The most recent Hisxcox Online Art Trade Report has been released and shows the online art market continues to grow, but year over year growth is slowing. The report includes some excellent information and analytics, as well as charts and graphs. It has a list of the top 25 art related platforms with Sotheby's, Christie's and Artsy topping the list.
Click HERE to download the 43 page report
Source: ArtTacticThe 7th annual Hiscox Online Art Trade Report 2019 shows that online art market growth is steady but slowing, with more consolidation among online art platforms likely.
Online art market sales increased 9.8% in aggregate in 2018 to reach an estimated $4.64 billion, but the annual growth rate has slowed for the third consecutive year.
The online art market may have benefited from the wider art market boom in recent years, but according to the Hiscox Online Art Trade Report 2019, economic and geopolitical uncertainty could test the resilience of online art buyers in 2019. Even so, based on the current growth trajectory, the report estimates that the online art market could be worth as much as $9.32 billion in five years’ time.
Key findings from the report:
- 71% OF THE ONLINE PLATFORMS SAID THEY EXPECT MORE CONSOLIDATION AMONG ONLINE ART PLATFORMS IN THE COMING 12 MONTHS.
- 55% OF THE ONLINE ART BUYERS SURVEYED SAID THEY WERE LIKELY TO BUY MORE ART OVER THE NEXT 12 MONTHS, UP FROM 52% IN 2018.
- 29% OF MILLENNIAL ART BUYERS SAID THEY PREFERRED BUYING ART ONLINE AS OPPOSED TO OFFLINE, UP FROM 14% IN 2018.
- MORE MILLENNIALS BOUGHT ART ONLINE IN THE LAST 12 MONTHS, AND 79% SAID THEY HAD BOUGHT MORE THAN ONCE (UP FROM 64% IN 2018).
- 51% OF ART BUYERS SURVEYED UNDER THE AGE OF 30 SAID THEY WOULD CONSIDER FRACTIONAL OWNERSHIP OF ART AS A FORM OF INVESTMENT.
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