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Hiscox Online Art Trade Report 2019 II

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 II.

About the Report

The Hiscox report is an annual report released by ArtTactic, analysing trends in the online art market.

Key Moments in the Online Market : Hiscox

The report delineates the following significant moments in online sales during 2018 :

  1. Sotheby’s took over, a portal for antiquities and art objects. The auction giant also reintroduced fees for online purchase and sale transactions.
  2. Gagosian gallery launched an independent online sales portal for art.
  3. Christie’s and online portal Vastari cohosted the first art and technology summit focussing on blockchain.

Online Buyers Voice their Concerns

Buying art online is convenient, but doesn’t come without its fair share of risks. Dubious authenticity, cyber crimes and identity theft are only a few dangers that loom large in the digital world.

According to the Hiscox report’s survey, following are the major concerns voiced by buyers of online art :

  1. As many as 74% of the people said they were unsure of buying art online as it does not allow them to inspect the work before purchase.  The online market has yet not been able to break through this psychological barrier consumers face while buying online.
  2. As many as 62% people were afraid that they would end up purchasing a fake or forgery while shopping online. This percentage has increased from last year’s 52%.
  3. 60% people felt they did not ‘know’ their seller while purchasing online, thus creating risk in the transaction. Ironically, this resulted in various online platforms considering a bricks and mortar presence.

To read more on facts and opinions, visit Art Market & You.

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