Art valuation is breaking new ground: the «Limna» app combines data and artificial intelligence to decipher the true value of paintings and brings transparency to the often opaque art market.
In the complex terrain of the art market, the innovative app «Limna» serves as an indispensable navigation tool, especially for art lovers who are not involved in the professional trade.
Limna is an app based on artificial intelligence (AI) that aims to make painting pricing transparent and accessible. The tool was developed by Stine Albertsen and Marek Claassen, the founders of Arctfacts, an international art evaluation platform.
Evaluation of Artworks With AI
The app uses algorithms to evaluate works based on dimensions and artist names. It tracks more than a million exhibitions and art fairs to provide a price estimate with further information and offers trend guidance from its own database of over 800,000 artists and more than 16,000 galleries.
Limna-App (Image: Screenshot)
The formula may seem simple – width plus height times artist factor – but the «artist factor» is a complex variable that «Limna» cleverly underpins with market data. This makes it easy to see whether a work may be overvalued or undervalued.
Strengths and Weaknesses of the App
Limna's precision is particularly evident in contemporary art, where it fills a gap that traditional auction archives cannot fill. Although the app still has its limitations with other art forms such as sculptures and photographs, it is a fitting tool for the valuation of paintings.
Users can get an estimated value by entering the artist's name and the size of the work. This takes into account the cultural significance of the artist and is complemented by deeper insights into their career and the market context.
Don't Shy Away From the Art Market
With a match rate of 80 percent compared to gallery prices, «Limna» allows buyers to make informed decisions and potentially make valuable investments.
Only available to Apple users, «Limna» aims to take away the fear of the often non-transparent art market, especially for art newcomers. It has already proven its simplicity and accuracy, for example at the online fair of Johann König's Berlin gallery, where users of «Limnas» were able to view estimates right next to the asking prices.
Democratization of Art Investment
The app is not only based on decades of experience and a data richness, but also on the trust of investors such as the art entrepreneur Ruediger K. Weng and collector Mario von Kelterborn (in german only), who want to establish «Limna» as a permanent tool in the art market.
«Limna» not only democratizes art investment, but also strengthens its intelligence – an indispensable tool for anyone who wants to objectively assess the value of art and make informed purchasing decisions.
