Search Results (20)

In March 2022, an auction house in Zurich sold two female figurines made from mammoth ivory, along with other prehistoric artefacts. This is a rare occurrence because the scarcity and value of Paleolithic figurines have limited their presence in the international art market. Researchers from the Archaeological Museum Hamburg and the University of Tübingen subsequently undertook in situ and non-destructive investigations to illuminate the authenticity of the two figurines. We conducted a comprehensive analytical study that included detailed microscopic optical observations and spectroscopic investigations. This methodological approach, combined with a thorough comparison to contemporary ivory figurine replicas, proved effective and clearly demonstrated that the specimens were forgeries. Research efforts of this kind are crucial, as they significantly help reduce the spread of intentional fakes posing as genuine artefacts in the art market. By doing so, we foster collaboration between academic institutions and the art market to preserve and protect the integrity and value of authentic archaeological and cultural heritage. Full article

Predicting art auction results presents a unique challenge due to the complexity and variability of factors influencing artwork prices. This study explores a range of machine learning architectures designed to forecast auction outcomes using tabular data, including historical auction records, artwork characteristics, artist profiles, and market indicators. We evaluate traditional models such as LinearModel, K-Nearest Neighbors, DecisionTree, RandomForest, XGBoost, CatBoost, LightGBM, MLP, VIME, ModelTree, DeepGBM, DeepFM, and SAINT. By comparing the performance of these models on a dataset comprising extensive auction results, we provide insights into their relative effectiveness across different scenarios. Additionally, we address the interpretability of models, which is crucial for understanding the influence of various features on predictions. The results suggest that while some models perform better than others, no single approach offers consistently high accuracy across all cases. This study provides guidance for auction houses, art investors, and market analysts in refining predictive approaches, identifying key challenges, and understanding where further improvements are needed for more accurate data-driven decisions in the art market. Full article

The Internet of Things has driven the transformation of the traditional offline rental model to online rental platforms such as Zillow, Zigbang, and Lianjia. These platforms provide abundant housing options, detailed information, convenient communication, and greater price transparency. However, existing online rental platforms are still centralized and rely on third-party intermediaries for settlement, which raises concerns about the integrity of real estate data, transaction security, and price transparency. To improve the real estate leasing business, we propose leveraging the decentralized nature of blockchain technology. By eliminating intermediaries, we can ensure customer privacy and reduce transaction costs. This strategy revolves around smart contracts as a core component, automatically matching landlords and tenants based on their offers, achieving transparency, and maintaining anonymity for both parties. We introduce a novel auction system that combines the features of interactive auctions and sealed-bid auctions, enabling landlords and tenants to engage in range bidding. In this study, we developed a detailed algorithm to define how smart contracts function during the auction process. Through a cost analysis, we demonstrate the economic feasibility and provide a secure, transparent, and reliable approach for online auctions. Full article

On 11 March 2021, amidst the lingering grip of the COVID-19 pandemic, the art world witnessed an extraordinary event. Christie’s, the renowned auction house, hosted a groundbreaking auction counting just one lot: a Non-Fungible Token (NFT)—a digital asset that had been generating buzz in recent times. The astounding price fetched by the NFT sent shockwaves through the art world. While the 255-year-old auction house was known for selling unique assets, its auctioning of an NFT was surprising as Christie’s online marketplace was not on the blockchain, contrarily to NFT platforms such as Opensea, Nifty Gateway, etc. The resounding success, however, of its historic auction was followed by a surge of NFT off-chain sales at Christie’s, Sotheby’s, and Phillips. While extensive research has been done on the trade of NFTs on the blockchain, little research exists on the trade of NFTs at public auction houses. Based on more than two years’ tracking of NFTs auctioned at major auction houses, our research identifies three phases in the development of the trade and provides valuable insights into the unique factors that contributed to the growth of NFTs at public auctions between the springs of 2021 and 2023. Full article

The widespread adoption of distributed energy resources (DERs) and the progress made in internet of things (IoT) and cloud computing technologies have enabled and facilitated the development of various smart grid applications and services. This study aims to develop and implement a peer-to-peer (P2P) energy trading platform that allows local energy trading between consumers and prosumers within a microgrid which combines IoT and blockchain technologies. The proposed platform comprises an IoT-cloud home energy management system (HEMS) responsible for gathering and storing energy consumption data and incorporates a blockchain framework that ensures secure and transparent energy trading. The proposed IoT–blockchain architecture utilizes a Chainlink oracle network and a private Ethereum blockchain. Through the use of smart contracts, consumers and prosumers can participate in an open auction to trade energy, while the settlement process involves acquiring external energy data from an API through the oracle network. The performance of the platform is evaluated through a testbed scenario using real-world energy data from a real house in Valparaiso, Chile, while storing those measurements in AWS cloud, validating the feasibility of the proposed architecture in enabling local energy trading. This work contributes to the development of energy management systems by providing a real-world implementation of an IoT–blockchain architecture for local energy trading. The integration of these technologies will allow for a more efficient and secure energy trading system that can benefit prosumers, consumers, and utilities. Full article

This article examines a recent form of marketing superhero comics that has garnered extensive media attention and has been promoted as the next big step in comics production: the decision by companies like Marvel Comics and DC Comics to offer selections of their intellectual properties as non-fungible tokens (NFTs). Focusing specifically on Marvel Comics’ collaboration with the VeVe app, which serves as a digital auction house through which customers can buy comics and related merchandise, this article suggests that we are witnessing the popularization of an already popular product (superhero comics) in a process that is indicative of larger transformations of the popular. As an agent of such transformations, superhero comics were introduced in the 1930s and 40s as a “low medium” with mass appeal that was critically devalued by proponents of high culture, but they are now widely celebrated as a “popular medium.” We argue that this transformation from a popular but devalued (“low”) product to a popular and culturally valued (but not necessarily “high” cultural) artifact marks a shift from qualitative to quantitative valuation that was driven at least in part by popular practices of collecting, archiving, and auctioning that have enabled the ongoing adaptation of these comics to new social, technological, and media demands. The article uses the newsworthiness of big auction sales and the sky-rocketing prices that well-preserved comic books can garner as a framework for assessing the appearance of superhero NFTs and for gauging the implications of this new media form for the cultural validation of comics. Full article

Over the past decade, Hong Kong’s art market has experienced unprecedented growth, emerging as the second largest in the world in 2020 in terms of contemporary art auctions. Factors such as the city’s free-market economy and well-developed infrastructure, as well as its unique position as a gateway to the large and growing Chinese art market, have led to major global art fairs and galleries establishing their presence in the city, in addition to the already present international auction houses. Moreover, the recent opening of M+, Hong Kong’s new museum of visual culture, as part of the West Kowloon Cultural District, is designed to further seal Hong Kong’s position and contribute to the continued growth of its art market. This paper explores the Hong Kong art ecosystem and its sustainability by focusing on leading art market institutions, anchor cultural organizations, and other key actors driving the development of the Hong Kong art system, on both the commercial and the nonprofit side; the effects of the expanding art market on the city’s art scene; the dynamics of the relationship between the Hong Kong art market and the broader Chinese art market; and the key emerging opportunities and challenges to Hong Kong’s future development as Asia’s premier art hub. Full article

In the first half of 2020, the average sales volume of gallery operators declined due to the COVID-19 pandemic and art galleries faced a crisis relating to their sustainable operation. However, crypto art finance, which combines online sales with blockchain, is attracting a considerable amount of attention. Can the use of blockchain solve the problems encountered in today’s art trading market? Is it considered acceptable by participants in the art trading market? What factors affect the behavioral intentions of blockchain technology users? In this study, we discussed the relationship between perceived risks and the three external variables of trust, government support, and auction house initiative, as well as their impacts on user attitudes and behavioral intentions regarding blockchain. The results of this study verified key factors that will help to increase the use of blockchain and solve existing market issues. It will also promote the sustainable operation and development of art enterprises and the market. Full article

In this article, we present our analysis of how one of Belgium’s largest auction houses has creatively dealt with the forced transition to online auctions during the COVID-19 pandemic. Based on in-depth qualitative interviews and participant observation conducted at Bernaerts Auctioneers in Antwerp over a period of three months between February and April 2021, we show how the auction house has succeeded at maintaining relations with its clients and the public while exclusively moving its sales online. Our specific focus was on the mediation of expertise. Drawing on recent publications from the fields of economic sociology and anthropology, we analyzed how expert narratives of origin, authenticity, and uniqueness are communicated online to affect an object’s auction value. Based on our empirical research, which also includes narrative analyses of Bernaerts Auctioneers’ internet publication Prelude, as well as content shared online via social media, we argue that expert knowledge and practices of expertise are resilient and—contrary to what neoclassical economic theory might suggest—that they continue to be central to negotiations of value, as well as in online auctions. Full article

The day of the last live auction at Sotheby’s in the spring of 2020 was on 19 March 2020 as multiple coronavirus lockdowns forced auction rooms to close worldwide. In the following months, hundreds of live auctions were cancelled or postponed, and combined revenue at Christie’s, Sotheby’s, and Phillips for the second Quarter 2020 plummeted 79% year on year from USD 4.4 bn in Q2 2019 to USD 0.9 bn in Q2 2020. This article focuses on public auctions at Christie’s, Sotheby’s, and Phillips and uses primary research to demonstrate how leading auction houses responded to the unprecedented challenges posed by the COVID-19 crisis. Leveraging Pi-eX’s public auction results database and its 12-month-rolling methodology, our analysis shows (1) the surge of online only auctions while the number of live auctions plummeted; (2) the limitations of online only auctions and the rise of new opportunities; and (3) a comparison of the COVID-19 crisis with previous art market crisis in the past 15 years. Full article

Non-fungible tokens (NFTs) make it technically possible for digital assets to be owned and traded, introducing the concept of scarcity in the digital realm for the first time. Resulting from this technical development, this paper asks the question, do they provide an opportunity for fundraising for galleries, libraries, archives and museums (GLAM), by selling ownership of digital copies of their collections? Although NFTs in their current format were first invented in 2017 as a means for game players to trade virtual goods, they reached the mainstream in 2021, when the auction house Christie’s held their first-ever sale exclusively for an NFT of a digital image, that was eventually sold for a record 69 million USD. The potential of NFTs to generate significant revenue for artists and museums by selling effectively a cryptographically signed copy of a digital image (similar to real-world limited editions, which are signed and numbered copies of a given artwork), has sparked the interest of the financially deprived museum and heritage sector with world-renowned institutions such as the Uffizi Gallery and the Hermitage Museum, having already employed NFTs in order to raise funds. Concerns surrounding the environmental impact of blockchain technology and the rise of malicious projects, exploiting previously digitised heritage content made available through OpenGLAM licensing, have attracted criticism over the speculative use of the technology. In this paper, we present the current state of affairs in relation to NFTs and the cultural heritage sector, identifying challenges, whilst highlighting opportunities that they create for revenue generation, in order to help address the ever-increasing financial challenges of galleries and museums. Full article

In Poland, a dynamic increase in the share of renewable energy sources in the national energy mix has been observed in recent years. Until now, these were mainly installations used for the needs of single-family houses and large-scale installations used on the RES auction market. However, due to the fact that the carbon footprint of the offered products is taken into account, this aspect is becoming more and more important. The carbon footprint can be offset by, among others, by covering the energy needs of the industrial plant by its own renewable energy sources. The article analyzes four sample electricity demand profiles of production plants operating in the mining industry, mainly located in Upper Silesia. Using statistical methods, the fitting of potential photovoltaic sources production profiles to the electricity consumption profiles in the analyzed case studies was checked. The analysis was carried out for each hour of the day and for the profiles weighted by the electricity price from the Polish Power Exchange on the Day-Ahead Market, because matching profiles at different hours has a different monetary value and, as a result, a different impact on operation costs. The highest correlation coefficient between electricity consumption and insolation on an annual basis was −0.29 in the Spearman rho-statistic for the case of M1 enterprise. On the other hand, the highest value at the level of 0.48 was achieved by the Pearson r-correlation coefficient determined on a monthly basis between the monetary value of electricity consumed and insolation in June for the M2 enterprise. Full article

How has COVID-19 affected the global art market? This virus interrupted 2020 in unforeseen ways globally, including the cancellation of the most important art events of the year. Through a close chronological study of the Emirati art scene’s response, both in commercial and noncommercial venues, this essay explains how, and why, the UAE’s art scene was able to react quickly and perhaps more effectively than that of other nations, and what that means for its future. Based on fieldwork and press articles, this article posits that the Emirati art scene evolved from being virtually non-existent to a thriving contemporary art hub in a matter of decades because it has always had to adapt to challenges such as nonexistent art infrastructure or the 2008 financial crisis. By studying the UAE, we find examples of exhibitions that quickly moved from being in situ to online, a rare instance of galleries and art auction house collaborating, government and institutional structures stepping up to support artists and galleries, and the renaissance of Art Dubai taking place in person in 2021 after being abruptly cancelled in 2020. This knowledge provides insight into how the global art market is changing to face the consequences of COVID-19. Full article

The expansion of the British auction houses Christie’s, Sotheby’s and Bonhams to markets in the Middle East has played a crucial role in building an international market for art from the region. They have also been essential in providing an international platform for the sale of art from Iran, a country whose economy is otherwise isolated from global markets. In this paper, I address the growth of the market for Iranian art specifically via Christie’s auctions in Dubai. Through close analysis of auction catalogs, ethnographic data drawn from live auctions and interviews with key staff members, I document the emergence of Iranian art into the international arena and the solidification of both Iranian and Middle Eastern art as a distinct category of sales. In particular, I explore the notion of “seeing with the other eye”, a way that auction specialists nudge local collectors into the arena of “international” taste. Through analysis of the particular tropes used to narrate artist biographies in auction catalogs, I demonstrate how artists are painted as interpreters and translators of “local” and “global” aesthetic registers. Full article

The recent emergence of new regions in the global art market has been structured by hub cities that concentrate key actors, such as global auction houses, influential art fairs, and galleries. Both Singapore and Hong Kong have developed explicit strategies aimed at positioning themselves as Asia’s art market hub. This followed the steep rise of the Chinese art market, but also the general perception of Asia as the world’s most dynamic art market. While Hong Kong’s emergence derives from its status as gateway to the Chinese market, and has been driven by key global players, such as the auction houses Christies’ and Sotheby’s, the Art Basel fair, and mega-galleries, Singapore’s strategy has been driven by the state. At the end of the 2000s, the city identified the art market as a new growth sector, and proactively invested, by creating a cluster concentrating international galleries and supporting art fairs, art weeks, and new world-class cultural institutions. Based on comparative fieldwork, and interviews with actors of the Singapore and Hong Kong art markets, this article shows that the two cities’ distinct strategies have generated contrasted models of “cultural hubs”, and that they play complementary roles in the structuration of the region’s art market. Full article