An interesting report was just published breaking down the driving force behind online art sales. According to Hiscox fine art insurers, an astounding 75% of new buyers say they buy art for the investment potential.
Most notably, Robert Read, the head of fine art at Hiscox, points out the major shift toward collecting contemporary art. I think it’s safe to say many of us share this same sentiment as to whether it is a true change in the attitudes of collectors or if people feel they are missing out if they don’t “invest” (collect). Contemporary art can be far more affordable for the average buyer, with 84% of online art sales valued below $10,000.
As a whole, the sales add up quick with the online art market topping $2.5 billion, an increase of 41% over the previous year.
Read more about the report HERE or click HERE to read the full report.
