Pricing My Art… With AI?

Pricing My Art… With AI?

Pricing My Art… With AI? New advances in machine learning may help us understand the obscure costs of fine art.

What? You could get some bananas and duct tape for a few dollars at the store? Well, anyone who didn’t duct tape their banana to a wall and sell it at an art fair would be missing out on a sizable payout of $120,000.

That’s right — in 2019, artist Maurizio Cattelan sold three editions of this banana for $120,000 to $150,000 per piece.

The sale of Cattelan’s piece underscores the unpredictability that is generally associated with the art industry. Art auctions often make headlines for their seemingly illogical prices, and critics are still baffled at what compels consumers to pay six figures for a banana taped to a wall.

As art auctions boasting unusual pieces continue to cause controversy, appraisers have sought ways to rationalize and predict the values of various artworks. With the growing popularity of artificial intelligence (AI) in different fields, AI may be the next step to stabilizing the art market.

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