Certification of art, part of the Art Law E-Book, is closely related to the economics of the art market and the integration of art into the formal investment landscape. Due to the various elements that affect how art is valued, such as its scarcity and the public’s perception of the artist, originality stands out as the primary factor determining a work’s value.
How Art Authentication happens?
Art authentication has long been carried out by specialists or experts, often linked to auction houses and galleries. They determine the authenticity of a work through extensive evaluation. Some common methods used for authenticity verification include chemical analysis of pigments, where regions or periods are compared in which the artwork has originated, and radiographic techniques that analyze the paint layers, including their distribution and composition, along with the organic and inorganic materials used in the application. Regrettably, technology has become a significant cause for negative outcomes such as facilitating infringing of artworks making it difficult to distinguish between copied and original content. As a result, collectors are required to perform adequate verification of the work and tracking of their provenance before investing.
Provenance of an Artwork
A thorough record of an artwork’s provenance comprises the following details:
- The artist’s biographical information, such as their name, dates of birth and death, nationality, and influences.
- The ownership history, which includes proper documentation such as the date of creation and initial publication, the dates and names of exhibitions where the artwork was shown, details of each prior owner linked to their period of possession, as well as the galleries and museums involved. It also encompasses transaction records, including the sale price, dates of auctions or acquisitions, and information about dealers and intermediaries engaged in the process.
- Details regarding the restoration or conservation efforts carried out on the artwork, including the dates of these activities, the individual who had custody of the piece during restoration, information about the professionals who conducted the restoration, the specific components that were restored, and the techniques employed in the restoration process.
Artificial Intelligence and Its Influence on Art
Technology, particularly through artificial intelligence and tokenization, offers a robust framework for certifying artworks, although this process is still in its developmental stages. Provenance, as previously discussed, relies on historical datasets; AI algorithms can be trained using these datasets to recognize patterns and unique characteristics of an artist’s style. This technology can be used to spot discrepancies and inconsistencies, which can be helpful in the accurate identification of forged artworks compared to human experts. Hephaestus’ AI created with the collaboration of leading astronomers from Princeton University, the University of London, and the Australian National University is a groundbreaking tool. The “scattering transform” technology was used which can analyze over 1 million dimensions, such as the pressure applied by a paintbrush on the canvas, the average spacing between objects, and stroke distribution, condensing this complex data into a 100-dimensional “fingerprint” profile. The extent to which an artwork aligns with this profile indicates the probability of it being attributed to the respective artist.
Non-Funglible Token
The proof of providence is established once it is fully traced and determined that it is genuine. One way to tokenize art is to link it to a blockchain by attaching a non-fungible token (NFT) to it. Every NFT represents a specific asset by itself, and it keeps a list of all the transactions in a decentralized and immutable ledger. The art owner only receives the ownership when the smart contract for the NFT transfer is signed.
Therefore, each operation is inserted into the blockchain, and the artwork is verified more fairly and respectfully.
About Aura Art
Aura Art stands as a distinguished presence in the Indian art market since its founding in April 2006 by Daljit Singh Sethi and his sons Harmeet and Rishiraj. Born from decades of art research and collection, the company has evolved into a comprehensive art services organization through its two subsidiaries: Aura Art Development Pvt Ltd (est. 2008) and Aura Art eConnect Pvt Ltd (est. 2015).
The company’s mission centres on elevating Indian art through several key initiatives: carefully curating exceptional artworks from both established and Aura Art Contemporary Artists, increasing public exposure to distinguished art pieces, and positioning art as a viable investment asset class. Aura Art has developed particular expertise in serving various stakeholders in the art ecosystem with its Aura Art Online Art Platform with its Aura Art Collectors Community, offering specialized services to corporates, real estate developers, architects, and interior designers, including commissioned projects.
What sets Aura Art apart is its commitment to both the artistic and commercial aspects of the art world, providing comprehensive art infrastructure services while working to educate collectors and investors about the nuances of art as an investment. With its team now including prominent personalities from diverse fields, Aura Art continues to bridge important gaps in the Indian art market while maintaining a long-term perspective that benefits all stakeholders.
Credit: First-of-its-kind ‘Art Law E-Book’ put together recently by Dentons Link Legal and Aura Art
Image Courtesy: Aura Art
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