The new 2017 Hiscox Report is out. The online art market has grown strongly and increased by 15% last year up to USD $3.75 billion despite the global art market slowing down. There is continued interest in trading art online which is good for those wishing to buy and sell art remotely.
Other conclusions highlighted in the report noted that established global brands Sotheby's and Christie's are beginning to dominate The Hiscox Online Art Platform Ranking and "appear to be getting to grips with the challenge of transforming a bricks-and-mortar business into a multimedia business".
We learnt that dealers seem to be a bit behind the times still and are not making inroads online, and that the use of technology to sell art is making great leaps forward with Instagram.
Instagram is now clearly the leading social media platform in the art market. Remember to follow McCaslin Art Advisory on Instagram. Link directly from our site here.
Read the full report here: