Hiscox Online Art Trade Report 2019 I
Through Art Market & You, Art From Us provides you Analysis, Opinion and Factual Reports regarding the current on-goings of the Global Art Market. In this article, we delve deeper into the Hiscox Online Art Trade Report 2019 I.
About the Report
The Hiscox report is an annual report released by ArtTactic, analysing trends in the online art market.
Key Findings of the Report
Following are a few of the key findings of the Hiscox report, regarding online trade in the art market :
- The growth rate for the online art market has slowed down for the third consecutive year. The rate which was 12% in 2017 has reduced to 9.8% for 2018, raising concerns. In fact, many online platforms even raised concerns regarding the pace of the market, during the survey conducted by ArtTactic.
- A small jump from 52% to 55% is recorded, by the Hiscox report, in the number of online art buyers who said they were likely to buy more online over the next year. 65% people choose social networking site Instagram as their source for art market information and developments etc.
- There has been a significant increase, from 14% to 29% millennials saying they would prefer buying art online, as opposed to a brick and mortar gallery or other sources. 23% millennials even said that their first art purchases were online.
- Of the buyers under 30 years of age, 51% said they would be open to fractional ownership of art as a form of investment. This creates a future of interesting possibilities in the art market. People may be able to pool in certain percentages of funds to jointly buy an artwork as an investment.
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