AI-Generated Artwork Raises Intriguing Insurance Questions

Christie’s recently held the first-ever auction of artwork created by artificial intelligence (AI). The AI-generated piece, which involved some minimal human intervention by Paris-based art collective Obvious, shocked the art world by selling for $432,500, more than 40 times the official estimates.
Rival auction house Sotheby’s was next to take the stage in the AI-generated art sales arena. On March 06, the London based auction house took bids for a piece by German computer scientist Mario Klingemann, entitled Memories of Passersby I. The computer-generated artwork uses algorithms to create an AI brain that projects an endless stream of distorted faces onto two screens. Sotheby’s initial estimate for the sale was approximately $39,000, but the piece ended up going for $51,012.