The Art Market & New Tech: Marketing Unique Goods by Means of AI?

While the application and applicability of new technology has become prevalent in the economic discourse, the topic is affecting various non-economic sectors of society. Art – as field of unique, auratic craftmanship – is no exception. While the analogue nature of art and its’ physical encounter are considered essential for the production, marketing and consumption of artworks, the digitalization of the art market is calling established marketing theory and practice into question. However, an analysis of the capitalized global art market suggests it time to explore the potential of novel technologies: Beyond established online marketplaces and databases, i.a. artificial intelligence, algorithms and algorithmic networks, machine learning, robotics, virtual reality, crypto currencies and blockchain technology are transforming the marketplace, thereby challenging the traditional understanding of art as well as established marketing strategies. Against this background, this conceptual poster paper predicts a strong and potentially disruptive impact of new technology on the art market. First, it introduces the particularities of the art market from an economic perspective. Second, on this basis, it presents the limited state of research relating to the use of novel technologies in the art market, thereby identifying a research gap. Third, and in order to fill this gap, it presents a selection of current market trends to underline topicality and inspire additional research. By presenting potential research questions, the paper inspires extended market analyses and initial empirical research. It concludes with a call for action.