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Art evaluation engine and method for automatic development of an art index

A technology of art and index, applied in data processing applications, instruments, finance, etc.

Inactive Publication Date: 2013-03-20
ARTNET
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Both single-sale and repeat-sale information are used, but there are questions about how the described methods account for heterogeneity in the art market

Method used

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  • Art evaluation engine and method for automatic development of an art index
  • Art evaluation engine and method for automatic development of an art index
  • Art evaluation engine and method for automatic development of an art index

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Embodiment Construction

[0043] Such as figure 1 As shown in , the comparables index according to the present invention uses similar sales information, including repeat sales information and single sales information, but only uses information for items that can be grouped together and can be called comparables. Thus, the Comparables Index is similar to the Repeat Sales Index in that it uses information on items grouped together by homogeneity, and the Comparables Index is also statistically similar to the Hedonic Sales Index in that it uses the Repeat Sales In addition to information, single sale information is also used.

[0044] Based on the comparables approach, it is possible to generate various indices of artworks that clients can obtain in market reports and by subscribing to interactive market analysis tools. These indices can be used to analyze the value of items, to analyze the value of artists, to analyze the value of contemporary art markets and / or to compare art indices with other financi...

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Abstract

A method for automatic development of an art index from repeat sales information and single sales information comprising the steps of: exploring and identifying comparables for individual artists, ensuring that said comparables are of acceptable level of homogeneity, especially regarding tests by art analyst and statistical homogeneity, determining sets of said comparables from information about the artist and / or his / her works, wherein said comparable sets are a group of comparable art objects produced by one artist that have similarities in various attributes, such as year of work, medium, genre, size and / or valuation, correcting of price variations, aberrations and / or outliers of valuation judgements within the comparable sets by using auction catalogues and / or other external sources, reports on provenance, exhibition catalogues, news releases and / or scholarly literature concerning the specific artists and objects, reanalyzing said comparable sets by carrying out an inconsistency check visually and / or in medium, size and price and further correcting price variations, and estimating said art index from said comparable sets.

Description

technical field [0001] The present invention relates to an artwork evaluation engine and a method for automatically forming an artwork index based on repeated sales information and single sales information. [0002] The biggest drawback when analyzing the art market is the lack of valid art indices. While several attempts have been made to formulate useful art indices, both academically and practically, none of the resulting art indices are reliable and are not widely used in the art industry or the financial industry to value or analyze works of art Price trend. This gap is a direct result of two major obstacles when analyzing the art market. The first obstacle is the high degree of heterogeneity of artworks. Another hurdle is the low frequency of transactions. Many available art indices attempt to overcome these constraints in the art market, but very few address both. Background technique [0003] In general, most commercially available indices use three main approac...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/06G06Q40/00
CPCG06Q40/06
Inventor 汉斯·纽恩麸
Owner ARTNET