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
About Artmarket:
Artmarket.com is listed on Eurolist by Euronext Paris, and
Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.
Artmarket.com: CIHA Lyon 2024 -
France. Artprice is an active
sponsor of the International Congress of Art History (CIHA) which
this year will be attended by a thousand researchers from over 70
countries.
https://www.actusnews.com/fr/artmarket/cp/2024/05/13/artmarket_com-ciha-lyon-2024-france_-artprice-is-an-active-sponsor-of-the-international-congress-of-art-history-ciha-which-this
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 ©:
https://imgpublic.artprice.com/img/wp/sites/11/2024/02/2024_Biographie_thierry_Ehrmann_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 (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)
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
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)
• https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department - Contact:
ir@artmarket.com
Logo -
https://mma.prnewswire.com/media/2260897/Artmarket_logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/artmarketcom-2024-q1-revenue-growth-ai-with-the-intuitive-artmarket-in-artprice-databases-new-high-value-added-services-and-subscriptions-302146404.html
