According to Statista, global online art sales increased by 4% from 2018 to 2019 to approximately $4.82 billion. Estimates point that it will nearly double to $9.32 billion by 2024, as the pandemic has had a huge impact on the online art market.
In this mouthwatering outlook, how much has the ensuing e-commerce impacted the online art market?
The Future of the Online Art Market
In the global online art market, buyers and sellers trade works of art via the internet. This includes antiques, digital artworks, and collectibles that are usually related to the field of arts and culture.
Even before the pandemic, consumers were increasingly preferring to buy art online as, according to a 2019 global survey of art buyers, 29% of respondents stated that they favor buying art online –an 8% increase from the previous year.
However, COVID-19 has hugely