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Philips Rolls Out New Digital Tool To Track Market Trends On Artists

Startups

Aug. 10, 2020, 2:51 p.m.

Philips, a multinational health technology company has unveiled a digital tool that tracks and scores artists based on their media presence. The unveiling took place last Thursday via a live online demo.

Articker is an open-source technology platform that offers wide-range insights on artists by collecting data based on their media presence. It also provides an algorithmic representation of the industry’s top trending artists.

It was developed by computer scientist and scholar Tomasz Imielinski and his son Konrad Imielinski who is also a data scientist.

Developed in 2014, the digital tool has collected data on about 150,000 artists, from an estimated 5,000 articles from 16,000 news online sources daily for information about who is being watched most closely right now.

Apart from that, it collects data from museums, art fairs and galleries depending on the context in which an artist is mentioned.

It also has a media index score that is used to rank artists based on the “sense of value” of an artist’s work.

According to Philips, Articker’s primary focus is to provide insights on the market trends of upcoming artists to watch out for even though it covers established artists as well.

Jean-Paul Engelen, Phillips’s co-head of 20th century and contemporary art and global chairman explained that, “typically, one has to wait until an auction has taken place to know about the price data on the secondary market for any given artist” .

“But, with Articker, now Phillips executives have the ability to track the rise of in-demand emerging artists, while also finding new ones to watch before their work enters the primary market”, he added.

The company cited an example of Austria-based Ghanaian painter, Amoako Boafo, whose data on Articker showed that his media share had risen 147% in the last three months.

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His recent collaboration with luxury goods company Dior, and features in international magazines such as Vogue and other outlets all contributed to a boost in his media profile.

He also sold his painting, The Lemon Bathing Suit, for $875,000 which was 20 times above its low estimate, and also sold The Joy in Purple painting for $668,000 which was way above a low estimate of US$15,000 via a live auction last month.

Articker trends also show famous Spanish painter and sculptor, the late Pablo Picasso, securing a 2% media share on the database globally.

Edward Dolman, Chief Executive Officer(CEO) of Philips stated that Articker will “democratize” access to information on artists.

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Dorcas

Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.

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