The trouble with AI
Recently the FBI raided Cortland Management in regards to a nation wide rent price fixing scam of more than 80% of all rental units in the city of Atlanta, USA. The news broke about a week ago in early June of the raid that happened on 22 May 2024. In short the company offered AI technology to landlords to predict the highest amount landlords could get away with charging tenants. Amidst a world wide housing crisis and cost of living crisis, this is atrocious. The FBI raided the property management company based on anti-trust law suit.
In a statement to Channel 2 Action News, Cortland said, “We can confirm that the Federal Bureau of Investigation executed a limited search warrant at our Atlanta office as part of an ongoing investigation by the US Department of Justice into potential antitrust violations in the multifamily housing industry.”
Many websites or podcasts reporting on this, are not news sites, either technology or investment websites. Housing has been of particular interest for individual and corporate investors, often gauging first time buyers out of the housing market. Housing is a basic human right, and therefore in my opinion should only build wealth for those actually utilizing the properties. But before I digress. The use of AI. After ruminating on this scandal/use of technology. Technology was supposed to help lighten our loads as worker, not be used to exploit as many people for as much as possible. And yet, with this raid as in so many other ways, we see AI being used as wealth extraction tool.
So to come back to the raid and AI. Why is AI be used for wealth extraction, instead of alleviating us from basic tasks, so we can as human enjoy and create a full life with strong human connections, physical and creative outlet. So in this experiment, I thought I would consult AI to keep myself in check. Instead of asking AI how can I sell the maximum amount of art for the most prices. I asked it, am I, an Art Historian, a gallery owner, an expert, a salesperson, but also just a human, actually doing a good job at the prices I am setting and the work I am doing. Can AI also be used to hold us accountable?
So the parameters of the experiment.
I first asked AI if according to the data you can read on the website if the paintings being sold at the current price point are they realistic. After I inputted all the data available on each artwork by me, the artist and other institutions, this is the analysis AI did of a sampled artwork by the artist at Gallery Sorelle Sciarone which I will present here below.
AI recommended prices
Follow up recommendations
At the end of each analysis we got a prompt to input more data on auction or galley sales on similar artwork or artists. As well as to monitor price demand at art fairs. What this tells me is that I need to ad context that there is a cost of living crisis as well as a recession to this data as well as 5 years of art sales data from our own accounting. I will also add the art market reports from Art Basel and UBS market reports for 2023 and 2024. As well as from TEFAF, The Art Market Report from the Art Newspaper. With this added input I will reassess each of the artwork to see if we should lower or keep the prices stable.
Thoughts
AI and the ethics of AI is dependant on us as the user. We can use it to exploit, but we can also use it to hold ourselves accountable. It is in the way we use it. As for the results of AI in my little experiment, I do believe this is biased, as it's my AI account. It has taken in data from previous inputs. Like with helping me organize my thoughts on different topics and articles on art pricing, value, the work I do and other art historians. According to the data I provide on the website, AI says I am asking a fair price for the art at Gallery Sorelle Sciarone, sometimes saying I am at the low end of the spectrum for art work. However, in the following article for next week I will be inputting live data of the current art market reports and our sales data of the last 5 years. Then we will see how these same paintings are valued in a cost of living crisis and recession period when all these factors are taken into account, what will AI tell us then? These prices were calculated when there was still a strong economy and people were thriving despite the 2 month pandemic recession in 2020.
Let me know your thoughts.
Tascha Sciarone is an Art Historian and Gallery Manager. This sort of article has been in my mind for a week now and finally when I got to sit down and write it, the school called for me to come pick up my sick 6 year old. Here is this imperfect, unedited thought experiment sent out into the world. Help my make it better with your thoughts and imput. Tell me what I got right and what I did wrong or what direction I can go in.
Add comment
Comments