ART INDUSTRY NEWS
2020 Hiscox Report Examines Accelerated Growth of Online Art Market
"Social distancing is here to stay for long enough that it will
change how we buy art." –Robert Read, Hiscox
change how we buy art." –Robert Read, Hiscox
The 2020 Hiscox Online Art Trade Report is now available and furthers our own findings on the impact COVID-19 has had on the online art market.
Key learnings:
- 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.
What our members have been experiencing
If your art sales are not seeing significant growth this year, it likely speaks to issues with your marketing strategy. We can help. 👇
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