# Deep Learning for Art Market Valuation

arXiv: https://arxiv.org/abs/2512.23078 · HTML: https://mlsanity.com/paper/2512.23078/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 9 of its 36 references that are in the map.
- First posted on arXiv 28 Dec 2025.

## Builds on (most cited first, 9 of 9)

- [Adam: A Method for Stochastic Optimization](https://mlsanity.com/paper/1412.6980/) (2014)
- [Grad-CAM: Visual Explanations from Deep Networks via Gradient-based Localization](https://mlsanity.com/paper/1610.02391/) (2016)
- [A Unified Approach to Interpreting Model Predictions](https://mlsanity.com/paper/1705.07874/) (2017)
- [XGBoost: A Scalable Tree Boosting System](https://mlsanity.com/paper/1603.02754/) (2016)
- [Tabular Data: Deep Learning is Not All You Need](https://mlsanity.com/paper/2106.03253/) (2021)
- [Why do tree-based models still outperform deep learning on tabular data?](https://mlsanity.com/paper/2207.08815/) (2022)
- [The Missing Indicator Method: From Low to High Dimensions](https://mlsanity.com/paper/2211.09259/) (2022)
- [Comparing Explanation Methods for Traditional Machine Learning Models Part 2: Quantifying Model Explainability Faithfulness and Improvements with Dimensionality Reduction](https://mlsanity.com/paper/2211.10378/) (2022)
- [Unbiased Gradient Boosting Decision Tree with Unbiased Feature Importance](https://mlsanity.com/paper/2305.10696/) (2023)

## Abstract (arXiv)

We study how deep learning can improve valuation in the art market by incorporating the visual content of artworks into predictive models. Using a large repeated-sales dataset from major auction houses, we benchmark classical hedonic regressions and tree-based methods against modern deep architectures, including multi-modal models that fuse tabular and image data. We find that while artist identity and prior transaction history dominate overall predictive power, visual embeddings provide a distinct and economically meaningful contribution for fresh-to-market works where historical anchors are absent. Interpretability analyses using Grad-CAM and embedding visualizations show that models attend to compositional and stylistic cues. Our findings demonstrate that multi-modal deep learning delivers significant value precisely when valuation is hardest, namely first-time sales, and thus offers new insights for both academic research and practice in art market valuation.