ARTBnk to Provide Free Fine Art Valuations to Support Nonprofits
The First Art Newspaper on the Net    Established in 1996 Thursday, November 21, 2024


ARTBnk to Provide Free Fine Art Valuations to Support Nonprofits
ARTBnk uses Artificial Intelligence, image recognition, and repeat sales regression analysis to provide transparent and objective valuations for fine art in real time.



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 York’s 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 ARTBnk’s 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 you’re associated with is interested in receiving access to ARTBnk at no charge, contact community@artbnk.com.










Today's News

June 3, 2020

ARTBnk to Provide Free Fine Art Valuations to Support Nonprofits

Hitler's birthplace to be 'neutralised' with redesign

Holy smoke! Israelites used weed in ancient rituals

Hunt for Red O'Donnell: does Spain chapel house Irish rebel remains?

Christo's billowy visions, fleeting but unforgettable

Hauser & Wirth opens online exhibition 'Annie Leibovitz. Still Life'

Kiasma reopens exhibiting an excellent selection of Finnish paintings from the first decades of the 2000s

Stedelijk Museum store offers limited edition face masks by Carlos Amorales

The sacrosanct endowment? Not anymore for some arts groups

Elsa Dorfman, who made art with giant Polaroids, dies at 83

Tunisia seeks to block online auction of royal artefacts

Creative studio AllRightsReserved curates Sotheby's charity auction

Hindman Auctions announces inaugural Antiquities & Islamic Art auction

A London home goes from Georgian to Modern, with a detour

These times call for Stephen Petronio's coiled energy

How 'Phantom of the Opera' survived the pandemic

Nailya Alexander Gallery opens an online exhibition of works by Angel Albarrán and Anna Cabrera

Missoula Art Park exhibit showcases large sculptures from salvaged materials

Christie's announces online sale 'Face Time: People in Art Through the Ages'

Turner Auctions + Appraisals announces a sale of maps, books & illustrations

Summer exhibition 'Textiles from Egypt' opens at the Rijksmuseum van Oudheden in Leiden

Federico Acerri, who answered students' questions, dies at 81

Arc de Triomphe to get posthumous Christo wrap in 2021

Robb Forman Dew, novelist who wrote of families, dies at 73

Buy Facebook Likes Your Profile Reputation

Custom Canvas Paintings: A Gift Any Architect Will Love!

Why Artists & Graphic Designers are Shifting to Digital

Best place to store garbage cans

Tips for Cleaning Museums

How do I manage my medical bills after a car accident in California?




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez
Writer: Ofelia Zurbia Betancourt

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful