After acquiring and taking Artnet private and taking a controlling stake in Artsy, Beowolff Capital CEO Andrew Wolff has set his sights on the digital future of the art market and the culture surrounding it. On this occasion he was selected observerSpeaking to the publication, Wolfe discussed his plans – both in the short and long term – to consolidate access to data while aiming to “broaden the knowledge” of market makers as well as the artists who form the core of the industry.
When asked what he sees as the most transformative shift in the art market, Wolfe spoke of the shift from “static forms of power to more fluid, networked models of authority,” saying “our younger generations are skeptical of centralized gatekeepers; they want access, participation, transparency, consistency, and objectivity.”
Young collectors “want to be part of a permissionless network” that can be maintained through interconnected services, Wolf said. “We want to empower collectors to participate in social networks to discover what art they like, what it means to them, how to rate it and how to enjoy it with others. We are providing our business partners with a software operating system that enables their customers to do so in a secure and transparent ecosystem.”
Wolf talks about learning about a Chinese artist from Artsy, looking up sales data and reading about him on Artnet, and gaining a certain level of “comfort” and awareness in the process. But, he said, “In the near future, our technology will allow me to learn more about the artist’s background and the symbolism of the work, watch videos explaining his creative process, connect with other collectors with similar tastes and sensibilities, and generate predictive insights into the future value of the work.”
Part of this will be achieved through artificial intelligence. “At Artsy and Artnet, we are building AI-native tools and services that create opportunities and solve problems for our partners and customers,” Wolf added. “We are embracing AI not to diminish the role of human expertise in the art market, but to expand it. Not to steal artists’ voices, but to empower them to expand their influence.”
When asked where to start from now, Wolfe said, “Five years from now, I hope collectors will be able to discover, evaluate and trade more fluidly, without noticing where one platform ends and another begins. Whether this manifests as a unified ecosystem or a few interconnected destinations is more important than the experience itself. For Beowolf, our north star is transparency, fluidity and empowerment of the entire art journey, which will become increasingly important as today’s young collectors continue to develop their tastes and aspirations.”
Speaking about the vast amount of information at his disposal, Wolf said: “Data is a privilege and must be managed in an objective and accountable manner. When developing AI-native tools, we focus on using data to inform and empower, not to exploit or steal it. Transparency must be balanced with protection.”
He continued: “Collectors’ anonymity, artists’ ownership of images, galleries’ control of transaction data: these must remain sacrosanct. The companies that thrive in the next phase of the art world – and frankly in all industries – will be those that combine innovation with trust.”
