For your convenience, the Artsper team has highlighted five key findings from the Hiscox Online Art Trade Report 2017 – and you won’t be disappointed, as the online art market continues to boom…
1. The online art market grew by 15% in 2016
Online art sales soared in 2016, despite the slowdown in the global art market. The Hiscox report estimates that online art sales were up 15% from 2015, reaching $3.75 billion and representing an 8.4% share of the overall art market.
2. The estimated value of the online art market by 2022 is $9.14 billion
The value of the art market has been growing exponentially, rising from $2.64 billion in 2014 to $3.75 billion in 2016. What's more, analysts are optimistic about the future: they estimate that the value of the online art market will reach $9.14 billion by 2022, which would represent a significant share of the overall art market.
3. Buyers are getting more into online purchasing
The bulk of online art buyers purchased more art in the last 12 months: 65% of them versus 63% the previous year. So demand is strong and the market is buoyant.
4. Instagram is now the top social media channel for the art market
Instagram overtook Facebook as the top social media platform in 2016. 57% of art buyers said that Instagram was their most frequently used social media channel, and this share was higher among those aged under 35. This new trend is mirrored by galleries and dealers, with 57% of them saying they find Instagram the most effective medium for raising awareness. However, Instagram is not just limited to this role, as 35% of galleries say they sell directly via this social media channel.
5. Online buyers’ expectations are becoming clearer
Buying online can be a difficult hurdle for hesitant art buyers. 80% of them worry that the artwork will look different than it appeared in the digital image, and 77% are concerned that the condition of the work might be different from what was stated. In addition, 52% of online art buyers state that content is important to their platform choice.
Galleries: the online art market is consolidating and has a very bright future ahead of it. Make the most of this opportunity by relying on the expertise of Artsper, the European leader in online contemporary art sales. Sell your artworks online via our platform and grow your sales figures!