Collectible Fine Arts Have Gone Digital
Author: Seri Haidah Jaapar
Editor: Nadia Nurshazira Mohd Sharani
David Hockney, “Ian Watching Television” (1987). Lot 130 in Sotheby’s Contemporary Art Evening Auction.
NEW YORK, 17 June – A digital peer-to-peer marketplace to trade fine arts all over the world has been launched publicly and is called, LiveArt Market, which began limited, invitation-only trading last week and has already achieved sales approaching USD5 million, with more than 1,000 works of art valued at approximately USD120 million in the pipeline for sale.
LiveArt is a privacy-focused digital platform that was announced earlier in May which allows artists and collectors to communicate directly without the need or cost of intermediaries as a global fine art marketplace trading artworks such as paintings, sculptures, photographs and prints whilst embracing the digital revolution.
Executive Vice President of LiveArt, George O’Dell said, “LiveArt provides a level of access and discovery that was previously available only to the most seasoned market participants. The platform is an exciting place for collectors to engage directly and chase …, observe the latest trends, and discover artists usually reserved for a small coterie (group) of insiders. For the first time, collectors anywhere in the world will have access to an exciting offering of works to suit all tastes.”
LiveArt puts collectors in control by providing participants with one destination for real-time information and an efficient and secure marketplace in which to privately transact. All LiveArt Market participants are extensively vetted and therefore can transact anonymously in virtual deal rooms. Additionally, sellers can control the visibility of their works of art and only share exact details and images once they are comfortable with a potential buyer – addressing two key concerns often raised by market participants.
“Privacy is a hallmark of LiveArt, critically important for those who want to pursue a potential sale or purchase without the risk of overexposing a work or revealing a collecting strategy. At the same time, LiveArt offers more transparency into the sale process than any other platform or venue – a single seller and a single buyer, and straightforward and low fees. The virtual deal rooms empower both sellers and buyers to control the outcome and all-in price," said Chief Content & Data Officer for LiveArt, Marisa Kayyem.
Sellers upload works of art from their own collection to LiveArt’s AI-powered comprehensive data platform and instantly receive a LiveArt Estimate™, view price trends and comparable sales, and make informed decisions about a potential sale.
Buyers discover works by browsing the LiveArt Market and viewing works listed publicly, as well as those listed privately – where comparable works are shown and details are only shared once the seller approves. Once there is commitment to move ahead with a sale, the work is shipped to a secure facility in Delaware for inspection before the sale is completed. Funds are held in agreement before being released to the seller, and a flat 10% fee is charged to successful purchasers.
Prices have ranged between USD50,000 and USD500,000, with works by Amoako Boafo and Ed Clark commanding six-figure sums. Early offerings available for purchase include works by Derrick Adams, Jean-Michel Basquiat, Yayoi Kusama, Pablo Picasso and Andy Warhol, among others.