Community Research and Development Information Service - CORDIS

Final Report Summary - GLOCALFINEART (GLobal cOntemporary art market: the intrinsiC and sociologicAL components of FINancial and artistic valuE of ARTtworks)

The Contemporary Art world and market lack the basic information support and analytical tools that are widely available in similar environments and even for Pre-impressionist and Modern art. The huge amount of information (magazines, fairs, galleries, etc.) available in various languages creates chaos and is not summarised in any useful way that takes into account the different weight that phenomena may have in different environments. Consequently, the Contemporary art world and market are increasingly non-transparent, fragmented, oligopolistic and difficult to newcomers. This is especially true for Europeans, whose local worlds and markets are losing appeal, and who lack the tools to look at developing countries. On the other side, the creation of appropriate analytical tools requires to concentrate knowledge now scattered in different areas (art economics, art history), further deepen and widen it, use it in a down-to-earth way typical of a private company. The partners in this project will develop the necessary synergies to meet such challenge through an intense transfer of knowledge program and very close interaction. The project will lay ground for a whole new suite of studies on the art market, open new business opportunities, set a model useful also outside the Contemporary Art World.
GLOCALFINEART's leading idea is to collect all available information on the career of contemporary artists whose prices are known (from auction houses, galleries) and/or that got limited market success, and on the stockholders (museums, critics, magazines, galleries, etc.) responsible for their success/failure. By using the latest art economic theories and researches, as well as the latest data drilling concepts and methodologies, a Contemporary-Art-Expert System (or CAES) will be created, i.e. a software embedding considerable art economic knowledge which will give a certain “weight/value” to the stockholders. These “weights/values”, created and tested on the artworks whose prices are known, will be used to quantify the value of artworks whose prices are unknown and predict future market behaviors, and trends in the importance of the various stockholders.
The project has a special focus on Turkey and Brazil, two of the most rapidly developing markets, and aims to collect data also from the international market (where worldwide important collectors are active) which is home for successful “local” artists and where many known and high level transactions take place. The project therefore aims to create a tool that will:
a) Collect a large amount of data on Contemporary Art both from the periphery and from the international art market – including auction results (also online) and information on art stakeholders and events, etc.;
b) Normalize, translate and classify these data;
c) Design and develop new quantitative models to determine the weight of art stakeholders and the value of artworks, based on data collected on artists whose market record and prices are well known;
d) Analyse data in an unbiased way and according to the latest theories developed in leading universities and research institutes, thus creating market trends and enabling successful predictions to be made in the Contemporary Art Market.
The global demand for a CAES is high, and is expected to rise over a significant period of time, because the Contemporary Art Market lacks of comprehensive information: methods and tools now available, do not have the same features as those that the GLOCAFINEART aims to develop, that will enable users to master the complexity of this uncertain market at local and global levels.
The CAES will increase market’s transparency and efficiency and be especially beneficial to European Contemporary Art stakeholders that are losing their traditionally strong position and need to be fully informed about developments taking place in other continents.

GLOCALFINEART project website was available at the URL,
Currently, the website is not available because BVIsble (after being declared defaulting party by the consortium) cancelled the hosting without inform the other partners and blocked the access to google drive used for the project and the platform developed to collect the data.

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