Going, going ... online

FINANCIALLY, the internet has been no friend to the music, newspaper or book businesses. But it’s doing wonders for the art world. According to a recent report by art insurers Hiscox, the value of the global online fine art market is set to more than double, from an estimated $1.57 billion in 2013 to $3.76bn by 2018.

Confidence in the future growth of this market has been displayed by Twitter’s co-founder, Jack Dorsey, who helped capitalise Artsy, a site which aims ‘to make all the world’s art accessible to anyone with an internet connection’. Organisations which have invested heavily in the sector include Google and Amazon, both of which launched virtual art platforms in the past 12 months. The latter’s site, Amazon Art, was the forum on which a Norman Rockwell oil recently sold for $4.85m within minutes of going on sale.

Further positive predictions for the future of online art sales came courtesy of Deloitte’s recently published 2013 Art and Finance report according to which “the art world is moving towards the internet... a development from which the industry can only benefit”. Nobody could deny that online art sales attract new buyers — individuals for whom buying art the traditional way would have zero appeal. Buying online also appeals to first-time buyers with limited budgets who are willing to buy the work of the emerging artists that are showcased on so many online sites. For those who for geographical or psychological reasons would never buy from high-street galleries, it’s the obvious way to shop. That virtual art sites attract new buyers, many of whom are millennials who simply prefer to shop online, has been confirmed by a recent ArtTactic survey which found that 72% of online contemporary art sales are made by new collectors.