Have Auction Houses Reached a Tipping Point Online?
BY Sara Roffino, Art+Auction
Devang Thakkar spent 10 years developing new products for Microsoft in the Pacific Northwest before relocating to New York in August to apply his expertise to the field of online art sales at Artsy. “The art world has just started the collection of data,” says Thakkar. “Companies like us and others have been collecting data, and now we’re at the tipping point that allows us to start building algorithms and testing them out.”
If Thakkar and his peers—those with whom he works at Artsy and others working across the online auction industry at companies like Paddle8, Auctionata, and Artnet—are accurate in their expectations for those algorithms, online art sales could change significantly more than just where people buy art.