Friday, 28 April 2017

Online Art sales - Where are we heading? - Native Dancer

Native Dancer by Sea Dean 

When I first returned to fine art in 2010, I had to rebuild my reputation as a serious artist. I had a track record of sales in the UK, but it was many years previous. There was a lead time of up to a year for exhibiting in local exhibitions and shows and I needed an immediate outlet, so I experimented with selling my work online.

I did my research and chose Daily Paintworks because they were turning over art at a good pace which would give me a chance to practise and experiment. At the time I also joined several other platforms, but none seemed to be as user freindly or active as DPW. DPW promotes mainly small works at low prices and I've outgrown it. Now I exhibit mainly on Artfinder, but I cant say that sales there or on any other platform I've tried recently are healthy.

As a professional artist I recognise that marketing is at least 75% of my job, so I keep my ears to the ground and when a respected report like Hiscox is published I pay attention. This years findings in the report back up my own findings in the online art world.

Hiscox shares their top five takeaways from this latest report:
  • Online art market sales reach $3.75 billion – up 15%.
  • Based on current growth, the report predicts the online art market to reach $9.14 billion by 2022.
  • Instagram takes over Facebook as the preferred social media platform for consumers to find and buy art. Just over half of art galleries surveyed said they find Instagram a more efficient marketing tool than Facebook.
  • Traditional art businesses dominate online due to their brick and mortar reputation. Online auctions Sotheby’s, Christie’s and Heritage Auctions generated combined online sales of $720 million in 2016, accounting for 19% of the online art market.
  • The conversion of online art buyers remains static for the third consecutive year, signaling that the online art market could be struggling to convbert sufficient numbers of hesitant art buyers.