Artnet And Kalshi Launch Art Market Prediction Platform
The partnership leverages Artnet's art market expertise and its extensive Price Database to curate prediction markets linked to significant auction results, art fairs, and other events. Participants can trade yes-or-no contracts in a peer-to-peer structure based on the outcomes of these events.
The initial prediction markets, which focus on the marquee November sales of modern and contemporary art in New York, are currently active on Kalshi. Looking ahead, Miami Art Week in December is slated as the next major event for the partnership, with prediction markets for it launching later this month.
“The art world's biggest moments have always sparked debate,” said Jeffrey Yin, CEO of Artnet and Artsy.“With Kalshi, we're bringing nearly four decades of Artnet data and expertise to more people and giving them a new way to join the conversation.”
Ian Cook of Kalshi's Markets team added,“Partnering with Artnet couples Kalshi's art markets with Artnet's unparalleled curation expertise and four decades of trusted data. The art world has historically been reserved to an elite cohort, but this collaboration allows art enthusiasts of any kind to participate in the cultural zeitgeist in an entirely new way.”
Artnet will utilize its Price Database, a leading resource for auction results, to verify auction outcomes, which will then serve as the settlement source for these markets. Notably, Artnet News, the publication's outlet for news, analysis, and criticism, is not involved in the creation of these markets or the verification of results.
Source: Artnet News
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment