NEW YORK, NY.-
Starting immediately, ARTBnk
will provide free accounts - including one year of unlimited access to ARTBnk Valuations - to qualifying not-for-profit institutions, most of which have been impacted by the economic effects of COVID-19.
ARTBnk uses Artificial Intelligence, image recognition, and repeat sales regression analysis to provide transparent and objective valuations for fine art in real time. The ARTBnk platform also hosts the only vetted and normalized database of auction sales data, as well as other powerful tools that allow individuals and institutions to make informed financial decisions regarding their collections.
Currently, museums are not receiving revenue from admissions or retail sales. New Yorks Metropolitan Museum of Art alone is projecting a budget shortfall of at least $150 million this year. Academic institutions are facing similarly massive losses due to potentially devastating declines in tuition revenue.
These institutions are unique in that works of art account for a significant portion of their assets. Under normal circumstances, deaccessioning works of art - removing a work from a collection and selling it for funds - is both frowned upon and often restricted.
But in a significant policy shift, the Association of Art Museum Directors (AAMD) recently approved a series of resolutions that include lifting restrictions on deaccessioning, a clear signal that institutions should consider understanding the value of their fine art assets and exploring new financing options.
Even contemplating those options, however, comes with challenges. Many institutions have never conducted proper collections assessments because of the time, cost, and expertise involved. Arming not-for-profit institutions with ARTBnks technology will allow them to quickly assess the value of their collections and understand the options available to them.
"These institutions are making unprecedented and very difficult decisions," said Asher Edelman, Executive Chairman of ARTBnk. "ARTBnk can help inform that process, because understanding value gives you options."
If your institution or an institution youre associated with is interested in receiving access to ARTBnk at no charge, contact email@example.com.