Online Art Galleries: the growing preference

Statistics speak for themselves, online art galleries are blooming!

According to the 2015’s Hiscox Online Art Trade Report, online art transaction has been fighting a successful battle, and the $ 1 billion achieved in 2013 turned into $ 2.64 billion this year. The estimate value for 2019 is $ 6.3 billion!

Online auctions remain in an unquestionable first place, but this impressive growth is also notable in the more traditional stakeholders, like online art galleries, forcing the entire art market to adapt sales’ new reality. The future, it is believed, will make the separation between online and offline art markets more blurred, as consumers and collectors expect to be able to enjoy the convenience and ease of the purchase experience on all channels.

Online Art Galleries

Online Art Galleries

We have already identified motivations, but it should be re-emphasize that, although the emotional involvement remains the main stimulus for purchasing in an online art gallery, investment has become an increasingly relevant attractive for this community. Especially within the “new” art buyers community, the foster of the artworks’ value has become a key factor.

This new online reality allows market players to use one of the most powerful engagement tools available: social media. Social media have revolutionized not only the way buyers find art, but also how they relate and purchase it. Also according to Hiscox’s Report, 41% of the respondents said that they have discovered an online art gallery through social networks, considering facebook and instagram the more relevant platforms for the market.

Art on social media - Online Art Galleries

Art on social media

But even more impressive than the growing influence of social media on the art market is the contemplation that, especially this year, browsing for art translates increasingly  into purchases! Following the same report, 63% of respondents considered as high frequency visitors of online art platforms have, in fact, bought artworks from this places.

Online art transactions are gaining more and more followers, and proving that new collectors are willing to be more bold, in order to conquer comfort and ease. The art market, often dubbed as traditional and with adjustment  difficulties, have found a new opportunity of rapprochement with “common” people, bringing a new breath to the annual sales. It is up to all the artistic entities, especially to art galleries and other commercial institutions, understand how to adapt to this new trends and preferences, under the penalty of becoming obsolete and isolated.