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Art Market Overview: Online Sales Are Here to Stay

On 19 October 2021, by Vanessa Schmitz-Grucker

There is no indication that the physical art market is under threat, but online sales have most certainly become a permanent auction fixture.

Art Market Overview: Online Sales Are Here to Stay
 

According to the Hiscox report on the online art market in 2021, the sector has recorded a $6.8 bn turnover in the first two quarters of 2021, a 72% increase of the same period in 2020 (which had already experienced a strong market conversion to the web). At this rate, online sales could reach an all-time high figure of $13.5 bn by the end of the year. Another notable development is that 46% of these sales were made via a mobile device, such as a smartphone and tablet, for a total of $3.15 bn. Works of art account for 66% of exclusively online sales.

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