Saturday, May 3, 2014

Online sales on the rise

The online art market generated $1.6bn of transactions in 2103 and is forecast to grow to $3.8bn by 2018, according to report on the online art trade published by Hiscox. Their head of fine art, Robert Read, says there is as yet "no winning formula" in terms of the ideal platform for selling art on line, but he expects bricks and mortar and online companies to consolidate as "the race to find that elusive winning business model continues."

Not being able to see the object in the flesh is the biggest challenge for the market, with 82% of those surveyed saying it was the most difficult aspect of buying art online.