Art Firms Navigate AI Adoption Amid Uncertainty and Opportunity

The art market is slowly embracing AI, with initial applications and nascent tools emerging after the 2022 NFT crash. By strategically implementing AI in data and operations, potential advantages could manifest within five years. In 2022, LiveArt introduced AI-driven analytics aimed at new investors. In March, Bonhams collaborated with ARTDAI to investigate AI for market insights. Marc Spiegler, the former head of Art Basel, pointed out that the art sector's limited size had previously restricted technological investments, but AI now presents accessible solutions. According to ARTDAI CEO Alican Arcasoy, there is growing interest from art businesses, particularly auction houses and insurance firms. AI is primarily utilized for discovery and tailored recommendations. Collector Alan Lau emphasized the need for businesses to adapt to AI chatbots without delay.