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The Art Market’s Lo-Fi Tech Solution

For years, tech platforms have been pining to disrupt the art market with A.I. or blockchain or a jazzy new platform. I came up with a better solution during a chat with the Yale School of Management’s Magnus Resch.

"Copyright Infringement" Premiere - 2023 Brooklyn Film Festival
Magnus made the point that there wasn’t much going on at the intersection of art and technology: The blockchain has not produced a meaningful innovation in art, and artificial intelligence seems to be going down the same path. Photo: Santiago Felipe/Getty Images
Marion Maneker
September 3, 2024

What’s it going to take to increase the level of art sales in the market and bring in new buyers? That was the question Yale professor Magnus Resch put to me as we were driving back from New Haven to New York last Friday night. Magnus teaches a class on entrepreneurship in the art world at the Yale School of Management, and I’d just shown his students a series of charts summarizing the last 17 years of auction data. The final slide depicted the auction totals adjusted for inflation—a particularly revealing data point.