Online art market sales have reached £2.92 Billion $3.75 billion. This is up 15% according to Hiscox, who commissioned the report. The increase of a fifth in online art buying shows continued growth, albeit at a reduced pace against the backdrop of a slowing global art market.
“The online art market has continued to grow despite the backdrop of a slowing global art market – Robert Read, Head of Art and Private Clients
The fifth annual Hiscox Online Art Trade Report, published today, shows that the online art market is still growing – despite increasing competition amongst online platforms, and with further consolidation inevitable. Based on the current growth trajectory, the report predicts that the value of the online art market could 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 Christie’s 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.
“Dealers continue to struggle online, though maybe they are making enough elsewhere. None of us knows for sure in the gloriously opaque art market, but my bet is that the temptation to bury your head in the sand when you are not tech savvy is all too tempting.
“I have talked many times about the long-awaited consolidation in the online art market, which is still yet to happen – with the notable exception of the marriage and subsequent separation of Paddle 8 and Auctionata. We all know that consolidation will happen – even our survey of those managing the online platforms show that a massive 86% expect more consolidation. What we don’t know is when, and who is going to end up on top.”
The Hiscox Online Art Trade Report 2017 is the fifth annual report of its kind. It examines the current trends surrounding buying art directly through different types of online art selling platforms. It explores what people are buying, how much they are spending on art online and the barriers to purchase. It also asked art buyers what changes could be made, or services offered, to increase confidence among new and existing collectors.