Almost no art fairs, vernissages or exhibitions: 2020 will not have been an easy year for collectors and art lovers. So, to acquire new works, they had to resort to another method of purchase: that of online sale. As a result, the art market has experienced a boom in internet shopping, as noted in the annual report of Hiscox, a British insurance company specializing in art, the last chapter of which was published on Thursday 29 April. Over 500 buyers from around the world were interviewed for this study.
First observation, two thirds of art buyers surveyed said they bought art online between March and September 2020, against only 44% in 2019. A figure also largely above the percentage observed since 2015. Another conclusion of the report, the online turnover of the biggest auction houses, Christie's, Sotheby's and Heritage, also increased significantly: while it was "only" of 636 million dollars in 2015, it exceeded the billion dollars in 2020, nearly double in five years.
The observed increase in online purchases is even more obvious among new art buyers, as revealed by Hiscox: 82% of them bought online in 2020, against 36% in 2019 and 31% in 2018. Finally, other good news for the sector: online sales concern increasingly expensive works. In 2020, among those polled, 11% said they bought a painting for more than $ 50,000, compared to only 4% in 2019, 2018 and 2017.
The explosion in turnover is indeed a consequence of the pandemic. But Robert Read, art director at Hiscox, in his report, points to the improvements that auction houses could develop to establish online sales: “
The online art market has indeed found its marks and business is booming. But if we look beyond this rosy picture, it's clear that the online marketplace needs to be more user-friendly. It must improve its customer care and service if it wants to consolidate its market share when the art market is physically reopening.
“Indeed, several collectors have admitted their reluctance to buy online based on the following criteria: the inability to see the work (75%), to check its condition (67%), to assess its quality (69% ) and to ensure the authenticity of the work (51%).
Percentage of respondents who are reluctant to buy art online Made with Infogram
In addition, according to Hiscox, 62% of new art buyers would be encouraged to shop online if the platform offered reviews from previous customers, but only 37% have this service. Likewise, 70% would buy more if an advisor were available, which is only the case for 27% of platforms. Clearer pricing would also be a selling point for 93% of respondents, but again, only 27% of sites offer full information. Transparency regarding insurance and transport costs also needs to be improved. Finally, the issue of cybersecurity is another big concern for buyers, since 41% of respondents say they are suspicious of online payment.
The art director of Hiscox continues to hope that the increase is not the result of "
a frenzy linked to such a long confinement
", but remains hopeful: "
social distancing will last long enough to modify our way to buy art as well as many other things,
”he explains in the report.