New research released in April 2014 by specialist insurer Hiscox reveals the increasing confidence with which today’s art buyers are approaching online art platforms. Click-and-buy – which means online art buying platforms with an online presence only, rather than a physical space – is becoming an increasingly trusted channel for buying art, with as many as 40% of those surveyed having bought art and collectibles in this way.
The Hiscox Online Art Trade Report 2014 estimates the value of the online art market in 2013 to be around $1.57 billion and anticipates it will rise to $3.76 billion in 2018 – highlighting the opportunity for growth. Based on these figures, online art buying accounts for 2.4% of the estimated value of the global art market, which in 2013 was $65 billlion.
Read and download the full report below: