New buyers fuel growth in online market

From Antiques Trade Gazette, 14 May 2016

Mirroring the trend of the general online luxury goods sector, the 'virtual' trade in art and antiques has more than doubled in three years, according to the findings of the fourth Hiscox report.

Fuelled by the expansion of a number of online platforms, the report says online sales in 2015 have reached an all-time high at $3.27bn (up from $2.62bn in 2014 and $1.57bn in 2013) prompting Hiscox to predict further growth of 24% this year.

The wider luxury goods sector has grown 27% year-on-year since 2009.

A total of 672 buyers were surveyed for the report through ArtTactic's mailing list. Of these, 10% said they spent more than GBP100.000 online in 2015 with a further 5% spending between GBP50.000 and GBP100.000.

Hiscox suggest growth in the online art market may in fact be coming from new buyers who are making small purchases.

The vast majority of online art and antiques buyers (69%) spent less than GBP10.000 per year with 35% spending less than GBP1.000.

First-time purchasers made up 43% of the audience with buyers under the age of 35 - dubbed 'Generation Y' in the report - numbering 19%, up from 9% last year.