Online Art Trade Report

Hiscox and ArtTactic just released their 3rd edition of the Hiscox Online Art Trade Report for 2015. The report has some impressive statistics, noting the online art market has grown from $1.57 billion in 2013 to $2.64 billion in 2014, with some expecting the growth to reach $6.3 billion by 2019. That is a lot of growth, and at the same time, a lot of potential opportunity for personal property appraisers.

The reports notes that 84% of the sales are below 10,000 GBP or about $15,000, social media is considerably assisting in sales, and having a physical location is less important.

The highlights from the report (click the source link below to download the full 39 page report)

ArtTactic is delighted to present the 3rd edition of the Hiscox Online Art Trade Report 2015. The study confirms the trend for ‘click and buy’ is gathering steam as buying art becomes an omni-channel experience.

SELECTIVE HIGHLIGHTS:

• According to the Hiscox Online Art Trade Report 2015, the value of the online art market has risen from $1.57 billion in 2013 to an estimated $2.64 billion in 2014. Based on these figures, 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.

Source: ArtTactic