New York / Berlin / Paris (PRWEB) May 10, 2012
artnet, the leading art portal, announces the launch of artnet Indices, the world’s first comprehensive set of art indices. This new product brings much needed transparency and valuation capabilities to the art market. It is now possible to measure price performance and other important market metrics for individual artists and artworks with the same rigorous standards used in financial indices.
“Historically, the art market has been opaque,” comments Thomas Galbraith, director of artnet Analytics. “We are bringing light to this market by placing indexing tools in the hands of financial professionals who need to accurately benchmark the performance of art investments. The artnet Indices provide quantitative market reports on the performance of artists like Andy Warhol or Damien Hirst, just as you might track a Fortune 500 company.”
After categorizing hundreds of thousands of artists and artworks sold at auction since 1983, artnet is launching artnet Indices as the essential component of the new artnet Analytics Reports. Unlike other currently available indices that only monitor collecting categories, artnet Indices provide index returns for individual artists. These indices are powered by a sophisticated index methodology that is both sympathetic to unique art and statistically robust. Most importantly, it provides the ability to measure artists’ performance against other asset classes and benchmark against indices, such as the S&P 500, FTSE 100, Dow Jones, DAX, as well as other alternative assets such as gold.
artnet Indices investigate individual artworks with similar core characteristics and group them according to their specific criteria, in accordance with USPAP (Uniform Standards of Professional Appraisal Practice) guidelines, such as genre, date range, content, materials, size and visual similarity. Leveraging its unique database of over five million illustrated auction results collated over 20 years, artnet has been able to generate hundreds of thousands of ever increasing datasets, providing the statistical foundation required to derive accurate indices, while remaining true to the unique nature of art.
artnet Indices are truly a financial innovation for the art market. Never before have financial professionals been able to track returns for individual artists. With art becoming an increasingly prevalent asset class, advisors need to be able to accurately value and monitor the performance of art investments—artnet Indices allow them to do so in a reliable way. According to the Deloitte Art and Finance Report 2011, 83% of private banks felt that there was a strong argument for including art and collectibles in traditional wealth management.
The following customizable artnet Analytics Reports are now available to you to gauge the artists’ performances against other asset classes:
- Single Artist Reports, which provide data related to an artist’s market performance.
- Selected Sets Reports, which track the performance of a specific series from an artist’s career. The sets of artworks can be combined into one index, or compared against one another.
- Multiple Artists Reports, which provide the option of either comparing artists’ indices against one another, or combining them into one single index.
- Analytics Prepared Reports, which provide custom reports on recent topics, trends and market segments - prepared for you by artnet analysts.
Read more about artnet Analytics and create your own Analytics Report at http://www.artnet.com/analytics/reports/.
artnet was founded in 1989 with the goal of serving and advancing the art market by creating price transparency, and improving communication and transactions. Today artnet operates the largest database of art sales, and provides the art market with 12 information and transaction products. These products improve the speed and reduce the cost of art sales, communication, and information.
More than 120 employees work to this end in New York, Berlin, Paris, and London. Together with artnet Auctions—the first online auctions dedicated to art—founded in 2008, artnet engages in all aspects of the art market.
The art trade’s reliance on the Internet will continue to grow; and artnet will continue to be the innovative leader, bringing transparency and liquidity to the art market.
Binna Kim / Angela Byrne
Enquiries regarding this announcement should be addressed to:
Director, artnet Analytics
+1-212-497-9700 ext. 215
+1-212-497-9700 ext. 135