The fifth annual Hiscox Online Art Trade Report, which examines buying behaviours and challenges in the online art market and identifies current movers and shakers, came out this week.
The report found that the online art sales market is growing. Sales have reached $3.75 billion – up 15 per cent on last year – and experts predict that they will reach $9.14 billion by 2022.
Robert Read, Head of Art and Private Clients at Hiscox, commented: “The online art market has continued to grow despite the backdrop of a slowing global art market.
“Established global brands such as Sotheby’s and Christies are starting to dominate The Hiscox Online Art Sales Platform Ranking and appear to be getting to grips with the challenge of transforming a bricks and mortar business into a multimedia business.”
When an art buyer is hesitant about making an online purchase, the report found that it tends to be because they cannot physically inspect a work – and cannot be sure of its condition, authenticity and the seller’s reputation.
It is perhaps for this reason that online art sales tend to be dominated by pieces that are priced below $5,000.
Meanwhile, social media is increasingly important factor in the growth of the online art market.
Just over half of the galleries surveyed for the report said that they find Instagram a more efficient marketing tool than Facebook. New York’s Museum of Modern Art, for example, has a staggering 2.6 million Instagram followers.
Download the report here .
April 2017