Who are Look Lateral?
Look Lateral are art experts looking to deliver fresh art daily. We’ve been part of the art community for over a generation, and share in the passion and joy it brings so many.
Now we want to evolve the market by using blockchain technology to offer clarity and confidence to buyers. We’ll also offer more people than ever the chance to revel in art through tokenised buying on our financial platform.
To learn more about the people behind Look Lateral, read more about The Team.
What services do we offer?
We provide a varying array of services to the art community, including expert art advice and a regular industry magazine.
Our latest venture will see the creation of a tokenised marketplace, allowing more enthusiasts to purchase shares in, and enjoy the investment benefits of, art in varying forms.
What is the Look Lateral mission?
Look Lateral’s mission is simple – to deliver fresh art daily, and to make art for everyone.
By making the marketplace more transparent and by using tokenised sales, we intend to help more people than every enjoy art and the joy it brings.
Our mission is perhaps best summed up by our logo, the milk bottle. Milk reaches everyday people in their houses, just like we bring art indirectly into their homes. Our logo represents the liquidity of art, with every milk drop leaving the bottle a single artwork action.
What is its purpose?
Our solution is split into three parts: Signature Tags, Provenance System and FIMART, our Art Public Offering Exchange. The combination of these elements will help open the art market to everyone and increase fluidity through the use of accurate, recorded provenance on every artwork we encounter.
By showing its history, authenticity and more based on opinions from art experts, we will give buyers the extra confidence they’re looking for to feel protected in an uncertain market.
Tokenised buying also offers people who may not have had the opportunity or means to invest in art a chance to experience its joy. By allocating each artwork into small shares, anyone can own a piece of creative history for themselves.
The overall result is a fluid, more transparent market from which everyone in the community can benefit, and art for all.
How does it work?
A physical signature tag is applied to an artwork containing all known information about its history, authenticity and estimated value. It’s then listed on the Provenance System.
Once there, art experts are encouraged to contribute further details about it, as well as vote on the conditions sports by technicians, curator reviews and art advisor opinions already in place. They are rewarded with an award of currency regardless of whether their vote is positive or negative.
This information forms a provenance score – a clear authenticity indication in digit form. Once the desired score has been reached, it either goes onto our gallery for sale, or onto the FIMART for tokenised trade.
In the latter instance, the owner allocates a number of shares dependant on the artwork’s value, and these can then be purchased by interested buyers. If one buyer takes up 51% or more, they hold majority ownership and can physically hold the piece. The remaining shares can then be purchased by other parties.
What is the provenance score?
- Auction prices and transactions, and
- Comments from artists or gallerists
- Conditions sports by technicians
- Curator reviews
- Art advisor opinions
How does Bounty work?
Bounty is used to incentivise art experts to contribute and vote on information about an artwork.
Those who vote on, either in agreement or against, information provided in three categories are rewarded with an amount of LOOKs (the FIMART currency) by the piece’s owner. This helps to ensure all held details about it are accurate and ratified, giving buyers more confidence in their potential investment.
By awarding bounty regardless of an expert’s vote, we’re providing data that’s truly honest and transparent for the benefit of all.
What does it mean for the art community?
With all three elements of our solution working together, the art market will be a more transparent, self-regulated and fluid place.
Buyers will have more confidence thanks to readily-available and securely-stored provenance information, while artists and sellers will have more opportunities to share their works with a wider audience.
Tokenised buying will also bring more people to the market, giving a greater number the chance to benefit from art investment and enjoy the community’s joy and passion.
What makes it different to its competitors?
We feel we offer the only solution that looks to adequately solve the current market’s potential problems.
Rather than simply making trade easier, or keeping a recorded ledger of artworks, we provide ratified provenance and a tokenised market in a way that will affect tangible change for all members of the community.
Our approach encompasses the ‘art for everyone’ mantra. By increasing transparency in every area of the current market, we believe this can be a reality.
What is blockchain technology?
Blockchain technology acts as a ‘digital ledger’ to securely and accurately store information in a series of unalterable blocks.
When information is entered onto the chain, it cannot be altered without permission. This then serves as a comprehensive reference point for everyone on the network, providing clarity and a clear record of change.
What is the LOOK?
The LOOK is our chosen currency for use on the FIMART. It’s Bitcoin-compatible for an added level of security, and exchangeable to standard currencies as well.
The LOOK represents our journey to seek out a new dawn for the art market, helping art lovers the world over discover new beginnings.
What is Tokenisation
Tokenisation allows multiple shares in a single artwork to be purchased by multiple buyers. It gives more people than ever the chance to benefit from art investment, and allows the seller to potentially earn more through wider-reaching transactions.
The seller allocates a number of shares dependant on how many they think will sell. If one person purchases up to 51% of the available shares, they hold a majority stake in the artwork and can enjoy it for themselves.
The remaining 49% then goes onto the FIMART and can be taken up by multiple buyers.
What is FIMART
The Financial Market for Art Regulated Tokens, or FIMART, is our bespoke investment platform for the tokenised purchase of art.
It allows multiple buyers to purchase shares in the same artwork. These shares are allocated by the seller, and then taken up depending on interest and financial ability.
Crucially, it allows more people to experience the joy of art ownership, as well as enjoy the numerous benefits art investment brings.
How will the signature tag be placed?
The signature tag will be applied directly to the rear of the artwork. It is done so securely and without damage to the canvas or artefact.
How does Art Pricing and Indexing Methodology work?
Art indices allow investors to stay informed about global trends in art and related asset classes.
They’re crucial to ensuring savvy investment choice and advice, and help develop knowledge and identify trends. They also assist in spotting correlations between assets in the same or other asset classes.
This can include artworks in the same segment, such as Impressionism, Dadaism, Cubism, or Pop Art, or works from the same artist.
Our pricing and indexing methodology currently matches the top level of the market. Plus, our Crypto-Provenance Scores will help improve price discovery and lead to a dedicated suite of Crypto-Art-Indices. In turn, Crypto-Art-Indices will pave the way to dedicated synthetic derivatives to be traded on the dedicated FIMART platform.
You can find out more about our approach to art indexes in our white paper.
What is your blockchain product?
Our technology is a flexible, mixed public/private blockchain product, Dragonchain1. Dragonchain technologies have powerful features that enable offer the ability to manage data and value transactions, across a multi-tiered technology stack.
When will you be going live?
For details and dates, take a look at Our our full roadmap is available here. Though wWe expect to be offering our full range of services to the art community by the end of 2018.
Why is pricing it so difficult?
- Estimation by a relatively small number of experts.
- Bidding by a very small subset of potential buyers,
- Sales are taking place within a single or sparse time limited-time auction.
The market price for art work is also being affected by limiting the demand component to action by a small buyer population for a very constrained period of time.
How will Look Lateral make money?
- The tokenisation process,
- Transactions on works and tokens,
- The sale of pricing and tagging services,
- The provenance system,
- Memberships and data management services.
How will the art community benefit?
The fee distribution mechanism will allow every key art player having contributed to the growth of Look Lateral business and, most importantly, to the transparency, accessibility and liquidity of the art market, to benefit from generated revenues on a transactional level.