Limna, an app which will democratise the art world by applying machine learning to the most comprehensive artist database in existence — with more than 700,000 artists tracked across over 1,000,000 exhibitions from 1863 to present day — thereby giving new and existing collectors dataled confidence to purchase the art they’ve fallen in love with. Limna eradicates some of the key barriers that cause decision paralysis. In the dialogue of “heart versus head”, art lovers who purchase a piece for their personal collection can now rest assured they’re making a savvy investment.
By pinpointing prices of original paintings entering the market for the first time, users know what the work they love should cost and why, before connecting with the gallery to take steps towards a purchase. In doing so, Limna looks to reinvigorate an art market challenged by the lack of physical visibility during the pandemic.
The app is built around defensible IP and leverages a state-of-the art AI engine, enabling Limna to deliver unparalleled insights to the customer that are unavailable elsewhere; instantly validating prices, indicating career trends, and broader art-insider intelligence such as Momentum, Cultural Recognition, and Global Presence. Limna augments the existing thrill of falling in love with an artist’s work — whether in-person at galleries/art fairs or online — by enabling users to gain confidence in gauging affordability. Galleries are similarly reassured that clients coming to them via Limna are serious about a purchase.
Users can enter an artist’s name and the size of the painting and, upon matching a search with one of the c.700,000 artists in its records, Limna cross-references decades of amassed data and shares an estimated value. The algorithm takes into consideration factors from the start of their exhibiting career to the present day (and even planned activity for the future), their sales history, and the size of artwork to provide an expected price estimation. If a user has already received a price from a gallery or dealer, Limna provides all of the relevant details to enable an informed comparison.
Lack of access to prices is the most frequently cited barrier for people looking to buy art. Limna presents a huge opportunity for more inclusivity, allowing users to purchase more art thanks to increased transparency and confidence in the art market. With this, we look to boost both Artists’ and Galleries’ exposure and sales, in a time when they need it most after a devastating year to the arts.
Jonas Almgren, Limna CEO
Currently, under 20% of Limna’s estimates disagree with the gallery price quotes; which is the point when users should consider their own motivations, review the underlying data in the artist’s profile more closely, and if it seems complete then the quoted price might be too high — or perhaps it’s a fantastic opportunity! The final step is for the user to contact the artist’s representing gallery, armed with all they need to know in order to make their dream purchase a reality.
Rather than take away or compete with the experience of exploring commercial galleries, Limna is designed to enhance it. As one of its first partnerships, Limna is working alongside the third installation of Berlin-based König Galerie’s annual art fair — Messe in St.Agnes — later this summer; “Limna provides price transparency which enables collectors to make more validated decisions.”, said Johann König after receiving a preview. It’s also of particular use as Art Fairs continue to open, with Walter M. Gehlen, Director of Art Düsseldorf, stating “For me as an art fair operator, an immediate neutral assessment is indispensable for my daily work. Through Limna I now have a digital tool that provides me with exactly that.”.
With Millennials making up half of all existing art collectors globally, and as the fastest growing demographic with the highest purchase frequency and spend, Limna fulfils their need for immediate 1 convenience and results. By using technology to research and learn about art, they become informed and empowered to complete high value transactions. No matter the time or place, confidence and transparency are only a tap away. Limna is available to download for free from the Apple App Store, for use on iPhone and iPad, worldwide from 4 June 2021 Upcoming features include tailored discovery opportunities, meaning that finding a new artist to suit a user’s tastes will be even easier and more personalised via Limna’s AI-driven technology.