The online art market remains enigmatic. Growth is slowing and the long anticipated consolidation of an over-crowded market remains elusive, even though a sizeable 81% of platforms expect more. Lack of transparency, especially concerning pricing, seems to be the main stumbling block holding the online art market back and it’s hard to see that being resolved anytime soon. In a market where everyone haggles on price, it must seem like too high a mountain to climb to publish your best price first, as we see and expect in so many other areas of online shopping.
The last year has really seen blockchain mania take off, with many claiming it can cure all the market’s ills. In this report, we look at the current impact blockchain and cryptocurrencies such as bitcoin are having on the online art market, as well as exploring their future potential.
Also new this year is our examination of cyber risk. The art market is dominated by small and medium sized businesses who have historically been at the less tech savvy, more complacent end of the scale. These businesses are vulnerable and our findings suggest that cyber criminals may be waking up to this, perhaps seeing the art market as a soft target.
Buying art continues to be hugely enjoyable and exciting (as well as occasionally frustrating) and the continued influence of social media, especially Instagram, helps fuel the growth of the market.
The future of the online art market is guaranteed, although the shape remains a mystery. In the meantime, we will continue to monitor developments and I hope that you find our report useful.