As the demand for Indian modern and contemporary art grows, there will be greater need for advanced technology that not just simplifies but automates complex art verification procedures. Jumbish’s JDAT tags is the first such technology in the Indian market and is set to revolutionize how art is bought and sold
Year by year, a growing community of Indian art connoisseurs and collectors is giving new dimensions and gravitas to the long-standing tradition of visual arts in the country. Challenges like art forgery, piracy, and unavailability of royalty for visual artists, however, continue to plague the art market. To solve this, Jumbish, a 2016-established Indian art-tech organization, has launched a unique one-of-a-kind technology, JDAT (Jumbish Digital Authentication Tag), for hassle-free authentication and provenance management of artworks, as well as regularise a stream of royalty income for artists as their artworks are resold and ownership changes.
On a mission “To enhance the visual art world by leveraging Technology” such as the Internet of Things, Artificial Intelligence, and Blockchain, Jumbish uses JDAT, an NFC-based adhesive microchips for physical artworks, protecting their unique identity and ensuring there can be no replications. The data from the JDAT is linked to the NFT (non-fungible tokens) and is maintained digitally and paperlessly over the secured blockchain.
As the demand for Indian modern and contemporary art grows, there will be greater need for advanced technology that not just simplifies but automates complex art verification procedures. Jumbish’s JDAT tags is the first such technology in the Indian market and is set to revolutionize how art is bought and sold.
“The Indian art market is just 0.02% of the overall world art market of US $50 billion. India has a huge artist pool from both fine arts and digital arts. This is a classic case of high supply – low demand. This is because of unawareness and inability to reach out to the world market. This option will help the auction houses, galleries, museums, curators, art consultants, art appraisers, art lawyers to have a one-stop place to find the details of the artworks which is otherwise very difficult to obtain,” says Jumbish CEO Shankar Mridha, who has had long-standing experience in technology through his corporate career of 17+ years.
The organization’s COO Rahul Chakraborty is a watercolor artist who also owns his own art house. He advocates for artist royalties, a feature that is usually enjoyed by authors, musicians, and other performers. Creativity in the Indian context, whether in the fine arts or performing arts, is only unique and diverse, but has also been recognised for ages globally. Jumbish, Chief Value Officer, Bibhas Banerjee says that this amalgamation of art with technology will introduce a paradigm shift in the art market and create more buyers. “Jumbish platform ensures that existing buyers or collectors obtain more value for their money as the authenticity of the artworks is endorsed technologically. Artists and creators, on the other hand, can enjoy royalties which has been a less discussed subject in the world of visual arts and painting.”
Providing a marketplace and authentication services for both fine art (paintings, sculpture, murals), digital art (illustrations, memes, graphics, animation, videos, etc) and photography (both digital and printed photographs), Jumbish is an excellent antidote to counterfeiting of original artworks, once their value in the art market increases. It is useful for all stakeholders in the art market, including artists, galleries, museums, and serious collectors.
Jumbish plans to expand business operations in the coming months, and work towards increasing transparency in the art market.
Source: Business World