- An estimated $3.125 billion, or 46% of online art sales in the first half of 2021 were sold through mobile devices such as smartphones and tablets.
- Fine art accounted for the largest share of online sales from the platforms; 27%, down from 32% in 2020.
- More online platforms are going to accept cryptocurrency payments, with nearly four in ten (38%) planning to accept crypto payments within the next 12 months, a big rise on last year (15%).
- There has been a significant rise in the number of online art platforms that intend to embed blockchain technology into their businesses.
Hiscox Online Art Trade Report Archive
Each year we take a deep dive into the online art trade, looking at the trends, figures, and platforms which are steering the industry. Our archive of Art Trade Reports will allow you to trace the growth of the online art world and look at how established businesses and new platforms are adapting to the digital market.
Looking for our most recent report? Click here to view the Hiscox Online Art Trade Report 2021 - part two.
- The problems experienced by online art buyers.
- Five crucial stages in the customer journey.
- Trust in the seller.
- Risks, valuation, transaction risks and fulfilment.
- Uplift in online art market activity following the Covid-19 pandemic is sustained
- Young and new art collectors take the plunge
- The growth of compassionate consumption
- Loyalty wanes
- Online art and collectible sales grew 4% in 2019 generating an estimated $4.82 billion.
- Down from 9.8% in 2018, this is the fourth consecutive year the annual growth rate has fallen.
- Despite a slowdown in the overall global art market, 80% of online art platforms expect online sales to increase in the next 12 months.
- 65% of online sales platforms said they expected the pandemic to have a permanent and transformative impact on the sector.
- Online art market sales reached an estimated $4.64 billion, up 9.8% in 12 months.
- Confidence among online art platforms falls from 96% in 2018 to 77%.
- Instagram remains the art world’s favourite social media platform, preferred by 65% of respondents.
- More millennials buying art online, with 29% saying they prefer to purchase online compared to just 14% in 2018.
- Online art market sales reached an estimated $4.22 billion.
- 90% of new buyers said price transparency was a key attribute and criteria when buying art online.
- 41% of online art platforms believe the online art market will consolidate into only a few global platforms.
- 41% of online art buyers are ‘concerned’ or ‘very concerned’ about cybercrime when buying art online.
- Online art market sales reach an estimated $3.75 billion, up 15% in 12 months.
- Traditional art businesses catch-up with their online-only rivals.
- Third-party sales channels are gaining in popularity.
- Online art sales are dominated by pieces priced below $5,000.
- Online art market sales see a 24% growth in 12 months.
- Traditional galleries and auction houses begin to catch up with e-commerce players.
- An overall slow-down in art sales is predicted to affect e-commerce.
- Instagram is increasingly used by artists, galleries, museums and auction houses.
- Value of the online art market rises from $1.57 billion to $2.64 billion.
- Online purchase of art as investment sees a growth in uptake.
- Online art auctions and marketplaces see a triple-digit growth over the year.
- 41% of respondents cite social media as driving them to an online art sales platform.
- Confidence in buying online grows, with price tolerance rising.
- Online-only platforms begin to build brand trust and awareness among consumers.
- The potential for e-commerce to support physical galleries is recognised.
- Christie’s and Sotheby’s online sales begin to grow.
- The online art market increases the potential of the lower-end of the art market.
- Limited edition prints and photography are considered the most suited to online sales.
- Traditional galleries are slow to move into the world of e-commerce.
- Artists sell directly to their fan base, without the use of intermediaries.
Hiscox Home Insurance
If you are an insurance broker looking for Hiscox Fine Art or 606 Home Insurance for your clients, see here. For customers, we offer specialist home insurance with policies tailored to your home and your needs, including art insurance up to £10,000 as standard.