According to the TEFAF Art Market Report: Online focus, devoted to online art commerce, the leading position in the online market is occupied by departments of leading auction houses that either develop their own online platforms or use third-party platforms to attract new customers. At the same time, dealers and galleries are in no hurry to develop e-commerce: one third of them work only offline, and 20% do not intend to work through the Internet.
At the same time, although the volume of this segment of the market is small, the report records the growth of online sales by 18.8%. The fastest growth is observed in the segment of low prices, which leads to the appearance of new customers in the market. Growth in the upper segment is limited due to problems of trust and transparency, which are still not solved, although the way out is in the field of technology. For the development of all market segments, it is critically important to attract young collectors who widely use electronic devices to organize their lives.
Among the most innovative market participants in the report are Artsy, 1st Dibs and Invaluable, which have succeeded, despite the failure of a number of business models. The TEFAF fair is also going to engage in e-commerce, launching TEFAF TEN, which will be developed in partnership with Invaluable: on the eve of the TEFAF fair in New York, its participants will be represented on the microsites dedicated to them.