How has the Internet impacted the U.S. online art and sculpture market? For art collectors interested in these investments, expanding their personal galleries has become easier and faster with the help of technology. With the opportunity to view unlimited paintings, sculptures and other pieces online, art collectors can save time and eliminate travel expenses while surfing the web for prized selections.
Projections for U.S. Online Art and Sculpture Market
According to Hexa Research, the U.S. online art and sculpture market is expected to reach USD 2.39 billion by 2025. Factors contributing to this activity include an increased number of online platforms, expansion of existing platforms and the growing use of the Internet for purchases during the forecast period. Many of today’s Internet-savvy customers prefer to buy art and sculptures online to save travel costs and time and take advantage of online platform return policies. Other appealing aspects of making an art purchase on the Internet are:
- Ease of discovery
- Fast access
- Convenient search capabilities
Enhanced logistical and supply chain practices, reliable due diligence such as situation reports and licenses of authenticity and growing transparency are also cited as reasons for increased online art and sculptures sales. Today, many companies disclose past prices, artist reports and the origin and nature of the artwork–multiplying the number of online art buyers.
In addition, online art auctions are significant contributors to the growth of U.S. online art and sculpture market. The low trade-weighted index, which measures the U.S. dollar compared with other foreign currencies, is predicted to increase the demand for overseas art sales. The interest in art and sculptures has escalated because of the heightened awareness of the value of art conservation and major structural transformations, which are mainly triggered by online buying and globalization. Many collectors are open to buying higher-priced art, which is expected to drive the growth for the online art and sculpture market.
Domination of Painting Sales in Online Art Market
The painting segment dominated the market in 2016 and is expected to maintain its position over the forecast period. Paintings are the favorite art piece preferred by the customers to buy as they attract a lot of attention. U.S. customers prefer to buy paintings online from strong showcase platforms, particularly because of the diminishing availability of physical display space.
Domestic as well as foreign customers are actively involved in the art market. The maximum revenue share is generated by the purchasing done by domestic clients such as individuals and small business owners, who are involved in reselling the paintings and sculptures.
For more information, see “U.S. Online Art and Sculpture Market Size and Forecast By Type (Paintings, Drawings and Sculptures) by End Customer (Foreign Customers and Domestic Customers) and Trend Analysis, 2015 – 2025.”