The Hiscox Online Art Trade Report 2016
A year on from our first review and the 2016 Hiscox Online Trade Report continues to highlight the enduring strength and growth of the online art market, with technology trends significantly influencing the marketplace.
- Although last year saw a dip in global auction sales, the online art market continued to grow and is up 24% in the last 12 months, reaching a staggering $3.27 billion, with the pure online auction houses more than doubling their sales growth within the year.
- Whilst the continued growth of online sales indicates that the lower end of the art market could be more resilient to a slowdown, with the majority of transactions remaining below £10,000, there does seem to be a shift with expectations of average price brackets rising as online confidence grows.
- It appears that it is often the smaller dealers that are struggling with the challenges that online auctions pose, yet many other traditional auction houses are starting to expand and build momentum in this space, realising the potential reach and need to remain current in an increasingly technologically driven world, with the online market set to reach $9.58 billion by 2020.
- New trends that have come out of the report are the emergence of people’s increased preference for fixed-price sales or timed auctions, as well as the changing landscape of the use of technology, with mobile devise usage on the rise, to social media platforms having a huge impact on influencing consumers’ habits and decisions of what and where to buy, with predominantly the use of Facebook and Instagram.
- The new ‘Hiscox Online Art Sales Platform Ranking’, clearly demonstrates that online markets are having a serious impact on the way art buyers search, thus having knock-on implications to the dominance the main traditional auction houses might be able to replicate and achieve in the future.
The report indicates that the changes to the online art world in the next twelve months are going to be monumental, from the types of platforms that are available to the functionality and set-up of auction houses as we know them.
To read the full report click here.