Online Fine Art Market Size (2024 - 2029)

Online Fine Art Market Analysis

The Online Fine Art Market size is estimated at USD 12.78 billion in 2024, and is expected to reach USD 19.27 billion by 2029, growing at a CAGR of 8.55% during the forecast period (2024-2029).

The growing adoption of smart devices and internet penetration has impacted many industries, including the art market. With more individuals shopping online, the art market has seen increased sales through online channels. This has led to the development of online art marketplaces and platforms, which have become important sales channels for artists and galleries.

• The growth of next-gen collectors' purchasing power is aligned with the online art market's rise. Among these newer collectors, 57% discovered an artist through an online marketplace whose works they later collected, and 46% bought art on a platform such as Artsy in the past year. 
• Further, 66% prefer to discover artworks on their mobile devices. Most collectors also prefer paying for art via credit card, with 60% of all respondents - and 68% of next-gen collectors - ranking it above other payment methods such as wire or bank transfer.
• According to Art Basel, Christie's was the auction house recording the highest sales value worldwide in 2022. That year, the company's total sales from public and private channels amounted to roughly USD 8.4 billion. Sotheby's had the second-highest sales value that year, at around USD 8 billion. Other major auction houses, such as Heritage Auctions, Phillips, and Bonhams, reported less than USD 1.5 billion in sales in 2022.
• On the contrary, according to Hiscox online art trade report 2023, 71% of art buyers surveyed said that cybercrime was a concern in the online art market (the same as in 2022 but up from 63% in 2020). 
• The perceived risk of cybercrime is lower among younger art buyers, but their fear is growing, with 62% saying they are concerned about cybercrime (up from 57% in 2022 and 48% in 2020). More than a quarter (27%) of art buyers surveyed this year said they had avoided buying art above a certain value because of a fear of cybercrime (down from 31% in 2022).

Online Fine Art Industry Segmentation

The online fine art market is defined based on the revenues generated through the sale of fine art through a digital channel without physical intervention of any form. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting the growth of the market in terms of drivers and restraints.

The online fine art market is segmented by price range (less than USD 5k, USD 5k - USD 50k, USD 50K - USD 250K, USD 250k - USD 1 million, above USD 1 million), by channel (dealers, auctions), by medium (painting, sculptures), by sector (post-war and contemporary, modern, impressionist and post impressionist), by geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, Rest of Europe), Asia Pacific (China, Singapore, South Korea, Japan, Hong Kong, Rest of Asia Pacific), Latin America (Mexico, Rest of Latin America), Middle East and Africa (United Arab Emirates, Saudi Arabia, Rest of Middle East and Africa)). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.