State of the Art sat down with Invaluable CEO Rob Weisberg to get past the velvet rope into the world of art auctions. After revolutionizing the e-commerce of Domino’s pizza and Zipcar, Rob turned to Invaluable as a new challenge. An award-winning entrepreneur, he spoke with Ethan about how data is changing the game for new buyers, the future of the art auction, and bringing old industries forward by combining them with new tech.
Top 5 Takeaways:
1.) You don’t need to be an expert to buy art.
“Data is not nearly as sexy as the art that we sell, but data levels the playing field for novice buyers… it gives you an opportunity to be a more informed bidder and to understand the value of a piece that you’re bidding on in the same capacity that somebody who was a dealer or an expert in that particular artist or that particular category who might have had an advantage over you in the past.”
2.) The digital world allows us to access the global while staying local.
“Digital actually shrinks geography and so just as we’re taking buyers in Boston or in New York and giving them access to auction houses in Paris or Sydney, we’re also shrinking the geography of the world through technology so we could be located anywhere.”
3.) Art auctions will grow. As online bidding expands, so does the marketplace.
“I see auctions growing exponentially over the next 10 years; we’re already seeing the trends to support that. I would say it’s absolutely to be a digital world, so the paper catalogs will be going away, and the ability to personalize the experience for consumers will increase.”
4.) Good news for Vango Artists! Invaluable recently conducted a study and found over half of US consumers are comfortable buying art online.
“We did a recent study and now over half of US consumers have said that they are comfortable with buying art online, it’s quite different from where it was even 5 years ago. And so, that mindset shift over time I think is a precursor to consumer behavior in the future.”
5.) Be scared, but do it anyway.
“I think my life motto is be scared but do it anyway – it’s we like pushing the envelope around here; I like building things trying things that have never been done before in the industry.”
Learn how to be a bidding expert in no time! Check out Rob Weisberg and Invaluable now on our new podcast series State of the Art. Don’t forget to subscribe and review! And take a look at our Instagram to see what’s next on State of the Art.