Data has already had a huge effect on the art market, lowering prices and improving transparency, says Evan Beard, an art services executive at U.S. Trust, the private bank owned by Bank of America Corp. But he’s skeptical that technology will totally supplant the way art has been bought and sold for centuries. An algorithm will never replace “going into old ladies’ living rooms and romancing them,” he says. “Selling a work of art still requires romance—even at the low end.’’ While the personal touch will probably never go away, Arthena’s data-first approach could appeal to a new generation of art aficionados. Phillip Ashley Klein, who runs Deloitte Consulting’s U.S. Art & Finance team, says a massive transfer of wealth is underway from boomers to millennials, who want a “more personal experience and more contextual transparency.”
This article was provided by Bloomberg News.