London, long celebrated as the heart of Europe's art market, is embracing artificial intelligence (AI) to secure its relevance in an increasingly competitive global landscape. This shift was evident at the 2024 Frieze London art fair, which attracted 90,000 visitors and showcased works from over 160 galleries across 42 countries.
"We have been going for 21 years now, and it's a meeting point," said Eva Langret, director of Frieze London, during an interview with CNBC. She noted the event's significance as a gathering for the global art community to exchange ideas and celebrate creativity.
U.K. commands 17% of the global art market share, trailing only the U.S. and China, according to the Art Basel and UBS Art Market Report. Despite this, experts recognize the need for innovation to maintain the nation's position as a global art leader.
AI's Growing Impact on Art
Artificial intelligence is not just reshaping industries—it's redefining art itself. In London, auction houses like Phillips have adopted AI to enhance operations and offer fresh perspectives on artistic expression. Established in 1796, Phillips is historically known for handling items as rare as Marie Antoinette's estate. Today, it thrives by blending tradition with technology, offering modern and contemporary art alongside jewelry and luxury items.
According to BBC, AI tools are used to authenticate artworks, predict market trends, and even create original pieces. Artists increasingly collaborate with AI to push the boundaries of creativity, while dealers leverage data-driven insights to cater to evolving buyer preferences.
While London continues to innovate, it faces stiff competition from China and the U.S., which hold the top two spots in the global art market. China's rise as an art hub reflects its booming economy and growing collector base, pushing established markets to adapt.
London's reputation as an artistic capital, however, remains unmatched in Europe. Its vibrant art fairs, world-class galleries, and deep historical roots make it a unique blend of tradition and innovation. AI's integration promises to enhance its appeal further, attracting a new generation of artists, dealers, and collectors. From generating intricate digital artworks to predicting auction outcomes, technology is broadening the possibilities for both creators and buyers.
