The latest reports to emerge from the leading art market research company ArtTactic and Hiscox art insurers suggests that the online art retail market has a healthy future.
Here are their key findings:
- The value of the online art market has risen from $1.57 billion in 2013 to an estimated $2.64 billion in 2014.
- Online art buying therefore accounts for 4.8% of the estimated $55.2 billion value of the global art market. On the same growth trajectory, the value of the online art market could reach $6.3 billion in 2019.
- Investment return is a growing motivation for online art buyers, with as many as 63% driven to purchase by a piece’s potential return on investment.
- The bulk of online transactions still take place below £10,000, with 84% of purchases made within this price point.
- Online art market platforms are providing options when it comes to how buyers engage with and ultimately buy art – having a physical gallery or auction house has become less important but is not redundant.
- Social media affects art buying decisions, with 24% of respondents saying posts by museums, galleries and artist studios had a direct influence on their art buying decisions
The report also lists the challenges that online buyers face. Their main concern is that they are not able to physically inspect the work before making a purchase. Other challenges the report identifies include authenticity, shipping and insurance.