I have been reading numerous articles about the online art industry and it’s quite impressive how fast it’s growing. According to a report by ArtTactic and Hiscox, the value of the global online art market has risen from $1.6 billion, back in 2013, to $2.6 billion in 2014. This number is expected to reach the $6.3 billion mark by 2019, with various articles supporting similar figures. A significant driver in this industry is the emergence of the many art sales platforms, particularly the ones focused on online art auctions, which have experienced triple digit growth rates in recent years.

While the online art platforms gain noticeable momentum and help to change some of the buying behaviors of collectors, physical galleries still maintain their relevance. According to the ArtTactic and Hiscox survey, 91% of online art buyers purchased from a physical gallery before buying online and 48% of them still prefer the physical space. However, this percentage has been dropping over the last few years and it is clear that the market is now seeking an omni-channel experience.

omni channel : a type of retail that integrates the different methods of shopping available to consumers

As more art buyers become familiarized with the digital marketplace, they are discovering that online and mobile platforms offer better tools to help them search for and discover new art more conveniently. It is vital for the brick-and-mortar galleries to offer digital channels to their current and potential clients if they want to stay relevant.

Moreover, galleries would benefit greatly by connecting with a much larger audience with global potential, helping to increase client confidence when making purchases, and promoting their artists more effectively through their platform, just to mention a few.

For more details, you can access the report I mentioned here.