Accountable AI

Accountable AI

"Sketch of Seeds" by artist Adéle du Plessis painted with Egg Tempera on Canvas of 60 x 50cm. 

Welcome back to part three of this series of looking at AI as a tool to keep us accountable. Here is part one:  The trouble with AI and here is part two: Troubling AI. Today we will be looking at how the data from the Art Market Reports and Economic Data influences the prices of the paintings we used in the first part (The trouble with AI). We start of with a recap of the articles here, if you did not want to (re)read them and then delving into the artwork.

Recap

In a recent experiment, I asked AI to hold me accountable for the fairness of our art pricing. Given concerns about AI being used as a wealth extraction tool, I provided ChatGPT with all relevant information about the gallery's art and artists, similar to what buyers would access. The AI concluded that our prices were fair, considering factors like size, medium, and the artist’s career. However, it noted the need for more market data, such as comparable sales and historical prices. I suggested incorporating reports from Art Basel and TEFAF due to the current cost of living crisis and other global shifts. Additionally, I realized previous prompts about the value and pricing of art might have influenced the AI’s assessment.

"Riding the Waves" by artist Fiona J. Williams with Acrylic on Canvas, sized 91 x 61cm

Critique

Our previous post received gentle but important critiques. One pointed out that housing is a basic human right, whereas art is a luxury item. It was also noted that discussing art and money might seem insensitive given current global challenges. We appreciate all feedback and recognize that housing and art intersect in Maslow’s Hierarchy of Needs. Art is less crucial without stable shelter, which is foundational for fulfilling higher-level needs like esteem and self-actualization.

Art is often seen as a tool for wealth extraction within capitalism. At our gallery, we believe in equitable practices where everyone gets paid for their work. This can be challenging due to the fluctuating art market, but it aligns with our principles. Many galleries exploit artists and workers, while artists may undervalue the effort required to sell their work. Unlike essential goods, art is a luxury that no one is obliged to buy, and much of it can be experienced for free.

Feeding the Data

We plan to refine our AI approach by incorporating comprehensive market data, including sales reports from the last five years. This will help us reassess whether our pricing remains realistic in today’s market.

Art Market Reports

The art market is complex and multifaceted, lacking transparency. Reports from institutions like Art Basel and TEFAF provide some insight, but they are often self-reported and can be influenced by market dynamics and external factors. Despite these limitations, these reports are the best data available to us.

On to how these data points given to AI influences the price point range for the artists. 

Adéle du Plessis

Original recommendation of AI for Adele

Detailed Analysis "Sketch of Seeds" by artist Adéle du Plessis painted with Egg Tempera on Canvas of 60 x 50cm. 

1. Artist's Reputation and Background: Adéle du Plessis has a significant background and experience, spanning over 30 years, and her works are in private collections worldwide. Her rebellious, nonconformist style and the philosophical undertones of her works add to her allure as an artist.

2. Artistic Style and Technique: The painting is part of her series "Drawn at Home," and it utilizes tempera on canvas to mimic the effect of monochrome pencil sketches. This unique blending of mediums, along with the playful jab at Plato's Mimesis theory, makes the artwork intellectually stimulating and visually appealing.

3. Size and Medium: The painting measures 50cm x 40cm. Tempera on canvas is a traditional medium, known for its durability and vibrant color retention, which adds value.

4. Market Trends and Comparables: Current market trends for contemporary South African artists and those living abroad, especially in Europe, where Adéle currently resides, can influence the pricing. Works by artists with similar backgrounds and styles are often referenced to gauge market value.

5. Current Listing Price: The painting is currently listed at 1,000 euros. This price provides a baseline but needs to be assessed if it's reflective of the current market value.

Given the provided information and considering the art market context, a realistic price for "Sketch of Seeds" by Adéle du Plessis can be established. Considering her extensive experience, unique artistic style, philosophical engagement in her work, and the international private collections holding her work, the current listing price of 1,000 euros appears reasonable. However, if we factor in the increasing recognition and possible market trends, the price might be on the conservative side.

Suggested Price Range

Given these factors, a fair market price range for "Sketch of Seeds" could be between 1,000 to 1,500 euros. This range accommodates both the current listing and the potential for slight appreciation given her distinctive style and increasing recognition.

AI after reading Art Market reports on Adele

Revised Pricing for Adéle du Plessis's "Sketch of Seeds" Based on Art Basel Reports (2022-2024)

1. Artist's Reputation and Background:
   - Adéle du Plessis has over 30 years of experience, with her works in private collections worldwide. Her reputation as a rebellious, nonconformist artist with philosophical undertones enhances her appeal.
2. Artistic Style and Technique:
   - "Sketch of Seeds" is part of the "Drawn at Home" series, using tempera on canvas to mimic monochrome pencil sketches. This unique style and intellectual depth add significant value to her work.
3. Size and Medium:
   - The painting measures 50cm x 40cm. Tempera on canvas is known for its durability and vibrant colors, adding to the artwork's value.

Market Trends and Comparables:
- Art Basel 2022 Report:

The market saw a 29% growth, driven by recovery post-pandemic, online sales, and NFTs.

- Art Basel 2023 Report:

Market value decreased by 4%, influenced by inflation, wars, and political instability. Despite this, trading volume increased, particularly for mid-tier galleries.

- Art Basel 2024 Report:

Continued challenges with high-value art sales, but resilience in the mid-tier market and growing online sales channels.Current Listing Price:
- The painting is listed at 1,000 euros.

Analysis Based on Art Basel Reports:

1. Market Context:
   - 2022: Strong recovery and growth post-pandemic, with increasing online sales and NFT influence.
   - 2023: A slight decline in market value but an increase in trading volume for mid-tier galleries, indicating a robust middle market.
   - 2024: Continued challenges for high-end sales, but steady demand and growth in the mid-tier segment and online platforms.
2. Implications for Pricing:
   - Robust Middle Market: Adéle du Plessis's works, fitting into the mid-tier market, are likely to benefit from the increasing trading volume and steady demand observed in the recent reports.
   - Online Sales Potential: Growing online sales can enhance the visibility and reach of her works, potentially increasing their market value.
   - Economic Factors:

While high-end sales are affected by economic instability, the mid-tier market shows resilience, suggesting stable demand for her works.

Suggested Price Range:

Given the analysis and considering Adéle du Plessis's background, unique artistic style, and the market context provided by the Art Basel reports, the price range for "Sketch of Seeds" should be adjusted to reflect these factors.

Revised Price Range:

€1,200 to €1,700 

Fiona J. Williams

Original recommendation of AI for Fiona

Detailed Analysis of "Riding the Waves" by artist Fiona J. Williams with Acrylic on Canvas, sized 91 x 61cm

1. Artist's Reputation and Background:

   • Heritage and Influence: Fiona J. Williams's Jamaican heritage and British upbringing add depth to her work, providing a rich cultural context that resonates with diverse audiences.
   • Professional Background: Her experience in textile design and work with interiors and antique textiles bring a unique perspective to her paintings, incorporating clear lines and stark contrasts.
   • Artistic Focus: Fiona's exploration of identity and the human condition through contemporary expressionism and her ability to capture intense emotions in her portraits are significant strengths. Her reluctance to be pigeonholed into a single style allows for versatility and innovation in her work.
   • Exhibitions: Fiona has had several exhibitions, including a solo exhibition in 2020 and multiple group exhibitions in 2019. This exhibition history demonstrates active engagement with the art community and provides visibility and credibility.

2. Artistic Style and Technique:

   • Expressionism: As a contemporary expressionist, Fiona's work builds on the intuitive, emotive style of early 20th-century expressionism. Her focus on gestural brushstrokes and capturing the inner emotional lives of her subjects aligns with this tradition.
   • Acrylic on Canvas: Acrylic is a versatile and widely respected medium. The size of 91cm x 60cm is substantial, offering a commanding presence.

3. Market Trends and Comparables:

   • Contemporary Expressionist Art: The market for contemporary expressionist art is robust, with collectors often seeking works that provide emotional depth and innovative techniques.
   • Comparable Artists: Prices for works by artists with similar backgrounds and styles can provide benchmarks. Researching sales of comparable works by contemporary expressionists, especially those with similar exhibition histories, can help gauge the value.

4. Current Listing Price:

   • €2,500: This price reflects a mid-to-upper range for contemporary works of this size and medium, especially for artists with a moderate to growing reputation.

Suggested Price Range

Considering Fiona J. Williams's background, exhibition history, and the qualities of "Riding the Waves," the current listing price of €2,500 appears appropriate. However, given her increasing visibility and the emotional and technical depth of her work, the painting might justify a slightly higher price.

Given these considerations, the price of €2,500 is reasonable and potentially on the conservative side. If Fiona's recognition continues to grow, her works may appreciate in value, suggesting a possible future price range of €2,500 to €3,500 for similar pieces. This allows for current market conditions while anticipating her continued rise in the contemporary art scene.

AI after reading Art Market reports on Fiona

Revised Pricing for Fiona J. Williams's Artwork Based on Art Basel Reports (2022-2024)

1. Artist's Reputation and Background

• Career and Exhibitions:
  - Fiona J. Williams's extensive career, with numerous exhibitions in notable galleries or museums, enhances the value of her works. Information about awards, residencies, or notable projects further elevates her standing in the art market.
• Collections:
  - Works held in prominent public or private collections, as well as critical acclaim from respected art critics, significantly impact the perceived value of her art.

1. Artistic Style and Technique:

• Expressionism: Expressionism is a respected and well-loved style that often appeals to collectors. The emotional intensity and unique aesthetic of expressionist works can command higher prices.
• - Acrylic on Canvas: This medium is widely used and appreciated for its versatility and durability. The size of 91cm x 60cm is moderately large, making it a substantial piece that could be a focal point in a collection.

Market Trends and Comparables:

1. Researching Recent Sales:
   - Recent sales of comparable expressionist works by contemporary artists are crucial. Successful past sales by Fiona J. Williams, especially at reputable galleries or auction houses, provide a benchmark for her current pricing.
2. Contemporary Art Market:
   - The current demand for contemporary expressionist art, influenced by trends in the art market, affects pricing. A growing interest in expressionist works or in contemporary female artists can push prices upward.
3. Current Listing Price:

- The painting is listed at €2,500. To evaluate if this is fair, comparing it with the prices of similar-sized works by artists of similar reputation and style is necessary.

Analysis Based on Art Basel Reports:

• Market Context:

- 2022: The market saw a 29% growth, driven by recovery post-pandemic, online sales, and NFTs.
- 2023: A slight decline in market value but an increase in trading volume for mid-tier galleries, indicating a robust middle market.
- 2024: Continued challenges for high-value art sales, but resilience in the mid-tier market and growing online sales channels.

Implications for Pricing:

- Robust Middle Market: Fiona J. Williams's works, fitting into the mid-tier market, are likely to benefit from the increasing trading volume and steady demand observed in the recent reports.
- Online Sales Potential: Growing online sales can enhance the visibility and reach of her works, potentially increasing their market value.
- Economic Factors: While high-end sales are affected by economic instability, the mid-tier market shows resilience, suggesting stable demand for her works.

Suggested Price Range:

Given the analysis and considering Fiona J. Williams's background, unique artistic style, and the market context provided by the Art Basel reports, the price range for her work should be adjusted to reflect these factors.

Revised Price Range:

€2,800 to €3,500

...stopping right here

According to the self reported data submitted to Art Basel we should be asking way more for art work, as the market is robust. I am now going to add economic data. If you look at the stock market, its going well, however if you look at our sales and other economic data points like high inflation, low economic growth and housing crisis. We get something else.

Adjusted Price Range Considering Economic Conditions:

Given the economic challenges, it’s prudent to adjust the price to ensure the artwork remains attractive to buyers while still reflecting the artist’s value.

Revised Price Range: €800 to €1,200 for Adéle du Plessis artwork.

Adjusted Price Range Considering Economic Conditions:

Given the economic challenges, it’s prudent to adjust the price to ensure the artwork remains attractive to buyers while still reflecting the artist’s value.

Revised Price Range: €1,800 to €2,500 for Fiona J. Williams artwork

Ultimately, the adjusted price range considers the economic downturn, the shrinking middle class, and the overall decrease in disposable income, while still acknowledging the artist's reputation and the intrinsic value of her artwork.

The data...

AI is a powerful tool, but its effectiveness heavily depends on the data we feed it and the parameters we set. While conducting this experiment, I noticed that AI often reinforced my biases, delivering results that aligned with my expectations. When analyzing Art Market reports, the AI provided data suggesting that everything was fine despite the increase in products, housing scarcity, and the looming threat of war. It painted a picture of a robust middle class.

However, when economic data points were introduced, the narrative shifted. We had to consider that the Netherlands, along with other European countries, has experienced little to no economic growth for several quarters, despite claims of a strong middle class. This disparity highlighted the experiment's flaws, showing that it wouldn’t hold up in an academic journal. Maybe even because I no longer hold myself to these standards.

This experiment aimed to determine if AI could hold us accountable and serve as a tool for accountability. The conclusion was ambiguous: it depends. AI can sometimes act like a "yes man," simply reinforcing the information fed into it. While there are further recommendations for improvement, it often loops back to the initial feedback it receives. Again coming back to that it is a tool, we the people influence the quality, validity and ethics of its output.

Conclusion, I have decided to do an art auction.