In recent years, the vocabulary of the art world has been enriched with new words that identify professions, new tools and methods of production and use of art.

Here are the words of art 3.0 to know!

Artificial intelligence

New technologies are proving increasingly revolutionary for the art world, in terms of production and use of the works. In particular, thanks to Artificial Intelligence, artists are able to create new works using algorithms, just as other art players develop new ways of learning and using art using the so-called “Machine Learning” systems . Art and Artificial Intelligence are a combination that is becoming increasingly popular in the world of art. In fact, Christie’s auctioned the work “Edmond de Belamy” created by the collective of Parisian artists Obvius, and created thanks to the use of Artificial Intelligence, and more specifically, to an algorithm.

Algorithm

Set of procedures written in the programming language to provide indications to a computer for the execution of a specific task. In the art world today it is possible to find the use of algorithms in the creation of works, the study of specific details of one’s collection through platforms such as Art Rights, the analysis of data on auction results or even for specific research.

Blockchain 

Blockchain is the technology to support problems on provenance, price manipulation and the lack of transparency of information on works of art. There are many potential offered by the Blockchain, as a new technology at the service of artists, collectors and art players. The main lines of use of the Blockchain for art are: the protection of Digital Art thanks to the possibility of certifying, encrypting and controlling its distribution; Art Business Solutions, which sees the application of the Blockchain to solutions regarding provenance, the tracking of the history of the works of art and the verification of their authenticity as for the Art Rights platform; the Tokenization or securitization of a work of art, then the division into several parts of a unique art asset, with the possibility of selling it in small shares.

The Megas 

The “megas” are the large galleries that dominate and polarize the art market. The mega galleries are characterized by huge spaces, offices distributed all over the world, consolidated business models, elephant staff, public relations networks, market influence and endless capitalization. The four indisputable examples are Gagosian, David Zwirner, Pace and Hauser & Wirth.

Online Viewing Room 

The Online Viewing Rooms are virtual rooms that recreate existing or unpublished environments to exhibit works of art and encourage online “visits” at trade fairs, exhibitions or major exhibitions for collectors, sector operators or art lovers. The Online Viewing Rooms offer the concrete possibility of making the works usable, becoming new sales channels for the art market. German gallery owner David Zwirner was the first to launch the use of online viewing rooms in 2017, creating 55 online exhibitions, followed by Gagosian the following year.

Millennial Collectors

If traditionally the collector was a wealthy, middle-aged person, willing to personally visit the exhibitions, the new collector belongs to the generation of Millennials, born between the early eighties and the mid-nineties, he is smart, always connected, more inclined to inquire on the Internet and through Instagram. Based on the survey conducted in the latest The Art Market Report 2020 by Art Basel and UBS, 92% of HNW Millennials collectors said they had purchased works online, through the use of sales platforms and Instagram. Of these, 36% bought online paying over $ 50,000 for a work of art, while 9% spent more than $ 1 million.

And you, what words of art did you discover?