Trend in sight

The online art market, a sector in development

Art Market | The 5th edition of the Hiscox Online Art Trade Report, which was published by Hiscox in collaboration with ArtTactic, reveals a 2-digit growth in the online sales market, as it did last year. The report is based on the responses of 758 art buyers (up from 672 in 2016) and 132 galleries and dealers (127 in 2016), 60% of which focus on contemporary art. The study inquires into a market that has yet to be consolidated.

Courtesy of NYPost © DR
Courtesy of NYPost
© DR

An overview of the online art market

Having reached a total of $3.75 billion in 2016, online art market sales are up 15% from 2015. Although this growth rate is significantly higher than that of the global art market (up 1,7% in 2016 according to TEFAF 2017), there has been a slowdown in online sales, a trend that can be perceived through the evolution of the overall art market’s share in the online sector :

- In 2012, online art sales reached an estimated $870 million;
- In 2013, $1.57 billion (+80%), 4 % of the overall art market;
- In 2014, $2.64 billion (+68%), 6% of the overall art market (+2 points) ;
- In 2015, $3.27 billion (+25%, 43 points less compared to 2014, and 10 points more in relation to 2016), […]

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Courtesy of NYPost © DR

Courtesy of NYPost
© DR

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