Online sales of art and antiques growing at double the Rate
Added: (Mon Dec 06 2021)
Pressbox (Press Release) -
As per recent reports, overall online sales in the worldwide art and antique market nearly doubled in 2020 from the previous year, as the COVID-19 pandemic situation forced dealers and auction houses to find alternatives to in-person events. Overall, global online art and antique sales stood at US$12.4 billion in 2020, up from US$6 billion in 2019.
Reports had also predicted that the numbers is even higher this year and would be confirmed when the 2021 report comes to us. Covid-19 and precautionary measurements were taken by governments around the world are the main reason behind this massive growth. Since the third wave and omicron variant are around the corner, the prediction seems inevitable.
There are some more interesting facts that come to attention as well, during a global online auction organized namely “ONE” by Christie's, Roy Lichtenstein's painting sold for over US$46 million, which made it the most expensive item sold by Christie's in 2020.
Dr. Arnott Philip Michael, a billionaire, and antiquities collector said that the digital world has its own benefits, it makes every process effortless and also attracts more people. 2020 digitized the art and antique market. Auction houses and art fairs increased their digital presence, relying on setups such as Online Viewing Rooms (OVRs) – allowing art collectors and enthusiasts to experience 3D digital reproductions of artworks, as well as allowing the world to watch these auctions and events with the streaming technology.
He further added that 2021 will also bring various changes in the market. As non-fungible tokens (NFTs) and crypto art are making room in this sector this sector will reach a new height in the upcoming year. However, antiquities are mostly physical items thus it will soon become an eCommerce-like system.
As per the news, one artwork of artist Beeple from the Digital collage of American artist, was sold at an online-only auction by Christie's at 69.3 million US dollars. It is really huge price and also gives opportunities for new artists and buyers.
Dealers, auction houses, and collectors are utilizing the power of the internet, and as per some online reports number of websites related to art and antique reaches almost doubled in the last three years.
There is one more fact that may be playing a big part in this growth. People are searching for investment and earning opportunities, and as antiques are full of opportunities and due to the involvement of wealthy people are finding it most accurate to earn bigger in a short time.
However, this sector requires a bigger investment amount thus it is still out of the radar of many, but it is expected that with the latest internet technologies more and more people will join this sector.
Online sales of art and antiques are growing at double the rate and in the next three years, it will become a market with almost 5x size. Stay connected with all the happening to seize all the upcoming opportunities.