LOS ANGELES, CA.- Art dealers with an e-tailing or online auction presence are well-positioned to take advantage of consumers' preference for online shopping, according to a new report from IBISWorld. During the past five years, the ease of e-shopping has grown the E-Commerce and Online Auctions industry at double-digit rates. The growth of this overarching industry is forecast to continue through 2016 on the back of growing consumer spending and increased access through more broadband connections. Mobile apps are anticipated to provide further room for innovation through 2016, with industry leader Christie's paving the way through the development of their iPad app in late 2010. For this reason, industry research firm IBISWorld has added a report on the Online Art Sales industry to its growing Online Furniture & Home Furnishings Report collection.
For more information on the online art sales industry, including latest Industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation's largest publisher of industry research on the Online Art Sales industry for $825.
Online Art Sales Industry Overview
They say a picture is worth a thousand words. According to IBISWorld estimates, the Online Art Sales industry is worth about $287.5 million in 2011. The market for online art sales has been growing in line with strong demand from overseas markets and increasing access to internet-based retail outlets. Even as brick-and-mortar art dealers experienced declines during the past five years, online-based art sales have stayed strong.
One of the reasons for the strength of the online art market stems from the nature of its customer base. The goods sold though the largest auction houses like Sotheby's and Christies are targeted toward high-end consumers (in some cases, the highest end). As such, demand for these goods tends to remain constant even during times of greater economic turmoil (i.e. the recession). Also, the trade-weighted index, which measures the value of the US dollar relative to foreign currencies, has driven export sales to newly industrialized countries. Consumers in those regions have recently found themselves with greater levels of disposable income, thus providing a financial basis upon which to invest in soft commodities, such as original works of art. Last, online art dealers operate within the larger industrial realm of e-commerce (IBISWorld report 45411a), which has exhibited double-digit growth during the five years to 2011. "Like a rising tide raising all ships, worldwide consumer demand for online shopping has benefitted online art dealers," says McBee, an industry analyst at IBISWorld.