This article by Andy Serwer on Yahoo Finance highlights some tech trends in the auction world that may apply to numismatics as well. -Editor
You may have the impression that the art business is a fusty world filled with English-accented auctioneers and mysterious billionaire buyers. Truth be told there is some of that, but you might be surprised how technology
and even sophisticated banks are revamping and expanding this business.
I spoke about the new world of auctioning not long ago with Kathy and Laura Doyle, mother/daughter and CEO and vice chairman (respectively) of privately held Doyle auction house. The conversation was at the Asian Cultural
Center and I asked them about how they were harnessing these trends.
Laura gave an example, saying that her company— which competes with big boys Christie’s and Sotheby’s—was selling the contents of an apartment that had been done by the renowned designer Miles Redd (79,000 followers on
Insta), and by putting items on Instagram, Doyle was able to reach Redd’s followers and new audiences as well, that might not have known these items were available.
Shipping, too, is a facet of the business that’s evolving. “There are a number of new digital platforms like Shiphawk,” says Doyle, “but so far no one has really nailed it in our business. Payments is another aspect that
could be disrupted. We use charge cards but on a very limited basis because of charge backs, the terms of guarantee the credit card companies offer their clients and the percentages they charge. New types of payment with
lower transaction costs and more protection for the vendor would be helpful for our business.” In the future, she says Blockchain could end up playing a big role.
And speaking of cutting-edge, Doyle is really intrigued by Artmyn, an interesting new Swiss company. “It’s the most exciting technology that I’ve seen recently,” says Laura. “Artmyn takes 3D photos of paintings where you
can change the lighting to really examine the work in an entirely new way. You can see a work at a resolution and with an intimacy and with a level of technology that even surpasses that in person.”
Laura Doyle says Artmyn is essentially creating digital fingerprints of works because it can analyze each artwork’s unique features like brushwork and technical aspects, like “topography, reflectance and colorimetric
properties,” which in total would be next to impossible to replicate. At some point Doyle says this can be integrated into some sort of Blockchain technology to really guarantee “provenance and authenticity or works of art,”
This kind of process could prove increasingly important as financial institutions have been viewing art as an asset class. “There is a bank that we were working with which was building a collection of jades, for instance,
and instead of investing in other kinds of assets, they were using the jades as an asset class for the benefit of their clients,” says Kathy Doyle.
To read the complete article, see:
An auction house goes high tech (https://finance.yahoo.com/news/auction-house-goes-high-tech-192013161.html)
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: firstname.lastname@example.org
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
Copyright © 1998 - 2012 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster