prohibitions. In other words, our Intuitive Artmarket ® has no need to look elsewhere for data or for responses to very specific searches from art market amateurs or professionals.
It is therefore a guarantee of sustainability, but also of a considerable increase in performance for Artprice by Artmarket.com, with constant growth in turnover through high added-value subscriptions.
Over the last two decades Artprice has recorded, observed and induced hundreds of millions of human decisions in relation to the art market. This market is of course infinitely complex due to the heterogeneous and singular nature of art on the one hand, and the abstract notion of beauty at the limits of human emotion on the other.
This algorithmic learning has allowed Artprice to create AI models unique in the world, specific to the art market, which will constitute the 2024/2029 growth driver for Artprice by Artmarket.
For over 20 years, Artprice by Artmarket has gradually stabilized its 'alignment problem', a key issue for the successful genesis then construction of its AI (Intuitive Artmarket®).
For the Artprice group, the so-called 'alignment problem' means all of the scientific and ethical questions raised by the relationship of its artificial intelligence system (and its induced results) with the values, expectations and human sensitivities specific to the Artprice by Artmarket group, its clients and the intangible and centuries-old rules of the art market.
Artmarket's AI (Intuitive Artmarket ®) will be supervised by 'prompt engineers', a new career that includes the programming and management of proprietary AI.
The possibilities offered by properly managed AI are therefore immense, which explains its popularity: Microsoft ® Bing Chat now attracts more than 100 million active users per day with a commitment to responsible AI that respects copyright and copyright-related rights. Microsoft has already started rolling out Bing Chat for Business and Microsoft Copilot in paid subscription mode. The same is true for the paid versions of ChatGPT, IBM Watson, Google Cloud AI Platform, Amazon Web Services and Midjourney.
95% of the S&P 500 groups are planning to base their future growth on Artificial Intelligence.
According to the best Anglo-Saxon financial analysts, who are one step ahead of Europe on this subject, the only economically viable model – i.e. one that does not expose the economic entity (whatever its size) to incessant legal proceedings – is an AI based on an extremely well-defined economic segment.
The economic sector must have information which plays an absolutely vital role, full intellectual property of the entirety of Big Data (including Data Mining), of the copyright and related rights confirmed on all algorithms, databases, with machine learning (deep learning) and neural networks.
In short, the AIs that will triumph with very substantial economic gain and without major industrial or legal risk, are the economic entities which own, in full intellectual property, all of the different stages of the proprietary AI in a defined market segment where expensive high added-value information plays a vital role. And this is exactly the case of the Intuitive Artmarket ® AI developed by Artprice by Artmarket.com, World Leader in Art Market Information.
Artprice's Intuitive Artmarket ® AI is entirely in line with this postulate.
Copyright 1987-2024 thierry Ehrmann www.artprice.com - www.artmarket.com
- Don't hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: econometrics@artprice.com
- Try our services (free demo): https://www.artprice.com/demo
- Subscribe to our services: https://www.artprice.com/subscription
Artmarket.com is listed on Eurolist by Euronext Paris, and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.
See certified biography in Who's who ©:
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years ) in databanks containing over 30 million indices and auction results, covering more than 850 000 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world's leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 181 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 9.3 million ('members log in'+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code).
The Art Market's future is now brighter than ever with Artprice's Artmarket® Intuitive AI
Artmarket, with its Artprice department, has twice been awarded the State label "Innovative Company" by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
Artprice by Artmarket's Global Art Market Report, "The Art Market in 2023", published in March 2024:
https://www.artprice.com/artprice-reports/the-art-market-in-2023
Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023
Index of press releases posted by Artmarket with its Artprice department:
https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 6.5 million followers)
Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum "The Abode of Chaos" (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos / Abode of Chaos
GESAMTKUNSTWERK & SINGULAR ARCHITECTURE
Confidential bilingual work now public:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
• L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o
• www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (over 4.1 million followers)
Contact Artmarket.com and its Artprice department - Contact: ir@artmarket.com
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