The Art Industry Is Sabotaging Itself With Faulty Data. Here Are 4 Information Blind Spots Worth Correcting (and Other Insights) | Artnet News

. The column decodes important stories from the previous week—and offers unparalleled insight into the inner workings of the art industry in the process.Compared to what came before, the 2020s appear to be a golden age for art-industry data. The new abundance of quantified information about the business

But is the status quo approach to growth quietly speeding us toward a brick wall? A renegade faction of quants argues that it is, and that we can’t see the danger because we’re relying on the wrong metrics. This critique is as relevant to the art economy as it is to the larger economy. Daly, now 84 years old, has spent his professional life contesting the orthodoxy that GDP-based economic growth is even continuously achievable, let alone automatically good. In fact, the growth agenda can be self-sabotaging if it’s quantified more holistically. He put it this way in a recent interview in theIf [GDP] goes up, does that mean we’re increasing standard of living? We’ve said that it does, but we’ve left out all the costs of increasing GDP.

The survey’s limitations—such as its dependence on self-reported data and a sample size of under 800 viable responses in the most recent edition—have beenover the years , so I won’t pour more gasoline onto those eternal flames. What I can say definitively is that practically everyone but the dealers themselves would love full transparency on private sales in the sector.

. True, two of the biggest fair brands, Art Basel and Frieze, are owned by publicly traded companies .of these larger entities, it’s nearly impossible for art professionals to extract much of real value from the flood of numbers in their publicly accessible records. —none of which provides much insight in its raw form. Even the most popular of these metrics, the exhibitor count, offers paltry value since different booth sizes in different fair sections cost dramatically different rates to occupy.

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