The Online Art Trade Report by the British insurance group Hiscox estimated the value of global online art sales at $1.6 billion in 2013, up from $870 million in 2012. The report’s findings are based on a survey of 506 international art buyers, collectors, and galleries from a database belonging to ArtTactic, an organization that specializes in art market research and analysis. The study estimated that the online art market will grow to $3.8 billion by 2018.
According to the report, 71% of art collectors surveyed have purchased artwork without seeing it in person first and 89% of the galleries surveyed claimed that they regularly sell to clients using a digital image only. Nearly 25% of 20- to 30-year-olds surveyed said that they had purchased art online and nearly half of the collectors over 65-years-old surveyed said that they had bought art directly online.
Robert Read, Hiscox Global Head, Fine Art, said, “This research distills the views of collectors, galleries and the greater art community and it tells us that trading online is now an established and accepted way to buy and sell art. Increasing accessibility can only be a good thing, and we are seeing new players coming into the market from a range of territories, at all ages and price points, which is an exciting – if somewhat unexpected – development."
According to the report, online art sales account for 2.4% of the estimated value of the global art market, which in 2013 was $65 billion.
Click here for the full report.
