Blog Post

The Growing Need For The Fine Arts Industry To Utilise Stringent Asset Tracking And Monitoring Solutions

Adapt Ideations • Mar 31, 2021

The utilisation of digital asset trackers and monitoring solutions will enable the fine arts industry to better protect their valuable assets.

The fine arts industry is important to the greater society as it showcases cultural artefacts, artworks and creations. The global fine arts industry is currently valued at $USD 67 billion and has been growing steadily over the years, as reported by Statista in 2020. The industry’s growth and the sensitive nature of fine arts mean that companies must invest in safeguarding their valuable assets. Whether this be asset tracking solutions during transport, or asset monitoring in museums and galleries or in auction houses, stringent monitoring is beneficial to the industry.

Fine arts and artworks as a whole gain value through three major factors; the designs age, the complexity of the artwork created and the notability of the artist. The older and more intricate the artwork is the more value is placed on it. However, these two factors also mean that the most expensive and sought-after artworks are often the most sensitive in nature due to their temperature sensitivity. The utilisation of asset tracking solutions and asset monitoring will enable the fine arts industry to better protect their valuable assets.

Exposure to environmental factors affects the quality and preservation of fine arts to a great extent. This degradation is most notably seen within galleries and museums whereby tourists are aplenty, and monitoring is often minimal. The mix of heat emitted from crowds, the temperature of the space and fluctuating weather changes means that discolouration and design bleeding can occur. The most popular artworks often attract the most visitors such as the Mona Lisa, The Last Supper and The Creation of Adam and therefore cannot be hidden away for their protection. Due to their age, they are susceptible to fading and wilting and must therefore be monitored carefully. Damaged artworks vary in cost, but restoring can cost up to USD $15,000 as reported by The Art Business. However, even after restoration, the artwork loses its original value as it has been restored using modern tools resulting in major losses for companies within the arts industry.

Artworks can be culturally defining, and their preservation is ever more important both to the arts industry and the artwork’s cultural origin. During transportation, artworks are at most risk due limited monitoring taking place. Often as artworks are packed in containers, visibility is minimised therefore any damage is only seen at times of purchase or gallery view. Other times employees may be on board during transport, which can increase costs while not attaining the same level of visibility as IoT enabled asset tracking solutions.

For auction houses, this is immensely important, as the clients present expect to receive premium quality art. In 2019 alone the global art market spent USD $40.5 million in transactions, as reported by Statista in 2020. Evidently auction houses contribute greatly to the perpetuation of the fine arts industry and therefore the products on auction must meet expected standards. During transportation, vigorous shaking due to bumpy roads can cause paint chipping and tearing to occur to the artworks. Furthermore, consistent package changes and mishandling leading to the exposure of light can also lead to colour fading, all of which drastically decrease the value of artworks. IoT enabled asset tracking solutions enables the consistent and accurate tracking of valuables to take place.

Adapt Ideations’ IoT enabled asset tracker KELVIN Pro can be used to safeguard artworks effectively. The IoT enabled asset tracker monitors location in near real-time and has geo- fencing capabilities. Furthermore, the asset tracker is fitted with light, shock and temperature sensors. Near real-time alerts are sent when deviations from set parameters occur allowing immediate action to take place as necessary. Increased visibility can reduce the costs associated with damages that occur during transport. By implementing an IoT enabled asset tracker such as Adapt Ideations’ KELVIN Pro, the fine arts industry can preserve the quality of artworks efficiently and accurately.

Enquire today at enquiries@adaptideations.com to find out how our IoT enabled asset tracker can safeguard your company’s valuable artworks.

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