May 5, 2021
Today we announce LiveArt, the global fine art marketplace that puts you in control.
LiveArt is here to provide a much-needed jolt to the art market. Our privacy-focused digital platform approach allows artists and collectors to communicate directly without the need (or cost!) of intermediaries.
The art world has been glacial in its embrace of the digital revolution. Many believe the art market is too complex and idiosyncratic for digital transactions. How can technologists appreciate and account for the intricacies of the art market? - The need for utmost discretion? The fear of “burning” a valuable artwork? The quirkiness of art pricing?
We understand. We are from this world. We have held leadership roles at Sotheby’s. And Christie’s. We are gallerists. We are collectors. We have worked with hundreds of artists. And we see a clear path for digitizing the art market.
Allow us to tell you our story and show you how our LiveArt digital platform is seamlessly tailored for collectors and artists.
What Collectors Want
Whether you are a beginner or an experienced collector (and we have been both!), you know that interacting with the art market in its current form is a challenge. The art market has historically been a closed network, relying on a relatively small group of intermediaries that controlled information, pricing, and access to works of art. Collectors today want the opposite:
- Access to an exciting pool of material for purchase, professionally curated.
- Price Transparency - art market data at your fingertips, price discovery, real-time actionable analytics on art market trends.
- Privacy - ability to transact anonymously but securely, with qualified buyers and trusted sellers.
- Full control over artwork visibility - never, ever “burning” an artwork!
- Easy, hassle-free transactions - smooth and secure end-to-end handling of transaction logistics.
What the Art Market Needs
In a word, a jolt! In time, all markets trend towards openness and efficiency, with technology as a powerful accelerator. Until recently, the art market had been remarkably resistant to change, but the willingness to transact digitally and the hunger for openness have been on full display over the past year as a result of COVID. The market power is rapidly shifting away from gatekeepers and intermediaries and toward creators and collectors. We built LiveArt specifically for this transformational moment, which will bring:
- Dramatically lower transaction costs.
- Newly empowered creators looking to connect directly with collectors and capture a larger share of the monetary rewards from their creativity.
- Convergence of the primary and secondary markets.
- Embracing of both “traditional” and new digital media.
What Technology Can Do
We practice Platform Thinking - imagining the future of a market (in this case, the art market), analyzing how each stakeholder in the market ecosystem will be affected by it, and backing into the technology platform needed to enable it. Following this model, we had to invent a lot of new tech to place LiveArt at the epicenter of the art market transformation:
- LiveArt Estimate™ for the fair market value of a work of art, enabled by machine learning.
- Marketplace buy/sell matching, powered by AI.
- Incremental artwork visibility technology, a patent-pending method for promoting artworks for sale privately (without “burning” them) and yet at scale.
- Hybrid sale formats bridging traditional and digital sales.
- Conversational AI for anonymous and yet trusted P2P dealmaking.
- Blockchain technology implementing the transaction economics that reflects the changes in the art market.
While we enjoy playing with all this cool tech at LiveArt Labs, we remain focused on realizing our vision of creating the global fine art marketplace that gives buyers and sellers total control and discretion, which is particularly powerful in a market that values the freshness of material. This is our goal and our mission.
In our many decades in the art market, there has never been a more dynamic, transformational, and exciting moment. We are building the LiveArt platform to become an important part of the emerging art market ecosystem. We hope you’ll join us.