PORTSMOUTH, N.H., July 10, 2018 /PRNewswire/ -- ARTBnk announced today that it has launched the Beta version of its SaaS application, including its Real Time Valuation (RTV) engine that generates instant valuations for tradeable works of art.
ARTBnk's RTV technology harnesses artificial intelligence, image recognition, and machine learning to solve the biggest problem facing the art market today: the subjectivity, inconsistency and lack of transparency surrounding the valuation of works of art.
ARTBnk has taken a radically different approach from other solutions on the market. ARTBnk has carefully built and curated a standardized art market database that serves as the foundation for RTV. This powers the most effective and accurate application of ARTBnk's technology. In fact, ARTBnk contends that it's irresponsible to apply technology to the inaccurate data which permeates the entire art market.
ARTBnk's current artist data represents 80% of the art market's dollar volume.
More than 2,000 data points are used to calculate each valuation.
A.I. generated valuations receive human oversight based on 200 years of art domain expertise.
"Right now, there are no standards in the art market, leaving everyone susceptible to the consequences of poor, deceptive, or out of date information," said Co-Founder and Chief Executive Officer Robert J. Steinberg. "ARTBnk's proprietary RTV algorithm solves the problem, alleviates this disparity, and empowers our users by immediately and accurately uncovering the fair market value of any tradeable piece of art."
Co-Founder and Chief Product Officer Jamie LaFleur added, "No one has ever attempted to build, from primary sources, a modern and truly comprehensive set of data that can be applied to the valuation of artwork. We've done it and we have the technology to realize the data's full potential."
ARTBnk's team consists of nearly 40 employees, including two dozen developers. The company is onboarding, in tranches, those who have already signed up for beta access. To register for ARTBnk's beta and to learn more about ARTBnk RTV, visit us at: https://www.artbnk.com.
ARTBnk's mission is to rationalize one of the largest inefficient markets in the world, and bring transparency and accuracy to the valuation of art. The company was founded in 2017, and is based in Portsmouth, New Hampshire. Learn more at www.artbnk.com.