The Hiscox Online Art Trade Report 2015
The 3rd edition of the Hiscox Online Art Trade Report 2015 confirms that the online art market has gathered pace as the trend for ‘click and buy’ becomes of greater normality to today's collector and buying art becomes an omni-channel experience.
SELECT REPORT 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.
- Online auctions continue to drive growth, with both online-only and traditional 'houses' reporting significant revenue increases in online sales.
- 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.
To read the full report click here.