finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

Online art market grows 68% to $2.64 billion

Posted: 22nd April 2015 by katinahristova
Share this article
A Christie's employee looks at a painting entitled 'Claudius' by German artist Gerhard Richter at Christie's auction house

A Christie's employee looks at a painting entitled 'Claudius' by German artist Gerhard Richter at Christie's auction house

Recent research from specialist insurer Hiscox has revealed increased confidence in buying art online.

According to the Hiscox Online Art Trade Report 2015, the value of the online art market has risen from $1.57 billion (€1.46 billion) in 2013 to an estimated $2.64 billion (€2.45 billion) in 2014. Based on these figures, online art buying therefore accounts for 4.8% of the estimated $55.2 billion (€51.3 billion) value of the global art market. On the same growth trajectory, the value of the online art market could reach $6.3 billion (€5.8 billion) in 2019.

“The rise in online art buying is even greater than we anticipated. The speed and confidence with which new and established collectors are adapting signals a new era as buying art becomes an omni-channel experience. Physical gallery space and auction houses can no longer act in isolation; online channels and social media have an important part to play and, when combined, prove to be attractive. This is good news for sellers as well as collectors,” said Robert Read, Head of Fine Art at Hiscox.

The majority of online art transactions still take place at a lower price point, with 41% of those surveyed saying their average price paid was less than £1,000 (€1,350). According to Hiscox, investment return is also being cited by many as a growing motivation for purchase. Art is increasingly seen as an attractive and highly tradable asset class and such a trading mentality may lead to online marketplaces succeeding as pure transactional platforms.

  • For more on Art Finance and Lending, look out for the May issue of Finance Monthly, which will feature industry comment from Paul Ress, Founder & Managing Director of Right Capital

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram