Hiscox and ArtTactic launched their recent online art trade report 2019. This report gives insights into the online art market business and how successful it was in 2018. There are 56% of young art collectors (age 35 and below) who plan to buy more art online in 2019.
After the year 2017, where the art market was very optimistic about the online trades of art, the last year felt like a brake. The optimism after 2017 was numbered in 96% and last year it was just 77% of the surveyed having positive feelings for the online art market. But this doesn’t concern to all art online platforms. Sotheby’s, Christie’s and Heritage Auctions announce online sale growth between 11% and 17%.
For the younger generation the online art market plays an important role. 29% of the millenial art buyers prefer to buy online rather than in a physical space like in galleries or auction houses etc. These are good news for the online art market, because 36% of these millenials have purchased art online in the last year. In 2017 it was 31%. Among these millenials the increasing number of online purchases are a signal the online art market plays a role in educating and introducing new generations of buyers to art collecting.
Not to forget the social media channels, where Instagram takes the lead in being the first choice for art-related purposes. 65% of the young generation make use of Instagram to stay informed and up-to-date. This makes Instagram a platform full of opportunities for artists in self-marketing. 73% of the surveyed aged 35 and below announce that posts by artists and their studios have big influence on their purchases in art online. And with more than 1 billion users Instagram is like an open playground you shouldn’t underestimate as an artist. In fact institutions like galleries, auction houses, art fairs and museums experience a slow down of their Instagram follower growth. Accounts by artists are on the fast lane to follower growth. Just to name Bansky, who added 3.5 million followers after his work has been shredded at auction at Sotheby’s in October 2018.
For the first time there is fractional ownership mentioned inside an Hiscox art market report. The numbers are very promising towards fractional ownerships. 51% of the surveyed art buyers under the age of 30 would consider to participate in a fractional ownership in art. In January 2019 ARTOPOLIE launched its new fractional ownership platform, which allows every average person to make investments in artworks via fractional ownership up from USD 50. Why not striving to be the owner of a square millimeter of a Picasso painting?
All in all numbers are partly worse than last year, but not to forget that there are many jungSammler out there believing in online art purchases and who make use of Instagram to stay connected with their favorite artists.
Find the full report here.
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