Hiscox Online Art Trade Report 2020: Part One
- 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.
Hiscox Online Art Trade Report 2019
- 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.
Hiscox Online Art Trade Report 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.
Hiscox Online Art Trade Report 2017
- 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.
Hiscox Online Art Trade Report 2016
- 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.
Hiscox Online Art Trade Report 2015
- 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.
Hiscox Online Art Trade Report 2014
- 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.
Hiscox Online Art Trade Report 2013
- 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.