PARIS, Dec. 7, 2021 /PRNewswire/ -- For 25 years now,
Artprice by Artmarket – world leader in art market information –
has been studying, analyzing and researching the structure of the
art market from every possible angle. This work has engaged all of
its human and technical resources, including its art history
department, its databases, its econometricians and statisticians,
its sociologists, and of course its economists, jurists and tax
specialists.
According to thierry Ehrmann, founder and CEO of the group,
'Over the past five years, Artprice by Artmarket has
literally second guessed the impact of NFTs on the art market by
adding blockchain to its core database business and digitizing its
historical art market standardization work. Artprice is the sole
author of these projects with IP protection of its
source codes since 1999'.
For its innovative R&D and its creation of
Artpriceblockchain.com, Artmarket was awarded the prestigious state
label "Innovative Enterprise" by the BPI (French public investment
bank) in 2015 and then again in 2018 (it is rarely awarded more
than once).
Artmarket.com is now setting its sights even higher as it
launches its NFT ® Marketplace with a realistic ambition to
generate a future turnover of several tens of millions of euros,
and possibly even hundreds of millions in the longer term.
This ambition is based on the logic and reasoning explained
below, which, on the one hand involves a specific and unique
approach to Blockchain and NFTs, and on the other, relies on a
historical, sociological and economic analysis of the art
market.
Specific and unique approach to Blockchain and NFTs
In the design of its DAO (Decentralized Autonomous Organization)
Artmarket.com will produce 'smart contracts' registered on the
Ethereum blockchain.
Today, Artmarket.com's eco-responsibly designed DAO brings
together the immutable and transparent rules governing the art
market (one of the oldest market's in the world) with total
impartiality. Artprice has been scientifically codifying these
rules for the last 25 years.
Artmarket.com's DAO is transparent. It is de
facto based on a supra-national framework and is the
subject of contributions from the best historians, jurists,
scientists and econometricians. These contributions have been
collected over the past two decades to establish the company's open
data.
Artprice – world leader in art market information – has been the
sole author of its databases for 25 years. Today, its databases are
authoritative throughout the world and include the world's largest
documentary archive of notes, manuscripts and sales catalogs since
1700, which further guarantee the authenticity and historical
legitimacy of its databases.
As a direct consequence of its reliability and its undisputed
reputation in the art market, Artprice has the full capacity
and is perfectly positioned to play the role
of oracle (source of reliable information that
allows the integration of variables from the real world into smart
contracts) in Artmarket.com's blockchain.
Artprice's legitimacy as a blockchain oracle is based on its
real-time collection of data from 6,300 auction houses around the
world which automatically transfer their public auction results to
Artprice.
Within Web 3.0 communities, an oracle can only be an oracle if
it relies on a multitude of public sources, which is exactly what
Artprice does with its 6,300 public sources.
As an oracle, Artprice will feed data from its databases. This
data will include public auction results; historical, indexed and
econometric data about artists and their works; detailed
information concerning the traceability of works, etc.
As an oracle input, Artprice's data will have the status of
'recognized official market information', and the activation or
non-activation of 'smart contracts' will depend on the information
provided by Artprice.
There is no doubt that Opensea and Rarible, to name but two, are
among the NFT platforms that would immediately benefit from an
industrial collaboration with Artmarket.com, the latter providing
an indisputable, unavoidable and global art market reference going
back a quarter of a century.
Artmarket.com will study each proposal, joint venture, capital
participation, merger and/or acquisition and will give its approval
if the proposals make good industrial sense and perpetuate its
principal ethic: the promotion of art market information and
transparency.
In view of the different legislation in force in France and, at a broader level, in
Europe generally, Artmarket.com is
looking into registering with the AMF as a Digital Assets Service
Provider (DASP or PSAN in French) with a view to its forthcoming
status as a FinTech company. At the same time,
Artmarket.com will constantly monitor US and European
legislation thereby allowing it and its American subsidiary to make
the best choices as a future FinTech.
Historical, sociological and economic analysis of the art
market
The following synthesis by Artmarket.com is based on
the study of thousands of articles and reports, and hundreds of
interviews, meetings and conferences on the world of cryptology,
cryptocurrencies, blockchain, NFTs and the metaverse.
Thanks largely to the greater transparency and the greater ease
of access to information – to which Artprice has been the main
contributor in the world for 25 years – it has been made possible
to observe that the art market experienced an overall turnover
growth of +2700% between 2000 and 2020.
The art market's growth – initially specific to the West – is
now happening on five continents of the globe. Lately it has been
substantially driven by a veritable explosion of the media employed
by artists and the arrival of young artists with astonishing
auction debuts in what is clearly now an efficient market.
The principal question Artprice has been studying and following
closely is the impact of NFTs on the art market. Each of its
annual reports devotes a large chapter to NFTs, such as its
latest Contemporary Art Market Annual Report published in October
2021: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
At the Beginning of 2022, Artmarket.com will publish a
comprehensive report on NFTs and their impact on the art
market.
Using the experience of its various departments, Artprice
compares NFTs with the market for multiples (lithographs, prints,
serigraphs, etc.) in the 20th century.
It was traditionally believed that multiples weakened artists
whose markets were already established. This belief was essentially
based on a technical and scientific reality: it was not possible to
control with absolute certainty the number and quality of
prints/multiples in circulation. As a result, prints/multiples are
often considered the poor cousins of the art market.
Another interesting fact to consider before pursuing this
comparison is liquidity. In reality, if you want to buy an artwork
that you can be sure to sell within a year, you need to pay at
least €20,000. In 2021, if you are looking for exit liquidity
within a month, you need to pay at least €50,000.
NFT artworks, because they represent a complete paradigm
shift, challenge the whole traditional economy of the art
market.
Indeed, the NFT revolution, which undermines all
the barriers inherent to the mores, customs and standards of the
traditional art market, is now clearly approved by a broad
consensus of users, collectors and creators, and notably, by whole
communities of artists themselves.
Blockchain technology, via 'smart contracts', allows the
issuance of 'non fungible tokens' with scientific certainty
about their origin, their number and indeed about their every
detail. This instantly affords confidence to the art market
which, under these conditions, accepts the creation and circulation
of multiples, which, in the past, might have weakened the artist's
market.
But, the NFT revolution doesn't stop there. It is now based on
digitally-certified issues that, thanks to blockchain, no-one can
divert. For example, this allows a recognized artist (with an
established price range) to issue a large number of NFTs forming a
collection of digital works that become a sort of dialogue with
his/her public. This interactivity will attract new collectors to
the artist's universe/metaverse. The artist will then be able to
see his/her income and notoriety grow, without damaging his/her
reputation and relationship with the art market's key players.
According to our cross-checked calculations based on a large
range of criteria and considerations, this radical transformation
of the art market is likely to grow the population of art
collectors from approximately 120 million today (with an average
age of 54) to more than 900 million buyers of NFTs (and who knows
what other artistic formats...) with a much younger and much more
varied sociological profile.
Put simply, there exists today a whole generation of humans that
has always lived with digital technology and completely understands
that art NFTs are a sought-after, rare and speculative product
surrounded by hype and considered avant-garde,
and affording a degree of digital social recognition… and
neither the hip factor, nor the modishness, nor the speculative
aspect are a problem for this generation.
In addition, in 2021, digital media are absolutely everywhere:
smartphones, smartTVs, tablets and computers, number in the
billions. These high definition screens, now with very low power
consumption due to MicroLEDs with deflationary prices, are
increasingly prevalent in our daily lives, both in the private, and
professional spheres, and in public spaces like airports and
shopping centers, etc..
NFT Art has been conceptualized to penetrate into everyone's
daily lives, in an 'ultra-democratization' of art, without loss of
rarity and quality. The revenues generated by this historic change
are already spectacular, as we saw with the result of Beeple,alias
Mike Winkelmann, ($69.3 million) at Christie's, already rivaling
historical auction records for physical works. These results are
playing a spearhead role for this new world.
In addition, the new buyers of NFTs can engage in a form of
double speculation: on the one hand, there's the artwork which is a
thousand times easier to sell (on an NFT platform) than the
multiples of the last century; and on the other hand, there's the
fluctuation in the value of the cryptocurrency in which its value
is denominated. This is a significant factor as it adds the
possibility of economic gain to the pleasure of accessing art.
Through its expertise in the art market, Artprice by Artmarket
has the ability to 'bring out' thousands of communities of artists
(with known market prices) originating from recent trends like
Street Art (whose visual works seems to have been born for NFTs)
among others, or even more fringe trends like performance art,
which has been always excluded from the mass market.
With Artmarket.com smart contracts, the artist or his/her
beneficiaries and Artmarket.com will receive recurring income from
the NFT artwork, from its primary issue to its various transactions
on the secondary market.
What Artmarket.com brings to the NFT market is its guarantee as
world leader in art market information along with its expertise,
its extreme technological discipline and the strict terms in the
metadata of its smart contracts, thereby creating the necessary
conditions for the success of this new revolution in the art
market.
The DNS artpricecoin.com, filed in December 2017 (along with all the corresponding
names) illustrates Artprice by Artmarket's early awareness of this
paradigm shift to NFTs and cryptocurrencies.
As a global phenomenon, the advent of NFTs within a blockchain
environment has parallels with the world of music. In its very
early days, music was only available to those who went to listen to
it. This changed with the technical capacity to record and
reproduce sound on different media.
That technological advance democratized music, infinitely
multiplying the listening possibilities. The number of musicians as
well as the number of music enthusiasts literally exploded,
generating colossal financial flows and profits within what is
commonly called 'the music industry', which, at the end of 2021,
had nearly one billion paying subscribers, thanks to digital
technology.
With the arrival of NFTs, the paradigm shift in the art market
is at least comparable. This change will take us towards a mass art
market, but one that will always retain a certain elitist quality
(like all cultural markets).
Through exchanges between Artprice by Artmarket
and internationally renowned artists (and others) and/or their
beneficiaries, we have become acutely aware of a strong demand to
exploit the NFT medium in a carefully considered manner. And
awareness of the potential of NFTs in the blockchain environment
already appears to be very widespread.
For artists, past and present (768,000 artists are referenced
and priced on Artprice by Artmarket), the NFT phenomenon represents
a very powerful growth driver. Artists are the central core on
which the whole art market is based and they will now apprehend the
future of the art market, and their own futures, from a very
positive angle within the Artmarket.com universe, which will
progressively transform into a metaverse.
Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/12/image1-AbodeofChaos-99.jpg]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/12/image2-NFT-bill.jpg]
Copyright 1987-2021 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
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https://www.artprice.com/subscription
About Artmarket:
Artmarket.com is listed on Eurolist by Euronext Paris,
SRD long only 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 ©:
Biographie_thierry_Ehrmann_2022_WhosWhoInFrance.pdf
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 in databanks containing over 30 million
indices and auction results, covering more than 770,000
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 180 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 6300 Auction Houses and produces key Art
Market information for the main press and media agencies (7,200
publications). Its 5.4 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).
Artmarket with its Artprice department, has been awarded the
State label "Innovative Company" by the Public Investment Bank
(BPI) (for the second time in November
2018 for a new period of 3 years) which is supporting the
company in its project to consolidate its position as a global
player in the market art.
Artprice's 2020/21 Contemporary Art Market Report by
Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
Artprice by Artmarket's 2020 Global Art Market Report published
in March 2021:
https://www.artprice.com/artprice-reports/the-art-market-in-2020
Index of press releases posted by Artmarket with its Artprice
department:
serveur.serveur.com/Press_Release/pressreleaseEN.htm
Follow all the Art Market news in real time with Artmarket and
its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 5,4 million
followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom
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
L'Obs - The Museum of the Future:
https://youtu.be/29LXBPJrs-o
www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
(4.4 million followers)
https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department - Contact:
Thierry Ehrmann,
ir@artmarket.com
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SOURCE Artmarket.com