Online Art Market Worth $1.57 Billion, New Survey Claims, Less Than Half the 2014 TEFAF Report Estimate
A report funded by specialist insurer Hiscox has found that the online art market in 2013 was worth $1.57 billion. It is expected to rise to $3.76 billion by 2018. The survey also claims that online buying accounts for 2.4 percent of the global art market, estimated at $65 billion by the TEFAF Art Market Report 2014.
While the results remains impressive, they are dramatically under TEFAF’s own estimates. Compiling the TEFAF report, economist Dr Clare McAndrew found that the online art and antiques sales in 2013 grossed €2.5 billion ($3.47 billion), more than twice Hiscox’s estimate. This would make online buying account for about 5 percent of the market as a whole.
Despite the staggering discrepancy, one thing remains clear: the future looks finally rosy for online art auctioneers and retailers.
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