Jon StojanArt galleries have long been the go-to avenue for artists looking to sell their work, as they provide legitimacy and credibility for the latter’s creations. Their prestigious reputation elevates a creator’s status in the art world, making them more appealing to collectors and investors. In addition, when a gallery represents an artist, it vouches for the quality and value of their work. This endorsement can boost an artist’s career and open doors to more opportunities and broader audiences.
It’s worth noting, however, that this traditional model of purchasing and selling artwork has drawbacks. Firstly, art galleries often dictate what’s trendy. They influence artistic trends and consumer preferences, leading to gatekeeping. Less than 2% of artists ever obtain the chance to be represented by a gallery. This means the vast majority of artistic talent remains unseen and unrepresented.
NALA
Following the COVID-19 pandemic, there has been a shift toward online art sales. However, the online art market is dominated by three major platforms that cater almost exclusively to galleries. Their financial models present challenges for artists and buyers. These online art platforms typically take a 30% commission on sales, while the gallery acquires a 50% cut. Needless to say, artists end up with a meager share of the sale price.
Take a $10,000 painting, for example. While the gallery and platform take $3,500 and $3,000, respectively, the artist might only receive $3,500. This disparity highlights the current system’s inefficiencies, where intermediaries absorb a big chunk of the revenue. On the other side of the spectrum, for a painting worth $10,000, a buyer might end up spending $12,000 due to an additional luxury goods import fee. Still, the artist receives only $3,500, leaving $8,500 as middlemen’s profit. This illustrates the bloated nature of the traditional art market.
The inefficiencies in the art industry, which remain largely unaddressed, inspired Ben Gulak, a professional painter, entrepreneur, and computer scientist, to create the Networked Artistic Learning Algorithm (NALA). “I was fortunate to work with galleries that set high price points for my work, which, in turn, helped me sell directly to customers at prices I wouldn’t be able to achieve independently,” Ben shares, reflecting on his own experience. “But this option isn’t available to most artists, who often sell their work locally for much less. I witnessed artists sell paintings for $50 to $100 when the same work could garner thousands in a high-profile gallery.”
NALA
Recognizing the importance of access to the right market and buyers, Ben, together with a team of experts from the Massachusetts Institute of Technology (MIT), developed the world’s largest art matchmaker. They designed NALA to democratize art by facilitating direct connections between artists and art lovers.
NALA utilizes a powerful hybrid recommender engine built using the world’s largest art database to ensure that artists and collectors find the best possible matches. It can personalize recommendations through content filtering, which suggests similar items within known categories. NALA also leverages collaborative filtering to offer suggestions between genres, going beyond the obvious choices. This approach broadens artists’ exposure and ensures that art lovers and collectors discover pieces that genuinely resonate with their tastes.
With NALA, gone are the days when artists must navigate the traditional gallery system or build a social media following. Artists only need to sign up, fill out their profiles, and upload images of their artwork, while NALA takes care of the rest.
The innovative platform will put the artwork in front of potential collectors most likely to appreciate and purchase their pieces. Essentially, NALA cuts out the middlemen and removes commissions from the equation by enabling direct connections between artists and buyers.
It’s significant to emphasize that NALA is open to all artists, welcoming all creative talent to enter the global market. The platform’s algorithms analyze the nuances of various artistic styles and details to allow art lovers to see diverse works that match their interests. This provides buyers with more choices, all while giving artists a fair chance to showcase their talent globally.
Not only that, but NALA also helps buyers make informed decisions by presenting a curated selection of artwork that aligns with their preferences and budgets. This eliminates the guesswork and uncertainty when purchasing art through social media or traditional galleries.
The current online art market operates through a few major platforms that charge significant commissions and primarily work with galleries, leaving most artists without representation and forcing buyers to overpay. NALA transforms this model by utilizing advanced algorithms to directly connect artists with collectors. As NALA democratizes access to the art market, artists receive fair compensation, and buyers find the best art suited to their tastes at a reasonable price.