The art world has been known by few and famous but in recent years the art market has seen significant growth in interest and value of art as an asset class. With now over 75% of the market purchasing art as an investment and the significant growth in value of the art market (73% in the last decade), the desire for more due diligence information is creating market pull for better solutions to address authenticity.
Art Analysis and Research (AA&R) is the leading provider of scientific art testing in establishing the authentication and attribution of the world’s art and is well placed to address this growing opportunity in the market. AA&R uses leading technical imaging and material science, data analytics based on unique trade secret libraries in the context of technical art history to provide standard technical reports that are licensed to customers. The customers representing the art market buy and sell of $55bn annually in a total market estimated over $1tn.
Traditional methods for authenticating art has been limited to one or more connoisseur opinions and the provenance of the object. More recently, the significant problem of forgeries has received increased public attention as it is estimated that 20-50% of artworks in the world are fakes, forgeries, misattributions, or unknowns.
Since traditional approaches come with limitations, AA&R has developed a robust, scalable solution based on systematic scientific analyses. The solution involves one or more methods including various technical imaging techniques (infrared, ultraviolet, x-ray, and hyperspectral to name the primary options) and material analysis such as Raman spectroscopy, gas chromatography-mass spectrometry, carbon 14 dating plus a number of others. Imaging allows investigation of underdrawings (if present in a painting) and other aspects hidden beneath of inside the art. Material analyses allow the art to be accurately dated, placed geographically at the time of creation and whether it was used by a specific artist or his contemporaries.
As the only scientific art analysis company with offices in New York and London and a market-leading mobile solution, AA&Rs current customer base includes major auction houses, dealers, collectors, museums and artist foundations, plus an increasing number of financial market players. AA&R has a wide portfolio of cases of globally renowned paintings such as Salvator Mundi, Amedeo Modigliani and a newly discovered Wassily Kandinsky painting to name a few. The Company has averaged over $500k in annual revenue over the past five years and broke even last year, without any significant marketing and sales investment and now seeks capital to increase sales and marketing to address the growing market demand.