Kalshi launches art auction prediction market

Prediction platform Kalshi has launched a new market allowing users to bet on art auction outcomes, including the sale of Gustav Klimt's 'Portrait of Fräulein Lieser' at the im Kinsky auction house. The move aims to democratize access to the art market, but critics question the accuracy and ethics of such predictions. Kalshi, already known for betting on elections and economic data, now offers contracts on whether specific lots will sell above or below their estimates. The platform uses real-time auction data from sources like Artnet and LiveAuctioneers. While some see it as a way to engage a broader audience, others warn it could trivialize art valuation and attract speculative behavior. The Klimt portrait, estimated at €30-50 million, is a test case for this new venture.