Limna and the Shifting Epistemologies of Art-Market Value

This paper examines Apps like Limna as a case study for the digital transformation of the contemporary art market and its implications for how value is constructed and perceived. Using data from Artfacts.net, the Limna App provides price validation and data visualization, serving as an accessible "pocket art advisor".

Historically, art valuation was based on connoisseurship, reputation, and often intransparent transaction histories. However, Limna's methodology, rooted in econometric analysis, seeks to "clarify the basic mechanisms of the contemporary art market" by making "reputation-building events in an artist's career measurable". This presentation will explore the underlying algorithms and data sources (e.g., artist's exhibition history, sales performance, institutional recognition, artwork characteristics) that inform Limna's price estimations. Drawing on Georg Franck's "economy of attention," I will analyze how Limna's valuation model quantifies curatorial influence. Museum directors and galleries function as "investors" who lend their reputation and "exhibition space" to artists, expecting returns.

The core argument will explore how AI-driven tools contribute to a shift in the epistemology of value in the art market, moving from an intransparent, expert assessment to a more data-centric, objective validation. I will discuss the potential for increased market transparency and buyer confidence, especially for new collectors, challenging the traditional "private code" of art professionals. However, challenges remain: the limitations and biases in historical sales data, its limited statistical power, the potential for algorithmic reproduction of discriminatory or biased content, and tensions between quantitative metrics and the qualitative, aesthetic, and cultural values that define art. The presentation will conclude by considering the necessary data skills for engaging with and critically assessing these digital research approaches, including data modelling, statistical inference, machine learning literacy, and the ethical implications of quantifying cultural heritage.

Note: I have no affiliation with Limna, Artfacts, or their parent companies.

Dieses Poster ist für die Tagung "Digital Turn. Sammlungen – Provenienzen – Märkte", die am 27. und 28. November 2025 an der Humboldt-Universität zu Berlin stattfand, entstanden.