The latest reports of 2017 show that Art online is increasing by 24%. The turnovers reached 3,27 billion dollars. According to the Hiscox’s report figures, the galleries and online auctions’ income increased by 15% in 2016. However, 51% of the Art buyers remain reluctant to purchase online. We offer you a perspective on the online Art selling market.
The year of 2017: online selling records
If we take a look at the Hiscox’s report, the online Art selling market is booming. In 2016, its turnover volume reached 3,7 billion dollars. As a result, the share of the online Fine Arts market went from 7,3% in 2015 to 8,4% in 2016. What is at stake is of great significance as explained in our article dedicated to emerging Artists. Nevertheless, several exhibition spaces did not dive in. Nicolas Kaddèche, head of Art and private clientele at Hiscox stated: “clients who already purchased online intend to do it again. This market is stabilizing. 80% of the Artworks purchased online worth less than 5000 Euros.” The “Uberisation” of the Fine Arts market adds up to it.
A Fine Arts market in the process of “Uberisation”?
The general tendency is to get around intermediaries. Indeed, more and more applications, concepts and fairs aim at connecting directly Artists and buyers. It is the case for the Art 3 F Art fair, a travelling concept that took place in February 24th, 2018. The idea is to enable the audience to deal directly with the galleries. Moreover, the virtual galleries multiply. For instance Artviatic founded by Antoine Van de Beuque, has an online catalogue of 20 000 to 150 000 Euros. The major auction houses and international galleries have to keep up with this new trend. As a result, the Perrotin gallery for instance connected with Artsper to sell part of its Artworks online. Even though the players of the upper hand of the Fine Arts market manage to sell online and increase their revenue, the same thing cannot be said about emerging Artists. In addition, most of the galleries struggle to keep up with the new trend, and even the ones that actually offer online services often don’t manage to sell enough Artworks.
The hidden face of online selling: 95% of leftovers
Based on the Hiscox’s report and the average price of 5000 Euros for the transactions, one could think that online selling favors emerging Artists. However, in reality, only Artists who are already represented by major international galleries or who already have a quotation in the Fine Arts market manage to sell. Also, the buyers’ reluctance to purchase Artworks without physical interactions with it remains a problem for 51% of them as emphasized by Hiscox. In addition, there are the uncertainty and unevenness of the pricing value of emerging Artists on a market where collectors became investors. Art-Trope offers solutions for worldwide Artists to support them and track them on the long term which is a significant investment guaranty for collectors. It is the international Fine Arts market facilitator.
Read our article about Bella Rosenfeld, Marc Chagall’s absolute muse here.