NEW YORK, May 5, 2021 – Announcing LiveArt – a new digital business that is ushering in the next phase of the art market by providing both seasoned and aspiring collectors with the necessary data, insight and opportunity to buy, sell or hold works of art without relying on traditional intermediaries.
LiveArt was conceived to address the inherent illiquidity of the art market by providing participants at all levels with one destination for real-time information and an efficient and secure marketplace in which to privately transact. The combination of the data and transactional components of LiveArt overcomes the most significant hurdles for collectors and other market participants – price discovery and access to material – bringing price transparency to a market that is widely acknowledged as being opaque and reserved for a small group of insiders.
Adam Chinn, Co-Chairman of LiveArt, commented, “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. In time, all markets trend towards openness and efficiency, and the advancements in technology and, specifically, machine learning, will prove to be accelerants of that trend in the art market. The willingness to transact digitally and the hunger for openness have been on full display over the past year as a result of COVID. LiveArt will let supply and demand determine pricing, and provide buyers and sellers in both the primary and secondary markets with the information and a forum to make informed decisions about individual works or their entire portfolio.”