Art Market: The Challenges of Selling Art Online

Online Art Sales: A Market in Transformation

In recent years, the online sale of artworks has seen continuous evolution, albeit falling short of industry professionals and marketplace predictions. The primary obstacle to development appears to be the lack of price transparency and galleries' reluctance to display artwork prices. Nonetheless, 2018 recorded a 12% increase in online sales revenue, with a notable rise in purchases over €4,500 (25% higher than in 2017).

Online Art Sales: A Loyal Clientele

More than 70% of online art buyers purchased at least two artworks in 2018, solidifying the role of online sales in a market perceived as an opportunity to expand personal collections by breaking down geographical barriers.

Mobile Phone: New Purchasing Behaviors

While the percentage of purchases via tablets consistently decreases, mobile phones are experiencing significant growth, coinciding with nearly double the internet traffic between 2014 and 2018.

Instagram: The Leading Social Media Platform

With a response rate exceeding 63%, Instagram remains the top social network in the art world, while Facebook sees its use in the art domain drop from 42% to 31%. Buyers use social networks to discover online sales websites and new artists.

Art Galleries: Platforms That Attract

75% of art galleries utilized online sales platforms in 2018 compared to 41% in 2016 but struggle to retain customers. Capturing new behaviors is challenging, yet there is a significant opening to international markets.

New Online Art Buyers: Behaviors

Art buyers regularly visit online sales sites; 50% do so at least once a week, and over 38% multiple times a week (compared to 18% for new buyers). More experienced online art buyers purchased more in 2018, thus demonstrating their trust in this new art commercialization mode. 13% of them bought between 6 and 10 artworks in 2018 on online sales sites, and 18% bought more than 10 artworks. These figures confirm the trust placed in marketplaces and online galleries, numbers expected to be even more significant in 2019 as 90% of buyers plan to purchase more this year.

The Role of Galleries in Online Art Sales: Growing Popularity

45% of under-35s (up from 29% in 2017) use online gallery sites to purchase artworks. New buyers initially purchased online before buying from a physical art gallery for nearly 41%.

Price Transparency: A Demand from New Buyers

The market has maintained a certain confidentiality of prices until today, a practice favored by traditional buyers. New buyers, however, demand price transparency, finding old practices unsuitable. For 92% of them, this is a determining factor in their purchase decision and strengthens trust in the market.

In conclusion, the art market through e-commerce is experiencing steady growth, and art market professionals must change their habits, taking into account new behaviors, a younger audience, and their habits on the internet.

Excerpt from the Hiscox Report 2019