The price is right: international auction house adopts Polish algorithm to track trending artists
An international chain of auction houses has adopted an algorithm devised by a Polish family that helps price the work of young and lesser-known artists.
Conceived in 2014 by the Imieliński family Articker lets people check how young artists, who aren’t prominent on the secondary art market, are trending. Articker is an algorithm that collates data from over 50,000 sources and through a complex system of weighting their value gives an overview of how lesser-known artists’ works should perform at auction, and how their work’s value will change in the future.
The auction house Phillips has now become the exclusive partner of Articker and offers some of the data as a daily bulletin on their website.
“Articker encompasses one of the largest data sets in the world of visual artists,” said Edward Dolman, CEO of Phillips. “By looking beyond pricing information, it provides us with a more holistic view of an artist’s place within the market. Phillips’ team of international specialists take pride in our ability to provide unique insight into the market at large and Articker will democratize this access to globally sourced information about the world’s leading artists. Digital innovation is a top priority for Phillips and Articker’s value as a tool for our staff and clients will be immeasurable.”
Articker was created five years ago by Celina and Tomasz Imieliński, who both studied electrical engineering in Gdańsk before moving to the United States. They were later joined by their son Konrad who returned to the US intent on turning the family idea into a business after graduating in mathematical economics at the Paris School of Economics.
The three now operate the company as equal partners with Articker being just one of the products offered by their company Art Data Laboratories LLC.
“We conceived Articker in 2014 while discussing emerging artists in galleries in Lower Manhattan, wondering if we could learn more about emerging art using Tomasz's expertise in data bases, data mining and association rules,” Celina Imielińska, co-Founder and partner at Art Data Laboratories LLC, told TFN.
“Articker follows over 300k artists globally and derived daily articles from over 16,000 publication, algorithmically and automatically - providing analytics for the artists in the Articker database,” she continued. “Each artist who has publications has a dynamic Articker page. Several years into the project, Articker has become the largest database of non-price information about artists in the world. With this information, we created an alternative value system which quantifies each artist’s media, exhibition, and gallery presence. This alternative value system is complementary to opaque and infrequent pricing data.”
Everybody can visit the Phillips website and read the Articker Bulletin daily to see who are the top 10 trending artists.