The online art market plods on with steady growth.
2018 was not a game changing year and we wait to see where the consolidation and casualties will be in a market place that clearly remains overcrowded. Perhaps the penny is starting to drop as the confidence level about the future amongst online platforms has dropped significantly this year. In any event business plans and credit lines will be stretched to breaking point as most will have planned on the online art market getting traction and significant market share much quicker.
Blockchain has been much talked about, often incomprehensibly, and has proved to be a bit of a damp squib. Clearly it has potential to help with provenance, authenticity and condition reports but on the other hand it isn’t the panacea to all our troubles.
We continue to love working with the art market whether it is insuring, sponsoring or buying art, and we hope this report brings a little more clarity to a notoriously opaque market.
Hiscox Head of Fine Art