Community Research and Development Information Service - CORDIS



Project ID: 612213
Funded under: FP7-PEOPLE
Country: Netherlands

Innovative software shines the spotlight on contemporary art

A new system to identify, analyse and evaluate contemporary art is slated to enhance Europe's sphere of influence in the field and contribute positively to it.
Innovative software shines the spotlight on contemporary art
Contemporary art – i.e. artwork conceived mostly since the 1960s – is not documented and organised as is artwork from preceding movements such as pre-impressionist and modern art. Analytical tools and databases could help strengthen the somewhat faltering European modern art scene and market, opening exchanges between Europe and developing countries with budding contemporary artists as well.

The EU-funded GLOCALFINEART (Global contemporary art market: The intrinsic and sociological components of financial and artistic value of artworks) project seeks to enhance knowledge transfer on contemporary art and help evaluate its worth. It has conducted a series of studies on the contemporary art market in order to highlight new business opportunities and devise a model that could be eventually reproduced beyond the contemporary art world.

To achieve its aims, the project team has meticulously documented the careers of contemporary artists and their works, considering also monetary value, supported by data from museums, galleries, relevant publications and concerned stakeholders. It highlighted cases of success or lack thereof, using cutting-edge art-related economic theories and research to build its Contemporary-Art-Expert System. This new software attributes weights or values to contemporary art pieces, representing a methodological system that prices artwork, predicts market trends and gives much needed structure to the market.

As a test bed, GLOCALFINEART is focused on two rapidly developing markets, namely Brazil and Turkey, looking at the works of popular local artists and paving the way to integrate other countries into its software. The project team successfully developed a tool to pull relevant data from local and international art markets, including through events and auction results, to build its powerful database. The data has been translated, classified and analysed using new quantitative models and the latest theories so as to create the weight system.

Already, the contemporary art world has shown strong interest in the novel system, which fills a gap in the contemporary art scene and facilitates estimating the worth of contemporary art for stakeholders. The software is ultimately expected to increase transparency and efficiency in the market, giving European stakeholders a bona fide tool to become global players in the contemporary art market.

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Contemporary art, artwork, modern art, GLOCALFINEART, art market, artistic value
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