The year ahead presents exciting times for the online art market. Last week, Art Tactic and Bermuda-based insurance company Hiscox released their 2017 Online Trade Report, citing an encouraging trend in online art sales. Nearly 758 art buyers and 132 galleries and dealers were surveyed through Art Tactic’s mailing list, Facebook and Twitter for the findings.
Here are the top 6 finds:
1. 50% of existing buyers will buy more art and collectibles online over the next 12 months
2. 63% visitors spend 10 minutes or more per visit browsing art online
3. 60% of galleries believe that buyers are getting increasingly comfortable buying art at higher price points online
4. Instagram is currently the most important social media tool to reach out to art collectors
5. Galleries are increasingly looking to partner with third party e-commerce platforms to sell art
6. The estimated value of the art market by 2021 is $9.14 billion, with potential for further growth