ART INDUSTRY NEWS
2020 Hiscox Report Examines Accelerated Growth of Online Art Market
change how we buy art." –Robert Read, Hiscox
- The large majority (80%) of online art and collectibles platforms maintain a positive outlook for the online art market in the coming 12 months.
- The majority (65%) of online sales platforms say they believe the current crisis will result in a permanent and transformative shift, with online becoming a natural part of any art sales business.
- The COVID-19 crisis has significantly accelerated online sales - with Sotheby’s reporting a 131% increase in the number of lots sold online so far this year (May 2020) and a 74% increase in average price compared to 2019.
- 80% of online art sales platforms expect online sales to increase in the next 12 months
- The rate of online growth has accelerated significantly during the COVID-19 crisis, with 37 dedicated online sales since lockdown (20 March 2020) raising $53.8 million, compared to only $6.3 million for the same period in 2019.
- An online presence is more likely now than ever before to keep the art world afloat, and is providing a fast-track for the lagging digital transformation we have seen in the wider art industry.
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