Listing Artwork Prices Online Can Boast Sales

BY Rachel Cagle
Featured image for “Listing Artwork Prices Online Can Boast Sales”

"This year is on track be another record-​breaker for online spending and mobile shopping. Mike Steib, CEO of Artsy, says those online spenders are reaching for their phones not just to buy clothes or groceries, but to buy works of fine art, some costing six figures or more, reports Forbes." Selling artwork online is gaining traction.

"Artsy this fall released The Online Art Collector Report 2019, based on a survey of its users. The survey found that art buyers shop, and purchase online, for many of the same reasons they buy anything online — speed, convenience, and the ability to browse hundreds of items on their phone, while sitting at home, or in the back of a taxi or Uber."

“'People are buying their cars online, people are buying their homes online, people are buying high six-​figure art online,' Steib said. 'And it turns out that there is not just comfort with the channel, but it’s the preferred channel.'”

"The report also found that online buyers don’t like it when the price of an artwork isn’t listed, and that more price transparency leads to more sales."

"Artists and galleries that make prices visible, and that give buyers the option to click and buy, will sell at up to six times the rate of those that don’t, Steib said."

"The Online Art Collector Report, based on responses from 5,807 registered Artsy users, 3,993 of which buy art regularly, had these additional findings:

  • While the majority of online buyers — 61% — spend $5,000 or less on art annually, and purchase one to two artworks annually, both online and offline, those budgets are expected to grow as millennial and Gen Z buyers reach their peak earning years.
  • Nearly two-​thirds of buyers identified as collectors said they had purchased art online.
  • One-​third of those surveyed said they had increased the percentage of their art budget that they spent online.
  • One-​fifth of online buyers said they spend 75% or more of their art budget online. 15.9% said they spend 50–74% online.
  • One-​quarter (26%) of online art collectors said they had purchased art through Instagram and other social networks.
  • 60% of collectors said they use Instagram and social networks to discover works of art.
  • Nearly half — 49% — of new art buyers said they find buying online to be less intimidating than buying from a gallery."

"The online art market reached $6 billion in 2018, or 9% of global art sales, up 11% from the previous year, according to the 2019 Art Basel and UBS Global Art Market Report. A UBS and Art Economics survey found that 4% of high-​net-​worth art collectors had spent $1 million or more on an online art purchase."

Fine Art/​Framing Shoppers don't just like to shop online, they're also responsive to digital advertisements. Last year, according to AudienceSCAN, these shoppers took action after receiving email ads, either seeing ads on their mobile smartphone apps or receiving ads via text, seeing ads on daily deals sites such as Groupon and 45.7% clicked on text link ads on websites.

AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on auction houses and antique shops, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.