The European Fine Art Foundation (TEFAF) has just released its 2016 annual report on the state of the art market and it has reported that there has been a solid growth in the percentage of total art sales online compared to previous years. Online sales now account for over 7 percent of all art sales, a 1 percent rise from last year. This is great news for online art portals whose continued aim to bring transparency to the notoriously murky world of art pricing seems to be paying off. It is further evidence too that the most trusted fixed-price art portals can be relied upon to deliver original and authentic works straight to the customer's door.
Numerous reasons have been put forward to explain this trend, not least the fact that art buyers find purchasing art online less intimidating and more convenient. But it is also the fact that collectors now have the confidence to buy more expensive work online. Another factor that has so far been under reported is the fact that the generations who were bought up with the internet and can be described as internet savvy, are now at an age to be considered high earners and are able to invest in art.
In 2015 TEFAF reported that the online art market has increased to a total of $4.7 billion. However, in what has been a jittery year for the art market mainly due to the slow down in the Chinese economy, the fact that the online market is rising is significant and welcome news. In other notable news the total US art market has continued to grow and now accounts for $27.3 billion of global art sales.