Market Trends of Online Fine Art Industry
Dealers to Hold Major Share in the Channel Segment
- The dealers in the online fine art market include online-only galleries, online art fairs, and online third-party sales. Dealers own online gallery sales, which include transactions carried out entirely online through the dealers' website, social media channels, online viewing rooms (OVR), or email, without viewing works in person. Online art fair sales include sales originating from a fair's OVR or other online fair platform without any in-person viewing. Online third-party sales include transactions carried out entirely online or facilitated by another third-party or '3P' company or platform.
- The dealers segment is primarily driven by the growth in online galleries in the past few years, the growing focus of market vendors on digital strategies, coupled with a comprehensive fine art portfolio from renowned and worldwide artists on third-party platforms and online-only galleries. Further, The Dealers are focusing on maintaining sales to their existing base of clients and finding new buyers by sourcing and curating high-quality, original pieces that offer buyers a chance to buy innovative paintings, sculptures, and artworks with the knowledge, expertise, and assurance of an expert fine art dealer, thus positively impacting the segment's growth.
- Moreover, according to the Artsy Industry Report 2023, respondents selected online marketplaces (45%) more frequently than any other category as a growing source of artwork sales, exceeding in-person talks (31%), email conversations (25%), and working with an adviser (11%). This preference highlights the convenience factor associated with online art transactions, as buyers can access a wide range of artworks from the comfort of their homes without traveling. Also, buyers are no longer restricted by geographical borders when seeking art purchases. This aspect of borderless accessibility aligns with the trend of selecting online marketplaces as a preferred source for art purchases.
- Further, as digital strategies are evolving in the fine art market, online channels, such as online art galleries, online art fairs, etc., have become a key access point for sales to established collectors and a means to reach new buyers. Furthermore, online third-party sales are also expected to gain significant traction with market vendors analyzed to launch third-party platforms such as e-commerce platforms to sell fine artworks, thus positively influencing revenue generation in the dealers' segment. For instance, Artplode offers a platform where dealers, artists, galleries, and collectors buy and sell art with no commission charged.
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North America to Hold Significant Market Share
- The United States fine art market has been gaining traction due to the commercialization of fine arts at a global scale with the help of online channels by integrating global artisans, American painters, customers, collectors, art investors, and auction houses into one platform, which is driving the market in the country. The US market has been organizing many fine art auctions, including online channels through market vendors, such as Saatchi Online Inc., Invaluable LLC, etc., to support the need for paintings, sculptures, and works on paper in the market. For instance, Saatchi Art, a USA-based market vendor, offers Original Fine Art Paintings and Acrylic paintings from the United States for sale through its online sales channel.
- Therefore, the increasing buying behavior of American customers for fine arts for collection and investment purposes, supported by the global demand for American abstract paintings and the emergence of online sales channels in the fine art markets, are fueling the market growth in the United States during the forecast period.
- Artists from different ethnic backgrounds, geographical locations, and aesthetic movements contribute to Canada's rich and diverse artistic environment. For instance, Canadian art was influenced by indigenous people inhabiting, in addition, the waves of immigrants, including those of European origin, followed by artists throughout the world. As a result, online platforms could provide a global stage for Canadian artists to showcase their work and connect with a broader audience.
- Additionally, painting mediums are expected to hold considerable market share in Canada owing to the growing focus of online platforms engaging in the auction of substantial volumes of paintings in recent years. Overall, Canada's online fine arts market is driven by the diverse artistic environment, the impact of the pandemic, and the active participation of online platforms. Further, the market is anticipated to grow in the coming years owing to the significant adoption of technological advancements like NFT arts and the increased recognition of virtual art fairs and online art communities.
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