Canonical definitions for all Kavim terms. 24 entries.
A composite score (0–100) measuring the current state of the art market across three dimensions: momentum (MOM), liquidity depth (LIQ), and participation breadth (BRD). Updated weekly from verified auction data. Higher values indicate more readable, liquid, and broadly active market conditions. KAI is not a price index and does not track hammer prices or portfolio values.
One of three KAI components (weight: 40%). Measures the directional consistency of price movement across the tracked universe over a rolling 90-day window. A high MOM score indicates that a majority of artists are trending in the same direction, suggesting a coherent market signal. Computed from verified transaction anchors only; estimated or dealer-reported prices are excluded.
One of three KAI components (weight: 35%). Reflects the ease with which works can be transacted at or near their estimated fair value. Accounts for bid-ask spread proxies, time-to-sale, and the ratio of unsold lots to total offered within the measurement period. Artists with fewer than three verified sales in the rolling window are classified as Low Liquidity.
One of three KAI components (weight: 25%). Tracks the proportion of the covered universe that recorded at least one transaction within the measurement period. A high BRD score indicates broad market participation rather than activity concentrated in a small number of names. Normalised against historical participation rates to account for seasonal auction cycles.
A named classification of current market conditions derived from the KAI score and its recent trajectory. Four regimes are defined: EXPANSION (KAI ≥ 65), CONSOLIDATION (KAI 45–64), CONTRACTION (KAI 25–44), and FRAGMENTATION (KAI < 25). A regime change requires the score to cross a threshold and remain above or below it for a minimum of two consecutive weekly snapshots.
KAI ≥ 65. Broad participation, strong momentum, and adequate liquidity. Market conditions are structurally favourable for allocation activity. Evidence quality is generally high across the coverage universe.
KAI 45–64. Mixed signals across dimensions. Momentum or breadth may be present but not fully supported by liquidity depth, or vice versa. Allocation activity is possible but requires higher selectivity and stronger position-level evidence.
KAI 25–44. Deteriorating conditions across at least two dimensions. Liquidity is thinning, participation is narrowing, or momentum is reversing. Defensive posture is warranted. New allocations require exceptional evidence quality.
KAI < 25. Severe dislocation. Market conditions are structurally impaired. Liquidity is absent or unreliable across large portions of the coverage universe. Allocation activity is not supported by available evidence.
Kavim's structured output for each artist position. A Verdict consists of: a Direction (ACCUMULATE, HOLD, or AVOID), a Confidence score (0–100), and a time Horizon (Short / Medium / Long). It is produced by the Kavim engine from five scored dimensions: Market Read, Evidence Quality, Coverage State, Decision Grade, and Risk Layer. Verdicts are updated when new transaction data is available or when a material change in market conditions is detected.
A Verdict direction indicating that current market conditions and evidence quality support increasing or initiating a position. ACCUMULATE does not constitute a buy recommendation; it indicates that the structured evidence meets the threshold for allocation consideration at the stated confidence level and horizon.
A Verdict direction indicating that current conditions support maintaining an existing position but do not clearly support increasing or reducing it. Typically issued when evidence quality is moderate or when market conditions are mixed.
A Verdict direction indicating that current conditions do not support allocation. AVOID may reflect deteriorating market conditions, insufficient evidence quality, low liquidity, or an adverse risk profile. It does not constitute a sell recommendation for existing positions.
A score from 0 to 100 indicating the strength of the evidence supporting a Verdict direction. High confidence (80–100) indicates strong, consistent evidence across multiple dimensions. Low confidence (0–40) indicates limited, conflicting, or stale evidence. Confidence is not a probability estimate.
The time frame over which a Verdict is considered valid: Short (under 12 months), Medium (1–3 years), or Long (3+ years). Horizon reflects the expected duration of the conditions that support the Verdict direction, not a prediction of when a price event will occur.
A classification of the current data quality and transaction activity for a given artist. Three states are defined: Active (sufficient recent transaction data to support a Verdict), Monitoring (limited recent data; Verdict may be stale), and Suspended (insufficient data to produce a reliable Verdict). Coverage State is one of five dimensions scored in the Verdict engine.
The set of artists for which Kavim produces structured intelligence. As of May 2026, the coverage universe comprises 120 blue-chip artists across Post-War, Contemporary, and Ultra-Contemporary segments. Artists are selected based on sustained secondary market activity, verifiable transaction anchors, and institutional relevance. The universe is reviewed periodically.
A verified sale record used as a data point in the Kavim engine. Transaction anchors are sourced from public auction records and must meet minimum verification standards (documented sale, confirmed buyer premium, identifiable work). Estimated prices, dealer quotes, and private sale reports are not used as transaction anchors.
A classification of the reliability and recency of the data supporting a position or Verdict. Three levels are defined: Strong (multiple recent verified transactions, consistent signals), Moderate (limited or mixed transaction data), and Weak (stale, extrapolated, or unverifiable data). Evidence Quality is one of five dimensions scored in the Verdict engine and is a required field in the Kavim Compliance Framework.
The most recent verified transaction price for a given work or artist, used as a reference anchor in compliance documentation. LVP age (the time elapsed since the last verified price) is a required disclosure in the Kavim Compliance Framework. Works with LVP age exceeding 36 months are classified as stale.
A regulatory requirement under the Markets in Financial Instruments Directive II (MiFID II) that advisors document the suitability of investment recommendations for each client. The Kavim Compliance Framework includes a MiFID II suitability checklist covering risk tolerance, concentration, liquidity, and client mandate alignment. Kavim outputs are designed to support, not replace, formal suitability assessments.
Anti-money laundering due diligence procedures required for art market participants under applicable regulations. The Kavim Compliance Framework includes an AML section covering source of funds, beneficial ownership, and transaction documentation. Kavim is a documentation support tool; it does not perform AML screening or verification.
The primary Kavim interface for authenticated users. Provides access to the full coverage universe, artist-level Verdicts, side-by-side comparison, portfolio reads, and compliance documentation. Accessible at kavim.io/app.
A 14-day self-serve evaluation of the full Kavim Advisor tier. Available to family offices, advisors, and private banks. Card required at sign-up; converts automatically to €290/month on day 15 unless cancelled. Start at kavim.io/pricing.