Online art auctions gain larger share in market

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Over the past year, the art market has increasingly been impacted by the popularity of e-commerce, according to a new report by artnet, the online resource to buy, sell, and research fine art and design.

The report details its recent findings from auction sales in Q4, completing a comprehensive overview of the global art auction market in 2013.

It states that many brick and mortar auction houses have recently expanded to include online sales, and many online-only auction houses, like artnet, are continuing to benefit from the increased comfort levels buyers have purchasing art online.

“Trust and security are still primary concerns, and as one of the first entrants to the online sphere, artnet Auctions has continued to expand its reach within the online marketplace,” it states.

The report adds that in 2013 the average value for a lot offered increased roughly 20%; high-value lots (US$10,000–25,000) sold increased 42%; almost 4,000 new registrants signed up to bid, up 4% from 2012 and 80 special sales were hosted, up more than 50% from 2012.